§ 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.