(b) For projects funded pursuant to this subdivision, the affected municipality shall enter into an agreement with the department of transportation for the conveyance of all affected real property including highways, roads and bridges to the thruway authority, or its successor agency, for the term of the bonds or notes issued by the thruway authority, or its successor agency, for such project or for such lesser period that such bonds or notes are outstanding. During the period of such conveyance to the thruway authority, or its successor agency, the department of transportation or the municipality shall agree to maintain the facility in a state of good repair, the responsibility for which shall be with the state, or municipality, which had jurisdiction over said facility prior to such agreement.
(c) Upon the final retirement of all bonds and notes issued by the thruway authority, or its successor agency, for such purpose, such property shall automatically revert to the conveying entity. 8. Payments to the thruway authority, or its successor agency, pursuant to this section shall be subject to appropriation from the suburban transportation fund. The thruway authority, or its successor agency, shall utilize such moneys to pay the debt service on such bonds or notes and to meet administrative costs in connection therewith.
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