1.    An authority may accept, receive, receipt for, disburse, and expend federal and state moneys and other moneys, public or private, made available by grant or loan or both, to accomplish any of the purposes of this chapter. All federal moneys accepted under this section must be accepted and expended by the authority upon the terms and conditions prescribed by the United States and consistent with state law, and all state moneys accepted under this section must be accepted and expended by the authority upon the terms and conditions prescribed by the state.

2.    An authority may designate the state aeronautics commission as its agent to:

a.    Accept, receive, receipt for, and disburse federal and state moneys, and other moneys, public or private, made available by grant or loan or both, to accomplish any of the purposes of this chapter; and

b.    Contract for and supervise the planning, acquisition, development, construction, improvement, maintenance, equipment, or operation of any airport.

3.    An authority may enter an agreement with the aeronautics commission prescribing the terms and conditions of the agency in accordance with the terms and conditions prescribed by the United States, if federal money is involved, and in accordance with applicable laws of this state. All federal moneys accepted under this section by the state aeronautics commission must be accepted and transferred or expended by the commission upon the terms and conditions prescribed by the United States. All moneys received by the state aeronautics commission under subsection 2 must be deposited in the state treasury, and unless otherwise prescribed by the agency from which the moneys were received, must be kept in separate funds designated according to the purposes for which the moneys were made available, and held by the state in trust for those purposes.