N.Y. Transportation Law 486 – Maintenance of records
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§ 486. Maintenance of records. In connection with each contract, the commissioner and the municipality shall keep adequate records of the amount of the payment by the state, the amount of federal assistance, if any, received by the municipality for the project, and of all moneys expended by the municipality for such project. Such records required to be kept by the commissioner shall establish the basis for recalculations of the state financial assistance as required herein. The commissioner shall have authority to carry out, or to cause to be carried out, audits of such contracts and records pursuant to rules and regulations promulgated by the commissioner.
Terms Used In N.Y. Transportation Law 486
- 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