(a) The commission is authorized to accept federal aid either outright or by way of matching funds, in whole or in part, as may be required by the federal government. When matching funds are available to the commission, they may be used in compliance with the provisions of the laws and regulations of the United States for the expenditure of federal moneys for airports and other air navigation facilities.

(b) The commission is authorized to accept and receive federal moneys and other moneys, either public or private, for and on behalf of this state, or any municipality thereof, for the planning, acquisition, construction, improvement, maintenance, and operation of airports and other air navigation facilities. The funds may be expended regardless of whether the work is to be done by the state or a municipality, or jointly. If the funds are from the United States, they shall be expended upon such terms and conditions as are or may be prescribed by the laws of the United States and any rules or regulations made thereunder. The commission is hereby designated as the agency of the state, and is authorized to and may act as agent of any municipality of this state upon the request of such municipality, in accepting and receiving moneys on its behalf for airports or other air navigation facility purposes, and in contracting for the planning, acquisition, construction, improvement, maintenance, or operation of airports or other air navigation facilities, financed, either in whole or in part, by federal moneys. A municipality is authorized to and may enter into an agreement with the commission prescribing the terms and conditions of such agency in accordance with federal laws, rules, and regulations and with this article. All moneys paid by the United States government shall be retained by the state or paid to said municipalities under such terms and conditions as may be imposed by the United States government in making such grants.

(c) All contracts for the planning, acquisition, construction, improvement, maintenance, and operation of airports, or other air navigation facilities made by the commission, either as the agent of the state or as the agent of any municipality therein, shall be made pursuant to the laws of this state governing the making of like contracts: Provided, That where the planning, acquisition, construction, improvement, maintenance, and operation of any airport or other air navigation facility is financed wholly or partially with federal moneys, the commission, as agent of the state or of any municipality thereof, may let contracts in the manner prescribed by the federal authorities, acting under the laws of the United States, and any rules or regulations made thereunder, notwithstanding any other state law to the contrary.

(d) All moneys accepted for disbursement by the commission pursuant to this section shall be deposited in the State Treasury, and, unless otherwise prescribed by the authority from which the money is received, kept in separate funds, designated according to the purposes for which the moneys were made available, and held by the state in trust for such purposes. All such moneys are hereby appropriated for the purposes for which they were made available and shall be expended in accordance with federal laws and regulations and this article. The commission is authorized, whether acting for this state or as the agent of any municipality therein, when requested by the United States government or any agency or department thereof, or when requested by the state or municipality for which the money has been made available, to disburse such moneys for the designated purposes, but this shall not preclude any other authorized method of disbursement.

(e) The state or any municipality therein is authorized to cooperate with the government of the United States, and any agency or department thereof, in the acquisition, construction, improvement, maintenance, and operation of airports and other air navigation facilities in this state and is authorized to accept federal aid, either by way of outright grant or by matching the funds, in whole or in part, as may be required, and to comply with the provisions of the laws of the United States and any rules or regulations made thereunder for the expenditure of federal moneys upon such airports and other navigation facilities.