(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.