§ 224. Statement of expenses; filing; reimbursement of state for railroad improvements. Upon the determination of the commissioner of (1) the cost of such elimination including incidental improvements connected therewith; (2) the cost of such elimination exclusive of such incidental improvements; (3) the cost of the railroad improvements not an essential part of the elimination; (4) the amount of the net benefit to the railroad company from the elimination exclusive of such railroad improvements; and (5) if two or more railroad companies be affected, the proportionate share of such net benefit to be borne by each, the commissioner shall cause to be prepared, and filed in his office, a statement thereof, with a certified copy of such statement filed with the comptroller and railroad company affected. The amount determined to be the cost of railroad improvements not an essential part of such elimination, together with such charges therefor as the comptroller may legally impose, including interest at the rate payable by the state on any bonds from the proceeds of which the project has been financed or, if and to the extent otherwise financed, at such rate not exceeding seven and one-half per centum as the comptroller may determine, shall be repaid to the state forthwith upon demand by the comptroller. The amount of the net benefit to a railroad company from an elimination shall be repaid to the state by such railroad company at such times and in such manner as may be determined by the comptroller together with interest at the rate payable by the state on any bonds from the proceeds of which the project has been financed or, if and to the extent otherwise financed, at such rate not exceeding seven and one-half per centum as the comptroller may determine, within a period of not to exceed ten years from the date of the commissioner's determination, but in no event shall the total amount of such repayments, exclusive of interest and such additional charges as may be legally imposed by the comptroller, exceed fifteen per centum of the expense of such elimination exclusive of all incidental improvements.

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Notwithstanding the preceding paragraph, the commissioner may, at any time after the work of an elimination has been commenced, direct a hearing for the purpose of determining the cost, or a portion thereof, of railroad improvements not an essential part of such elimination, and the amount so determined shall be immediately repayable to the state in the manner above provided.

In the event of the failure or refusal of the railroad company or the successor thereof, to pay the amount or amounts specified and at the times prescribed, or in the event of dissolution of such railroad company or successor, the entire indebtedness of such company in process of dissolution shall become immediately due and payable and the amount or amounts so due and payable may be recovered as follows:

The comptroller may certify the amount or amounts so due and payable to the governing body of the county or counties in which the crossing is located, whereupon, it shall be the duty of such governing body to apportion the amount or amounts so certified to the several towns and cities in such county according to the assessed valuation of the real property of such railroad company or the successor thereof in such respective towns and cities and to place the several amounts so apportioned on the respective assessment rolls of such towns and cities and to issue its warrant or warrants for the collection thereof. Thereupon it shall become the duty of such towns and cities through their appropriate officers to collect the respective several amounts so apportioned in the same manner as other taxes are collected in such towns and cities and when collected to pay the same to the county treasurer of such county who shall thereupon pay the same into the state treasury. Any amount so levied shall thereupon become and be a first and paramount lien upon all real property of such railroad company or the successor thereof within such respective towns and cities.

All moneys received by the comptroller from a railroad company in payment of the amounts due the state from such company as the cost of railroad improvements not an essential part of an elimination or the amount of net benefit for such railroad company shall be credited to the grade crossing elimination debt fund, established by § 96 of the state finance law.

Upon the completion of work on the railroad tracks or other railroad facilities which has been performed by the railroad company forces at the direction of the commissioner, there shall be an accounting and the commissioner shall certify to the comptroller the amount of the payment which is due from the state to such railroad company. Such payment shall be made out of the state treasury to such railroad company on vouchers, approved by the commissioner, upon the audit and warrant of the comptroller. From time to time, prior to the completion of such work, intermediate accountings may be had and payments made thereon in the same manner as the final accounting.