The board shall submit, by no later than October 1, an annual report to the Transportation and Infrastructure and Natural Resources, Agriculture, and Environmental Quality Appropriations Subcommittees:
(1) specifying the amount of each disbursement from the fund;
(2) identifying the recipient of each disbursement and describing the project for which money was disbursed; and
(3) detailing the conditions, if any, placed by the board on disbursements from the fund.