(a) The Alabama Public Transportation Trust Fund is created in the State Treasury for the distribution of designated funds appropriated by the Legislature or collected from grants or other sources for the purpose of increasing public transportation options across the State of Alabama. The trust fund shall be maintained and administered by the department.

(b) The department shall do all of the following in maintaining and administering the trust fund:

(1) Invest and reinvest all money held in the trust fund in investments under the department's investment policies.

(2) Keep books and records relating to the investment, interest earnings, and uses of monies deposited into the trust fund.

(3) Establish procedures for the withdrawal, allocation, and use of the monies held in the trust fund for the purposes described in Section 41-23-194.

(4) Publish, on an annual basis, criteria for determining the distribution of monies from the trust fund.

(5) Conduct an annual independent audit of the trust fund.

(6) Prepare, in collaboration with the advisory committee, an annual performance report, which shall be provided to the Governor, Speaker of the House of Representatives, and the President Pro Tempore of the Senate, outlining the use of the trust fund monies, including, but not limited to, the trust fund's success in meeting its intended purposes.

(7) Conduct or hire an outside entity to conduct a statewide public transportation needs assessment once every five years to inform the department, the director, and the advisory committee of the public transportation needs in Alabama. The assessment should include evaluating transportation needs for individuals with disabilities, low-income and rural populations, and the elderly.

(8) Enter into contracts and agreements in connection with the operation of the trust fund, including contracts and agreements with federal agencies, local governmental entities, community developers, and other persons and not-for-profit groups. This provision shall not authorize contracts and agreements with for-profit entities.

(9) Engage in ongoing efforts to increase funding sources for the trust fund, including any additional ongoing state-dedicated funding source.

(c) The department shall seek the input of the advisory committee, but the director shall have final decisionmaking authority on all matters relating to the trust fund and programs administered pursuant to this article.

(d) The department shall be paid periodically a reasonable fee from amounts deposited to the trust fund to reimburse it for its services in administering the fund. On an annual basis, the department may not be paid in excess of 10 percent of the total annual deposits to the trust fund.