A municipality shall have the power and authority to:

1. Undertake and carry out any project for which state assistance payments pursuant to contract are received or are to be received pursuant to this article and maintain and operate such project;

2. Expend money received from the state pursuant to this article for costs incurred in conjunction with the approved project; and

3. Perform such other and further acts as may be necessary, proper or desirable to carry out a project or obligation, duty or function related thereto.