Digest: Sets up a process for ranking state IT projects in order of priority. (Flesch Readability Score: 63.4). [Digest: Tells a state agency to start a program to give grants and loans to other state agencies so that they can replace their old computers and software, and for other purposes. Says that the agencies must pay back the moneys from cost savings. (Flesch Readability Score: 66.9).] [Requires the Oregon Department of Administrative Services to create a program to award grants and provide loans to state agencies for replacing outdated information technology and for certain other purposes. Creates an advisory board that the department must consult in awarding grants and providing loans. Establishes the Technology Modernization Fund and appropriates moneys in the fund to the department for the purpose of the department's program.] Directs the State Chief Information Officer to adopt a policy and procedure for state agencies to follow in requesting funding for information technology budgets and projects. Requires state agencies that intend to request funding for a budget or project to submit requests to the State Chief Information Officer for review. Directs the State Chief Information Officer to collaborate with the Legislative Fiscal Office to establish criteria for assigning priorities among state agency requests and directs the office of Enterprise Information Services to collaborate with state agencies to set priorities for the State Chief Information Officer's approval. Specifies reporting requirements. Declares an emergency, effective on passage.