(a) The secretary of transportation is hereby authorized and empowered to participate in projects or make grants for projects, the purpose of which is the planning, assessment and fielding of new capabilities and innovative technology for all modes of transportation, including, but not limited to, aviation and highway transportation. Such new capabilities should represent increased efficiency for state operations, public cost savings, increased safety or economic development.

(b) There is hereby established in the state treasury the transportation technology development fund. All moneys credited to such fund shall be used to provide assistance with the planning, assessment and fielding of new capabilities for all modes of transportation, including, but not limited to, aviation and highway transportation. All expenditures from such fund shall be made in accordance with the provisions of appropriation acts and upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the secretary or the secretary’s designee.

(c) Grants made by the secretary from the transportation technology development fund shall be made upon such terms and conditions as the secretary may deem appropriate, and such grants shall be made from funds credited to the transportation technology development fund.

(d) On July 1, 2020, and each July 1 thereafter through July 1, 2030, the director of accounts and reports shall transfer $2,000,000 from the state highway fund to the transportation technology development fund. The secretary is hereby authorized to transfer additional moneys to the transportation technology development fund from the state highway fund, and moneys from the transportation technology development fund to the state highway fund.