A. The statewide transportation innovation fund is established. The state treasurer shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. The fund consists of the following:

1. 1. Monies appropriated by the legislature.
2. 2. Any nonfederal gifts, grants, donations or other monies received by the state treasurer from any public or private source for transportation projects.

B. The monies in the fund shall be used for:

1. 1. Grants to for-profit and nonprofit entities to provide a transportation innovation program in this state as prescribed by section 28-9572.
2. 2. Equipment purchases, driver salaries, insurance costs and payment of other costs directly related to the implementation of an innovation transportation plan.