Section 34 of Chapter 90 of the General Laws, is hereby amended by striking the words “(i) $2 from every motorcycle registration issued pursuant to section 2 shall be deposited into the General Fund and used solely for the purpose of promoting and advancing motorcycle safety;” and inserting in place thereof the following:-

(i) $2 from every motorcycle registration issued pursuant to section 2 shall be deposited monthly into a separate fund known as the Motorcycle Safety Fund for the purpose of promoting and advancing motorcycle safety; provided, however, that the registrar shall provide rebates of not less than $150 to persons under the age of 21 who successfully complete a motorcycle basic rider course approved by the registrar pursuant to section 8 and that the total of such rebates shall not exceed 20 per cent of the funds so deposited. All revenues credited under this section shall remain in the Motorcycle Safety Fund to administer a motorcycle safety program, which shall include, but not be limited to, funding registrar approved rider education courses and instructor training, maintaining a policy manual that shall provide minimum requirements for instructors and businesses that offer approved rider education courses in the commonwealth, and public awareness efforts. The State Treasurer shall not deposit such revenues in, or transfer such revenues to, the General Fund or any other fund other than the Motorcycle Safety Fund. The State Treasurer shall produce quarterly, an accounting report detailing income and expenditures relating to said Motorcycle Safety Fund, deliverable to the Chairman of the Massachusetts Motorcycle Association (MMA).