Section 475. Contracts for municipal transportation infrastructure 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:
    1.  an estimate of the reasonable cost of the project as determined by
  the commissioner;
    2. an agreement by the commissioner to pay to the municipality  during
  the  progress of construction or following completion of construction an
  amount as may be agreed upon by the parties;
    3. an agreement by the municipality:
    (a) to proceed expeditiously with and complete the project as approved
  by the commissioner,
    (b) to apply for and/or make  reasonable  efforts  to  secure  federal
  assistance, if any, for the project,
    (c)  to  provide  for  the  municipality's  share  of  the cost of the
  project, if any,
    (d) 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
    4.  a  provision  that, in the event that federal assistance which was
  not included in  the  calculation  of  the  state  financial  assistance
  becomes available to the municipality, the amount of the state financial
  assistance  shall  be  recalculated  by reducing the amount of the state
  financial assistance by the amount of such federal assistance,  and  the
  municipality  shall  pay  to  the  state  the  amount by which the state
  payment actually made exceeds the state financial assistance  determined
  by the recalculation, if any.
    * NB  Not  effective  due  to defeat of the Transportation Bond Act of
  2000