Each grantee shall have the power, and, when approved by its governing body, the authority, to do or perform any one or more of the following:
(1) To apply to any donor for a grant and to pay the expenses involved in making such application;
(2) To accept and receive grants from any donor;
(3) To expend or apply the proceeds of any grant for the purpose or purposes for which the same is made;
(4) To agree to comply with the conditions of the grant;
(5) To pay over or donate or loan to any board, bureau, authority, institution or agency of the grantee, or to any municipality or municipalities of the state, or to any public corporation, or to any county or counties in the state or to the state, or to any board, bureau, authority, institution, or agency of such public corporation, or of such county or counties or of such municipality or municipalities, or of the state or to any person, firm or corporation, any grant proceeds authorized or permitted to be so paid over, donated or loaned by the conditions of the grant.