(1) The transportation improvement account is hereby created in the motor vehicle fund. The intent of the program is to:
(a) Improve mobility of people and goods in Washington state by supporting economic development and environmentally responsive solutions to our statewide transportation system needs;
(b) Improve the arterial street system of the state by improving mobility and safety while supporting an environment essential to the quality of life of the citizens of the state; and
(c) Maintain, preserve, and extend the life and utility of prior investments in transportation systems and services.
(2) The small city program, as provided for in RCW 47.26.115
, is implemented within the transportation improvement account.
(3) Within one year after board approval of an application for funding, a county, city, or transportation benefit district shall provide written certification to the board of the pledged local and/or private funding. Funds allocated to an applicant that does not certify its funding within one year after approval may be reallocated by the board.