(1) The department shall establish the statewide emergent freight rail assistance program for the purpose of supporting freight rail capital needs by awarding grants based on the state’s interests as outlined in RCW 47.76.240.

(2) Grants shall be selected using the cost-benefit methodology as outlined in RCW 47.76.460.

(3) The department shall report annually to the transportation committees of the legislature and the office of financial management on all freight rail assistance program grants issued.