Authority to participate in federal act.

(1) To make application for any loans, grants or assistance under either the Public Works and Economic Development Act or the Small Business Investment Act; (2) To enter into any agreements, contracts and assistance agreements necessary or desirable pursuant to the provisions of said acts; (3) To accept loans, grants and assistance offered by the federal government under said acts; (4) To make appropriations and to issue bonds, notes, debentures or other evidences of indebtedness for loans received pursuant to the provisions of said acts or for defraying the cost of the nonfederal share of industrial or business projects; (5) To make appropriations and loans to state or local development companies for industrial or business projects; (6) To accept any advantage and to do anything necessary or desirable for as full and complete a participation under the provisions of said acts as is allowed under said acts or under regulations promulgated by the administrator of any program established pursuant to said acts.