A. Except as provided in subsection C of this section, on or before June 30 of each year, the board shall:

1. 1. Adopt an updated five year transportation facilities construction program for the following five fiscal years.
2. 2. File a written report with the director and the governor outlining the updated program and explaining any priority changes made pursuant to section 28-6955.
3. 3. File a copy of the program with the director of the department of administration and the state treasurer.

B. On or before the first Monday in August of each year, the board shall prepare and make available to the public an annual report that summarizes the updated five year statewide transportation facilities construction program. The report shall contain:

1. 1. The name of each proposed transportation facilities construction project.
2. 2. The anticipated year each project will be advertised for bidding.
3. 3. The location, description and total estimated cost of each project.
4. 4. An explanation of the project's priority.
5. 5. Other data the board deems necessary.