§ 119-s. Participation in federal and state assistance programs for mass transportation and airport and aviation projects. 1. Any municipal corporation shall have power, either individually or jointly with one or more other municipal corporations, to apply for, accept, and expend financial assistance:

a. From the state of New York for one or more mass transportation capital projects or for one or more airport or aviation capital projects provided pursuant to the transportation capital facilities bond act and the transportation capital facilities development act, whether by way of direct financial assistance or by way of prefinancing of any financial assistance from the United States.

b. From the United States, or any agency or instrumentality thereof, for one or more mass transportation capital projects or one or more airport or aviation capital projects provided pursuant to any act of the Congress of the United States or any rule, regulation or order promulgated pursuant thereto.

c. From the United States, or any agency or instrumentality thereof, for operation or maintenance of one or more mass transportation capital projects or one or more airport or aviation capital projects provided pursuant to any act of the Congress of the United States or any rule, regulation or order promulgated pursuant thereto.

d. From the United States, or any agency or instrumentality thereof, for one or more grants for transportation demonstration projects provided pursuant to any act of the Congress of the United States or any rule, regulation or order promulgated pursuant thereto.

2. Any city, town, village or county not wholly contained within a city shall have power (a) to finance or raise pursuant to law, appropriate and expend such sums as are required to administer, conduct or participate in such a project or projects and (b) to accept money provided by any person, firm or corporation whatever, including the private owner or operator of a mass transportation facility affected by the specific project, for the administration or conduct of, or participation in, a specific project and comply with the conditions of the provider of such money.

3. No municipal corporation, whether acting individually or jointly with one or more other municipal corporations, shall submit to the United States, or any agency or instrumentality thereof, any project application for one or more mass transportation capital projects or one or more airport or aviation capital projects, any application for one or more transportation demonstration projects or any federal mass transportation operating assistance, unless the application or applications therefor shall have been first approved by the state commissioner of transportation as being a part of or consistent with a statewide comprehensive master plan for transportation promulgated by him and approved by the governor on the recommendation of the department of state or, in the absence of any such statewide plan, any other recognized long-range regional transportation plan approved by the commissioner or, in the absence of any such regional plan, sound transportation development policy and planning concepts.

4. The county shall have power to pledge its interest in any mass commuting vehicles, the acquisition of which was not wholly financed with the proceeds of bonds or bond anticipation notes under the provisions of the local finance law, to secure or further secure the payment of any bonds or bond anticipation notes issued for any object or purpose of such county, if such pledge will have the effect, directly or indirectly, of enabling such county to participate in any transaction described in section ninety-nine-o of this chapter. As used in this subdivision, the term "mass commuting vehicle" means any bus, subway car, rail car, locomotive, or similar equipment used or to be used to provide mass commuting services, whether or not operated by a private operator under agreement with such county.