N.Y. Transportation Law 485 – Contracts for municipal transportation infrastructure projects
§ 485. 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:
Terms Used In N.Y. Transportation Law 485
- Commissioner: shall mean the commissioner of transportation of the state of New York. See N.Y. Transportation Law 481
- Contract: A legal written agreement that becomes binding when signed.
- Federal assistance: shall mean funds available from the federal government for any municipal transportation infrastructure project. See N.Y. Transportation Law 481
- Municipality: shall mean a city; a county not wholly contained within a city; a town; a village; a public benefit corporation or other public authority or corporation, or two or more of the foregoing acting jointly. See N.Y. Transportation Law 481
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 § 61 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.