1. Every municipality 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.
2. All federal moneys accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the United States and as are consistent with state law. All state moneys accepted under this section shall be accepted and expended by the municipality upon such terms and conditions as are prescribed by the State.
3. Unless otherwise prescribed by the agency from which such moneys were received, the chief financial officer of the municipality shall, on its behalf, deposit all moneys received pursuant to this section, and shall keep them in separate funds designated according to the purposes for which the moneys were made available, in trust for such purposes.
[17:215:1947; 1943 NCL § 293.36]