Notwithstanding any provision of law or of any charter or statute, general or special, to the contrary, whenever state-initiated relocation of utility facilities in the state, owned by private corporations, private companies, municipalities, political subdivisions, authorities, or agencies of the state, whether within or without the limits of public ways, shall become necessary in connection with a highway project on the federal aid primary or secondary systems or on the national system of interstate and defense highways, including extensions thereof, for which the state shall be entitled under any law of the United States to reimbursement from federal funds for any portion of the cost of the project, then the state may order the relocation of the utility facilities, and the private corporation, private company, municipality, political subdivision, agencies of the state, or authority owning or operating the facilities shall promptly relocate the facilities in accordance with the order and the state shall reimburse the owner of the utility or utility facility for the cost of relocation subject to the following limitations and in accordance with the following formula: for any utility facility that is to be reimbursed federally, in whole or in part, and for any utility facility that does not qualify for federal reimbursement, the division shall reimburse the owner fifty percent (50%) of the costs of relocating the utility facility; in no case shall a utility be reimbursed for any type of betterment; reimbursement is for relocation costs only; the state shall pay the cost of the relocation to the utility as part of the cost of the federally aided highway project. A utility relocation shall be eligible for reimbursement pursuant to this section only if it is completed to the satisfaction of the state within target dates established by the state and in accordance with design criteria set forth by the state for the relocation in a manner that facilitates the timely completion of the affected project. The state shall pay a reasonable amount to private corporations and private companies for the relocation of utilities commencing with highway projects that are authorized for construction after March 1, 1976.