(a) The Agency is authorized to cooperate with the government of the United States in the acquisition, construction, improvement, maintenance, and operation of airports and other navigation facilities in this State, and to comply with the provisions of the laws or regulations of the United States for the expenditure of federal monies upon airports and other air navigation facilities.

(b) The Agency is authorized to accept, receive, and receipt for federal monies and other monies, either public or private, for and in behalf of this State, appropriated to the Agency or that have been approved for receipt pursuant to 32 V.S.A. § 5 or 511.

(c) All monies accepted for disbursement by the Agency pursuant to subsection (b) of this section shall be deposited in the State Treasury and, unless otherwise prescribed by the authority from which the money is received, kept in separate funds, designated according to the purposes for which the monies were made available, and held by the State in trust for such purposes. All monies shall be expended for the purposes for which they were made available and in accordance with federal laws and regulations and with this chapter. The Agency is authorized, whether acting for this State or as the agent of any of its municipalities, or when requested by the U.S. government or any agency or department of the U.S. government, to disburse such monies for the designated purposes, but this shall not preclude any other authorized method of disbursement. (Added 1985, No. 222 (Adj. Sess.), § 2; amended 2015, No. 40, § 14.)