Section 7. There is hereby created within the program an Economic Conversion Fund, known hereinafter as the “Fund”, to be used by the program administrator solely to provide the program with financial support for the creation of a statewide technology deployment coordination system and for matching grants to support the creation of or assistance to manufacturing extension services, alternative deployment pilot projects, technology access programs and other related deployment programs and subject to appropriation.

The program administrator shall provide the advisory board, the house and senate committees on ways and means and the joint committee on commerce and labor with quarterly reports regarding the nature and amount of all expenditures, with a detailed summary of activities supported.