The governing board of any municipality or joint agency is hereby authorized to make application and to enter into contracts for and to accept grants-in-aid and loans from the federal and State governments and their agencies for planning, acquiring, constructing, expanding, maintaining and operating any project or facility, or participating in any research or development program, or performing any function which such municipality or joint agency may be authorized by general or local law to provide or perform.
In order to exercise the authority granted by this section, the governing board of any municipality or joint agency may:
(1) Enter into and carry out contracts with the State or federal government or any agency or institution thereof under which such government, agency or institution grants financial or other assistance to the municipality or joint agency;
(2) Accept such assistance or funds as may be granted or loaned by the State or federal government with or without such a contract;
(3) Agree to and comply with any reasonable conditions which are imposed upon such grants or loans;
(4) Make expenditures from any funds so granted. (1975, c. 186, s. 1.)