(1) The University of Arkansas, as the state agency, is authorized and empowered to accept and receive all grants of money made pursuant to § 7 of the Soil Conservation and Domestic Allotment Act, 16 U.S.C. § 590g, for the purpose of enabling the State of Arkansas to carry out the provisions of any state agricultural plan.
(2) All such funds, subject to any conditions upon which the funds shall have been granted, together with any moneys which may be appropriated by the state for such a purpose, shall be available to the university for expenditures as provided in the state agricultural plans.
(3) Expenditures may include, but need not be limited to, expenditures for research and investigation, administrative expenses, equipment, supplies, salaries, compensation, and expenses of the officers and agents of the university in connection with the execution of their duties hereunder, educational activities, benefit payments, and all other necessary or proper expenditures incident to any such matters, including reimbursement to other funds of the university for expenditures made in effectuating the policy of this subchapter.