§ 53. Financial assistance from and cooperation with the state and federal governments. The Utica transit authority is empowered to include in agreements with the state and/or federal governments provisions that such government or governments shall have the right to approve in advance of execution all contracts entered into by the authortiy and to supervise and approve the construction, maintenance and operation of any project to which such government or governments may render any assistance, and subject to the restrictions contained in this article, any other terms, covenants and provisions which the Utica transit authority may deem necessary or appropriate.