The commission may act as agent of all municipalities in accepting, receiving, receipting for, and disbursing federal moneys, made available to finance, in whole or in part, the planning, acquisition, construction, improvement, maintenance, or operation of municipal airports or air navigation facilities. The commission, as principal on behalf of the state, and for any municipality, may enter into any contracts, with the United States, with any municipality, or with any person, which may be required in connection with a grant or loan of federal moneys for municipal airport or air navigation facility purposes, provided that no contract may be entered into on behalf of any municipality except pursuant to written request of such municipality. All federal moneys accepted under this section must be accepted and transferred or expended by the commission upon such terms and conditions as are prescribed by the United States. All moneys received by the commission pursuant to this section must be deposited in the state treasury, and, unless otherwise prescribed by the authority from which such moneys were received, shall be kept in separate funds designated according to the purpose for which the moneys were made available, and held by the state for such purposes. All such moneys are hereby appropriated for the purposes, for which the same were made available, to be disbursed or expended in accordance with the terms and conditions upon which they were made available.