Section 334. Federal aid

1. The department of taxation and finance shall
  accept and receive any and all grants of money awarded to the state  and
  its  political  subdivisions  under  the  federal  highway safety act of
  nineteen hundred sixty-six, and acts amendatory or supplemental thereto.
  All monies so received shall be deposited by the department of  taxation
  and finance in a special fund or funds and shall be used exclusively for
  establishing  and  administering highway safety programs pursuant to the
  provisions of this article. Such money shall be paid from said  fund  or
  funds  upon  audit  and  warrant  of  the  comptroller on vouchers of or
  certification by the governor or his designee.
    2. At least forty per cent of the federal funds so received  shall  be
  allocated   and   paid   to  those  political  subdivisions  which  have
  established approved local highway safety programs. In  determining  the
  allocation  of  such  amount  among  such  political  subdivisions,  the
  governor or his designee shall consider the following factors:
    (a) the relative populations of such political subdivisions;
    (b) the total costs of the local highway safety programs;
    (c) the amount of state aid and other funds received by such political
  subdivisions for highway safety purposes; and
    (d) the safety value of any special highway safety projects  conducted
  by such political subdivisions.
    3. The federal funds remaining after the allocations and payments have
  been  made pursuant to subdivision two of this section shall be utilized
  for such highway safety purposes as the governor or his  designee  shall
  deem appropriate.