§ 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.

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 section ninety-six
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.