b. The Commissioner of Transportation shall set forth a Transportation Financing Program Project Eligibility List for long-term funding by the trust and shall include the aggregate amount of funds to be authorized for these purposes. The Transportation Financing Program Project Eligibility List shall consist of Transportation Financing Program Project Priority List projects certified by the Department of Transportation that have commenced construction and demonstrated to the department a high likelihood of construction completion on or before the end of the ensuing fiscal year. On or before May 15 of each year, the trust shall submit the Transportation Financing Program Project Eligibility List, including any amendatory or supplementary provisions thereto, to the Legislature to be introduced in each House in the form of legislative appropriations bills, which shall be referred to the Senate Transportation Committee and the Assembly Transportation and Independent Authorities Committee, or their successors, for their respective consideration. The Secretary and the Clerk shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. The Senate Transportation Committee and the Assembly Transportation and Independent Authorities Committee shall, either individually or jointly, consider the legislation containing the Transportation Program Project Eligibility List, and shall report the legislation, together with any modifications, out of committee for consideration by each House of the Legislature. On or before July 1 of each year, the Legislature shall approve an appropriations act containing the Transportation Program Project Eligibility List, including any amendatory or supplementary provisions thereto, which act shall include the authorization of an aggregate amount of funds of the trust to be expended for long-term loans and guarantees for the specific transportation projects, aviation projects, and marine projects, including the individual amounts therefor, on the list.