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he transferred to the special land and development fund established pursuant to section 171-19 . '' PART 111 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 Whiwai street-, and Kamehameha avenue; Kamehameha avenue to its intersection with Kalanianaole avenue; Kalanjanaole avenue to its intersection with Ranyan 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 estab 3ished a Waiakea peninsula redevelopment district planning committee . The committee shall be appointed as provided in section 171-C, Hawaii Revised Statutes, and shall exercise the poweys and duties in the designated district as authorized by chapter 171 , part. , Hawaii Revised Statutes . Pursuant t nection 171 -R (c) , Hawaii, Revised Statutes, the public lands within the Waiakea peninsula redevelopment district are transferred to the Waiakea peninsula redevelopment district planning committee . SECTTON 6 . There is established the Waiakea peninsula redevelopment district revolving fund, into which shall be depositpd : (1) fifty per cent; of the revenrics, inconic, and rcecipts froni Te puNic lands in the Wakea peninsula redevelopnient. district; (2) Mcmicys appropriated by the legishdury to the revcdving 10d; and (3) Any gins, grM, and other fundsaccepted by the MATea penkmda raNclopnwnt Wict pWnAng comAttee.