The STD shall prepare a project agreement for each Federal-aid project.

The STD may develop the project agreement in a format acceptable to both the STD and the FHWA provided the following are included:

A description of each project location including State and project termini;

The Federal-aid project number;

The work covered by the agreement;

The total project cost and amount of Federal funds under agreement;

The Federal-aid share of eligible project costs expressed as either a pro rata percentage or a lump sum as set forth in § 630.106(f)(1);

A statement that the State accepts and will comply with the agreement provisions set forth in § 630.112;

A statement that the State stipulates that its signature on the project agreement constitutes the making of the certifications set for in § 630.112; and

Signatures of officials from both the State and the FHWA, and the date executed.

The project agreement should also document, by comment, instances where:

The State is applying amounts of credits from special accounts (such as the 23 U.S.C. 120(j) toll credits, 23 U.S.C. 144(n) off-system bridge credits and 23 U.S.C. 323 land value credits) to cover all or a portion of the normal percent non-Federal share of the project;

The project involves other arrangements affecting Federal funding or non-Federal matching provisions, including tapered match, donations, or use of other Federal agency funds, if known at the time the project agreement is executed; and

The State is claiming finance related costs for bond and other debt instrument financing (such as payments to States under 23 U.S.C. 122).

The STD may use an electronic version of the agreement as provided by the FHWA.