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be transferred to the special land and development fund established pursuant to section 171-19 . '' PART ITJ SECTION 3 . The legislature designates the public lands on the Waiakea peninsula on the island of Hawaii as the Waiakea peninsula redevelopment district . SECTION 4 . The Waiakea peninsula redevelopment district shall include the area bounded by the shoreline from the intersection of Lihiwai street and Kamehameha avenue; Ramehameha avenue to its intersection with Kalanianaole avenue; Kalanianaole avenue to its intersection with Banyan way; Banyan way from its intersection with Kalanianaole avenue to its intersection with Banyan drive; from the intersection of Banyan way and Banyan drive to the shoreline; the shoreline around the Waiakea peninsula, including Mokuola island, to the intersection of Lihiwai street and Kamehameha avenue . SECTION 5 . There is established a Waiakea peninsula redevelopment district planning connittee . The committee shall be appointed as provided. in section 111 -C, Hawaii Revised Statutes, and shall exercise the powers and duties in the designated district as authorized by chapter 171 , part , Hawaii Revised Statutes . Pursuant to section 171-B (c) , Hawaii Revised Statutes, the public lands within the Walakea peninsula redevelopment district are transferred to the Waiakea peninsula redevelopment district planning committee . SECTION 6 . There is established the Waiakea peninsula redevelopment, district revohing fund, into which shall be deposited : (I) My per cent ofthe revenuct Wconie, and receipts Poin the public lands in the Waiakea peninsula redevelopinent district; (2) MoneysappixTHalal by die legislature to the revolving fund; and (3) Any gitim granis, arK1 other funds accepted by the Miakca penin da redevelopnient district planning corrii-niftee.