(1) A political subdivision, for the purpose of aiding and cooperating in the financing, construction, operation, or maintenance of any qualified federal aid transportation project, has the power:

(a) To sell, lease, loan, donate, grant, convey, assign, or otherwise transfer to the department any real or personal property or interests therein;

(b) To enter into agreements with any person for the joint financing, construction, operation, or maintenance of any qualified federal aid transportation project. Upon compliance with applicable constitutional or charter limitations, the political subdivision may agree to make payments, without limitation as to amount except as set forth in the agreement, from revenues received in one or more fiscal years to the department or any person to defray the costs of the financing, construction, operation, or maintenance of any qualified federal aid transportation project.

(c) To transfer or assign to the department any contracts that may have been awarded by the political subdivision for construction, operation, or maintenance of any qualified federal aid transportation project.

(2) To assist in the financing, construction, operation, or maintenance of a qualified federal aid transportation project, any political subdivision may, by contract, pledge to the department all or a portion of federal transportation funds paid to the political subdivision, the revenues the political subdivision receives from the highway users tax fund, or the revenues from any other legally available source.