Chapter 10 of the General Laws is hereby amended by inserting after Section 59A the following section:- 

Police Standards and Training Account. 

Section 58C. (a) There shall be established a Police Standards and Training Trust Fund, into which shall be deposited monies received by the commonwealth from all sources pertaining to police training from training fees paid by municipalities, training fees paid by individuals, sums received by the commonwealth from the federal government as grants and appropriations, state grants and appropriations and private contributions and gifts. The fund shall only be used as follows:

(1) for payment of general administrative expenses of the municipal police training committee established in section 116A of chapter 6, but such expenses shall not exceed 25 per cent of the total expenditures in a fiscal year which are spent on administrative expenditures; provided, however, that expenditures may be made for the compensation of a staff person as those services are deemed necessary by the agency; and

(2) for the procurement and funding of police training by the agency or its designees.

(b) The state treasurer shall receive and deposit all revenues transmitted to him under subsection (a) in a manner that will ensure the highest rate of interest available consistent with the safety of the Police Standards and Training Trust Fund and all interest accrued shall be deposited into the fund. Any unexpended balance in the fund at the end of a fiscal year shall not revert and shall be available for expenditures in the subsequent fiscal year. No expenditure from the fund shall cause the fund to be in a deficiency at the close of a fiscal year.