Section 27B. The commission shall develop historical surveys and plans in accordance with the requirements of the federal historic preservation act (Title 16, U.S.C. sections 470-470N). The commission shall be the sole agency of the commonwealth for administration of said act. The state treasurer shall be the custodian of funds received by the commonwealth under section one hundred three of said act, and said funds shall be expended by the commission, without special appropriation, on projects approved by it which carry out the objects of the said act.