(1) An existing rail line or railroad right-of-way or an abandoned railroad right-of-way is eligible for acquisition by the department if the executive director determines that it serves or may serve any one or more of the following purposes:

(a) Preservation of the rail line for freight or passenger service;

(b) Maintenance of a rail corridor or railroad right-of-way for future transportation purposes or interim recreational purposes;

(c) Access to surrounding state manufacturing facilities, agricultural areas, or other locales that may be adversely affected by the loss of rail service or loss of the railroad corridor; or

(d) Any public use of the rail line or railroad right-of-way that is compatible with the future use as a railroad or other transportation system as transportation is defined in section 43-1-102.

(2) The commission shall review any property determined to be eligible for acquisition and approve the acquisition before the executive director submits the prioritized list of rail lines or rights-of-way to be acquired to the TLRC pursuant to subsection (3) of this section.

(3) The executive director shall submit a prioritized list with recommendations to the TLRC concerning the railroad rights-of-way or rail lines proposed to be acquired by the state and their proposed uses.

(4) The executive director may accept gifts, grants, and donations for purposes of this part 13, and any moneys so received shall be deposited with the state treasurer to be credited to the state rail bank fund created in section 43-1-1309.