SECTION 1. Chapter 10 of the General Laws is hereby amended by inserting after section 35ZZ the following section:-

Section 35AAA. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Massachusetts Support Our Schools Fund to assist the cities and towns of the commonwealth in paying all or part of any costs associated with the development, maintenance, and operation of public schools.

Said fund shall consist of all revenues received by the commonwealth under the provisions of law authorizing the purchase of distinctive motor vehicle registration plates commemorating Massachusetts Public Schools as “The Spirit of the Massachusetts”, pursuant to section two of chapter ninety.

The state treasurer shall deposit monies in said fund in accordance with the provisions of section 34 of chapter 29 in such manner as will secure the highest interest rate available consistent with safety of the fund and with the requirement that all amounts on deposit be made available for an annual appropriation to individual municipalities in the amount equal to the Support Our Schools registration fees collected from residents of each municipality. Said funds shall be made available for the express purpose of the development, maintenance, and operation of public schools.

SECTION 2. Section 2 of chapter 90 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by adding the following paragraph: - “The registrar shall furnish, upon application, to owners of private passenger motor vehicles distinctive registration plates which shall display on their face a design commemorating Massachusetts Public Schools as “The Spirit of Massachusetts”. There shall be a biennial fee of not less than $40 for such plates in addition to the established registration fee for private passenger motor vehicles, such fee being payable at the time of registration of such vehicle and at each renewal thereof. The portion of the fee remaining after the deduction of costs directly attributable to the issuance of such plates shall be transferred within 90 days of receipt thereof to the Support Our Schools Fund.”