(1) The technology advancement and emergency fund, referred to in this section as the "fund", is hereby created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (3) of this section, money transferred to the fund pursuant to section 24-37.5-112 (2), and any other money that the general assembly may appropriate or transfer to the fund.

(2) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year shall remain in the fund and shall not revert to the general fund.

(3) On July 1, 2017, and on July 1, 2018, the state treasurer shall transfer two million dollars from the general fund to the fund.

(4) (a) Subject to annual appropriation by the general assembly, the office may expend money from the fund to cover one-time costs associated with emergency information technology expenditures as specified in subsection (4)(b) of this section, to address deferred maintenance of state agency information technology assets, and to provide additional services to address unforseen service demands.

(b) If the office uses money in the fund for costs associated with emergency information technology expenditures, the expenditures shall be made in accordance with section 24-37.5-105.

(5) If the office uses money from the fund to cover all or any portion of the cost of purchasing or refreshing an asset for a state agency, the asset shall become the property of the office.

(6) On or before November 1, 2017, and on or before November 1, 2018, the office shall submit a report to the joint budget committee and the joint technology committee of the general assembly regarding the expenditures from the fund. The report shall include, but need not be limited to, the following:

(a) A list of each expenditure made from the fund, including the purpose and amount of the expenditure, the date on which the office made the expenditure, the state agency that benefited from the expenditure, and how the expenditure met the criteria for use of money in the fund;

(b) The amount, if any, that the state agency that benefited from the expenditure of money in the fund contributed to the asset, service, or maintenance that the office purchased; and

(c) The amount by which expenditures from the fund have supplemented expenditures from state agency operating budgets for information technology assets, services, and maintenance.