Section 485 - Contracts for municipal transportation infrastructure projectsAny 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; and4. 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.