(1) For administration of the investment program, the commission may establish any:

(a) Federal, state, or local account or subaccount within the investment program that is necessary to meet any applicable federal or state law requirement;

(b) Bond-related account or subaccount within the investment program that is necessary to meet any applicable federal or state law requirement; or

(c) Account within the investment program that the commission determines is necessary or desirable to implement the Infrastructure Development Investment Program Act.

(2) The investment program shall consist of the following account structure:

(a) Federal accounts: Separate accounts established for federal highway, transit, rail, and rural project funds;

(b) State and local accounts: Separate accounts for state and local transportation funds; and

(c) Administrative accounts: Separate accounts to be used by the department for the cost of administering the investment program.

(3) The investment program shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the investment program.

(4) Money in each account shall be tracked and used consistent with the legal requirements of the source of such money.