(1) As used in this section, unless the context otherwise requires:

(a) "Authority" means the Colorado energy research authority created in section 24-47.5-101 (2).

(b) "Fund" means the energy research cash fund created in subsection (2) of this section.

(c) "Office" means the Colorado office of economic development created in section 24-48.5-101.

(2) (a) The energy research cash fund is created in the state treasury. The fund consists of the transfers required pursuant to subsection (3) of this section and any other moneys that the general assembly appropriates to it. The moneys in the fund are continuously appropriated to the office for the purpose of distributing moneys to the authority for use as state matching funds in accordance with section 24-47.5-102 (1.5), and for other authority activities authorized under subsection (2) of said section. The office shall not distribute any moneys to the authority for use as state matching funds unless the office receives written confirmation from a financial officer at one of the collaboratory institutions that federal or private funding for the project has been received in an amount equal to or greater than the amount of the matching funds to be distributed.

(b) The moneys in the fund are also continuously appropriated to the office for its administrative expenses associated with this section, which shall not exceed five percent of the moneys transferred or appropriated to the fund in the fiscal year.

(c) As provided by law, the state treasurer may invest any unexpended moneys in the fund. All interest and income derived from the investment and deposit of moneys in the fund are credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall not be credited or transferred to the general fund or another fund; except that on July 1, 2019, the state treasurer shall transfer any unexpended and unencumbered moneys remaining in the fund to the general fund.

(3) On July 1, 2014, and July 1, 2015, the state treasurer shall transfer one million dollars to the fund.

(4) (a) On November 1, 2015, and November 1 of the next four years thereafter, the office shall submit a report to the finance and the business, labor, and economic and workforce development committees of the house of representatives and to the business, labor, and technology and the finance committees of the senate, or any successor committees, summarizing all of the distributions made during the preceding fiscal year. At a minimum, the report must include any information provided to the office by the authority pursuant to section 24-47.5-102 (3).

(b) Section 24-1-136 (11) does not apply to the report required by paragraph (a) of this subsection (4).

(5) This section is repealed, effective July 1, 2020.