Sec.13a-175u-7. Project completion

(a) Upon completion of construction a municipality will (1) certify to the Commissioner that the project is completed and (2) forward to the Commissioner an audit of the project prepared by a certified public accountant.

(b) The Commissioner will review the audit and notify the municipality of any overpayment or underpayment of project costs by the State. In case of underpayment, the Commissioner shall as soon as practicable, but in no event later than 90 days after determining such underpayment, reimburse the municipality for such underpayment. In case of overpayment the municipality shall as soon as practicable but in no event later than 90 days after such notification, reimburse the State for such overpayment.

(c) Any interest earned by a municipality from the proceeds of a project grant or project loan shall be expended by the municipality solely for transportation purposes within the municipality.

(Effective October 24, 1984)