(a) Acceptance Authorized; Conditions. Except as otherwise provided by law, an authority is authorized to 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, in whole or in part, any of the purposes of this chapter. All federal moneys accepted under this section shall be accepted and expended by the authority upon such terms and conditions as are prescribed by the United States and as are consistent with state law; and state moneys accepted under this section shall be accepted and expended by the authority upon such terms and conditions as are prescribed by the state.

(b) Department of Transportation as Agent for Authorities in Receiving Certain Federal Funds; Exceptions.

(1) The department shall act as agent for each authority for the purposes of applying for, receiving and disbursing federal funds made available pursuant to the former Airport and Airway Development Act of 1970, 84 Stat. 219, 49 U.S.C. 1970 ed., § 1701 et seq. [repealed], or any amendment thereto, unless an authority owns an airport having a minimum of twenty-five thousand (25,000) originating enplanements annually on regularly scheduled airline carriers as certified by the federal civil aeronautics board, in which event the authority may act as principal with respect to any airport owned by it, or may designate the department as its agent for the purposes mentioned in this subdivision (b)(1). All funds received by the department shall be deposited in the state treasury to be kept and disbursed in a manner consistent with federal requirements.

(2) Whenever the department acts as agent, it may do so for an individual authority or authorities acting jointly and the applicable provisions of § 42-2-203(c) shall apply under either circumstance.