Section 425. Contracts for municipal transportation infrastructure renewal projects

Any such contract between the commissioner and a  municipality
  may  include  such  provisions  as  may  be  agreed  upon by the parties
  thereto, and shall include, in substance, the following:
    a. an estimate of the reasonable cost of the project as determined  by
  the commissioner;
    b.  an agreement by the commissioner to pay to the municipality during
  the progress of construction or following completion of construction  as
  may  be  agreed  upon by the parties, an amount, not to exceed the total
  cost of the project or such lesser amount as may have  been  established
  pursuant to section four hundred twenty-four of this article;
    c. an agreement by the municipality:
    (i) to proceed expeditiously with and complete the project as approved
  by the commissioner,
    (ii)  to  apply  for  and/or make reasonable efforts to secure federal
  assistance, if any, for the project,
    (iii) to secure the approval of the commissioner before  applying  for
  such  federal  assistance,  in  order  to  maximize  the amounts of such
  assistance received or to be received  for  all  projects  in  New  York
  state,
    (iv)  to  provide  for  the  municipality's  share  of the cost of the
  project when such municipality's share is required by the  appropriation
  therefor,
    (v)  to maintain the project at its own expense in accordance with the
  requirements of the commissioner for the period of time corresponding to
  the period of useful life for such project as determined by reference to
  section sixty-one of the state finance law; and
    d. a provision that, in the event that federal  assistance  which  was
  not  included  in the calculation of the state payment becomes available
  to  the  municipality,  the  amount  of  the  state  payment  shall   be
  recalculated  with  the  inclusion  of  such  federal assistance and the
  municipality shall pay to the  state  the  amount  by  which  the  state
  payment  actually  made  exceeds  the  state  payment  determined by the
  recalculation.