§ 485 — Contracts for municipal transportation infrastructure projects

New York § 485

• Jurisdiction: New York
• Law TRA: Transportation
• Art. 22: Implementation of the Rebuild and Renew New York Transportation Bond Act of 2005

Text

§ 485. Contracts for municipal transportation infrastructure projects.\nAny such contract between the commissioner and a municipality may\ninclude such provisions as may be agreed upon by the parties thereto,\nand shall include, in substance, the following:\n 1. an estimate of the reasonable cost of the project as determined by\nthe commissioner;\n 2. an agreement by the commissioner to pay to the municipality during\nthe progress of construction or following completion of construction an\namount as may be agreed upon by the parties;\n 3. an agreement by the municipality:\n (a) to proceed expeditiously with and complete the project as approved\nby the commissioner,\n (b) to apply for and/or make reasonable efforts to secure federal\nassistance, if any, for the project,\n (c) to provide for the municipality's share of the cost of the\nproject, if any,\n (d) to maintain the project at its own expense in accordance with the\nrequirements of the commissioner for the period of time corresponding to\nthe period of useful life for such project as determined by reference to\nsection sixty-one of the state finance law; and\n 4. a provision that, in the event that federal assistance which was\nnot included in the calculation of the state financial assistance\nbecomes available to the municipality, the amount of the state financial\nassistance shall be recalculated by reducing the amount of the state\nfinancial assistance by the amount of such federal assistance, and the\nmunicipality shall pay to the state the amount by which the state\npayment actually made exceeds the state financial assistance determined\nby the recalculation, if any.\n