(a) Prior to each major revision of the transportation policy plan, the council must carry out a performance evaluation of the metropolitan area's transportation system as a whole. The performance evaluation must:
(1) evaluate the area's ability to meet the need for effective and efficient transportation of goods and people;
(2) evaluate trends and their impacts on the area's transportation system;
(3) assess the region's success in meeting the currently adopted regional transportation benchmarks; and
(4) include an evaluation of the regional transit system, including a comparison with peer metropolitan regions with regard to key operating and investment measurements.
(b) The council must update the evaluation of the regional transit system every two years.
(c) The council shall use the results of the performance evaluation to make recommendations for improving the system in each revision of the transportation policy plan.
(d) The council must conduct a peer review of the performance evaluation using at least two nationally recognized transportation and transit consultants.
(e) The council must submit the performance evaluation to the chairs and ranking minority members of the house of representatives and senate committees and divisions with jurisdiction over transportation finance and policy.