Oahu transportation planning fund

(a) There is established in the state treasury a revolving fund to be known as the Oahu transportation management area metropolitan planning organization revolving fund to be administered by the department of transportation in accordance with federal law and into which shall be deposited: (1) Member financial dues; (2) All revenues from the operations of the Oahu transportation management area metropolitan planning organization; (3) Appropriations by the legislature out of the state highway fund to the Oahu transportation management area metropolitan planning organization revolving fund; (4) Federal funds or grants; and (5) Gifts, grants, and any other moneys made available to the fund. (b) Except as otherwise provided by federal law, expenditures from the Oahu transportation management area metropolitan planning organization revolving fund may be made; provided that no expenditure shall be made from and no obligation shall be incurred against the revolving fund in excess of the amount standing to the credit of the revolving fund or for any purpose for which the revolving fund may not lawfully be expended. Nothing in sections 37-31 to 37-41 shall require the proceeds of the revolving fund to be reappropriated annually. (c) The Oahu metropolitan planning organization shall report annually to the legislature no later than twenty days prior to the convening of each regular session beginning with the regular session of 2016 on a detailed accounting of the activities of the revolving fund for the previous year.