(1) In accordance with Section 72-2-403, the commission, in coordination with the department, may rank, prioritize, and provide public transit innovation grants with money derived from the following sources:
(a) certain local option sales and use tax revenue as described in Subsection 59-12-2219(11)(b); and
(b) revenue deposited in accordance with Subsection 59-12-2220(11) into the County of the First Class Highway Projects Fund created in Section 72-2-121.
(2) In accordance with Section 72-2-124, the department may rank and prioritize public transit innovation grants for capital development to the commission, to be funded with money derived from the Transit Transportation Investment Fund as described in Subsection 72-2-124(10).
(3) Administrative costs of the department to administer public transit innovation grants under this part shall be paid from the funds described in Subsection (1)(a).