(1) Except as otherwise provided by Federal law
(A) if a program or project
(i) which is undertaken by a displacing agency, and
(ii) the purpose of which is not to relocate or reconstruct any utility facility, results in the relocation of a utility facility;
(B) if the owner of the utility facility which is being relocated under such program or project has entered into, with the State or local government on whose property, easement, or right-of-way such facility is located, a franchise or similar agreement with respect to the use of such property, easement, or right-of-way; and
(C) if the relocation of such facility results in such owner incurring an extraordinary cost in connection with such relocation;
the displacing agency may, in accordance with such regulations as the head of the lead agency may issue, provide to such owner a relocation payment which may not exceed the amount of such extraordinary cost (less any increase in the value of the new utility facility above the value of the old utility facility and less any salvage value derived from the old utility facility).
(2) For purposes of this subsection, the term
(A) extraordinary cost in connection with a relocation means any cost incurred by the owner of a utility facility in connection with relocation of such facility which is determined by the head of the displacing agency, under such regulations as the head of the lead agency shall issue
(i) to be a non-routine relocation expense;
(ii) to be a cost such owner ordinarily does not include in its annual budget as an expense of operation; and
(iii) to meet such other requirements as the lead agency may prescribe in such regulations; and
(B) utility facility means
(i) any electric, gas, water, steam power, or materials transmission or distribution system;
(ii) any transportation system;
(iii) any communications system (including cable television); and
(iv) any fixtures, equipment, or other property associated with the operation, maintenance, or repair of any such system;
located on property which is owned by a State or local government or over which a State or local government has an easement or right-of-way. A utility facility may be publicly, privately, or cooperatively owned.