Every municipality is authorized to accept, receive, receipt for, disburse and expend federal and state monies and other monies, public or private, made available by grant or loan or both to accomplish, in whole or in part, any of the purposes of the Municipal Airport Law. All federal monies accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the United States and as are consistent with state law. All state monies accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the state. All local government monies accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the local government. Unless otherwise prescribed by the agency from which such monies were received, the chief financial officer of the municipality shall on its behalf deposit all monies received pursuant to this section and shall keep them, in separate funds designated according to the purposes for which the monies were made available, in trust for such purposes.

Every municipality is authorized to designate the Mississippi Transportation Commission as its agent to accept, receive, receipt for, and disburse federal, state and local government monies and other monies, public or private, made available by grant or loan or both, to accomplish in whole or in part, any of the purposes of the Municipal Airport Law. Every municipality is authorized to designate such commission as its agent in contracting for and supervising the planning, acquisition, development, construction, improvement, maintenance, equipment or operation of any airport or other air navigation facility. Every municipality may enter into an agreement with the commission prescribing the terms and conditions of the agency in accordance with such terms and conditions as are prescribed by the United States, if federal money is involved, and in accordance with the applicable laws of this state. All federal monies accepted under this section by such commission shall be accepted and transferred or expended by the commission upon such terms and conditions as are prescribed by the United States. All monies received by such commission pursuant to this paragraph shall be deposited in the State Treasury, and unless otherwise prescribed by the agency from which such monies were received, shall be kept in separate funds designated according to the purposes for which the monies were made available, and held by the state in trust for such purposes.