Chapter 29, as appearing in the 2016 Official Edition, is hereby amended by inserting after section 2CCCCC the following section:-

Section 2DDDDD. (a) There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Gateway Low Income Student Trust Fund, hereinafter referred to as the Gateway LIST Fund. The Gateway LIST Fund shall be administered and expended by the department of early and secondary education. The Gateway LIST Fund shall provide grants to school districts that are located in a gateway municipality, as defined in section 3A of chapter 23A, and whose chapter 70 aid and tuition revenue are significantly and negatively impacted by the change in low-income enrollment measurement.

(b) The Gateway LIST Fund shall consist of: (i) revenue from appropriations or other monies authorized by the general court and specifically designated to be credited to the Gateway LIST Fund; and (ii) funds from public or private sources, including, but not limited to, gifts, grants, donations, rebates and settlements received by the commonwealth that are specifically designated to be credited to the Gateway LIST Fund. Amounts credited to the fund shall not be subject to further appropriation and monies remaining in the fund at the end of a fiscal year shall not revert to the General Fund.

(c) Annually, not later than December 1, the commissioner of early and secondary education shall report to the clerks of the house of representatives and the senate and the chairs of the house and senate committees on ways and means: (i) an accounting of money received by the Gateway LIST Fund and the sources of that money; (ii) an accounting of grants made to school districts; (iii) the amount of any unexpended balance; and (iv) projected grants for the coming fiscal year.