The governing body of any political subdivision referred to in section 2-05-06.1 is authorized to designate the state aeronautics commission of the state as its agent to accept, receive, and receipt for federal moneys in its behalf for airport purposes and to contract for the acquisition, construction, enlargement, improvement, maintenance, equipment, or operation of such airports, or other air navigation facilities, and may enter into an agreement with such aeronautics commission prescribing the terms and conditions of such agency in accordance with federal laws, rules and regulations, and applicable laws of this state. Such moneys as are paid over by the United States government must be paid over to said municipality under such terms and conditions as may be imposed by the United States government in making such grant.