SECTION 1. Chapter 10 of the General Laws is hereby amended by inserting after section 35PPP the following 2 sections:-

Section 35QQQ. (a) There shall be established and set up on the books of the commonwealth a Revere Beach Reservation Trust Fund to be expended, without further appropriation, by the secretary of energy and environmental affairs for the long-term preservation, maintenance, nourishment and public safety of Revere beach in the city of Revere. Any balance in the fund at the end of the fiscal year shall not revert to the General Fund, but shall remain available for expenditure in subsequent fiscal years. No expenditure made from the fund shall cause the fund to become deficient at any point during a fiscal year. Annually, not later than October 1, a report shall be filed with the clerks of the senate and house of representatives and the house and senate committees on ways and means that shall include projects undertaken, expenditures made and income received by the fund.

(b) Not less than 50 per cent of the revenue collected by the department of conservation and recreation from parking stations installed on or after January 1, 2021 and not less than 50 per cent of the revenues generated through parking violations within the Revere beach reservation shall be deposited into the Revere Beach Reservation Trust Fund. Expenditures by the trust shall be used for capital improvements to Revere beach reservation.

(c) Annually, not later than November 30, the department of conservation and recreation shall meet with the mayor of the city of Revere to discuss the maintenance and safety plan for the beach for the next calendar year and the balance and expenditures from the Revere Beach Reservation Trust Fund.

Section 35RRR. There shall be established and set up on the books of the commonwealth a separate fund known as the Student Opportunity Act Investment Fund. The fund shall be credited with: (i) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (ii) funds from public and private sources, including, but not limited to gifts, grants and donations; and (iii) any interest earned on such money. Amounts credited to the fund shall be expended, subject to appropriation, for the implementation of chapter 132 of the acts of 2019. Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund. The fund shall not be subject to section 5C of chapter 29.

SECTION 2. Notwithstanding any general or special law to the contrary, the comptroller shall, not later than September 1, 2021, transfer $250,000,000 from the General Fund to the Commonwealth’s Pension Liability Fund established in subsection (e) of subdivision (8) of section 22 of chapter 32 of the General Laws.

SECTION 3. Notwithstanding any general or special law to the contrary, the comptroller shall transfer $350,000,000 from the General Fund to the Student Opportunity Act Investment Fund, established in section 35RRR of chapter 10 of the General Laws. Said transfer shall be made by the comptroller in accordance with a transfer schedule to be developed by the comptroller after consulting with the secretary of education, the secretary of administration and finance and the state treasurer.

SECTION 4. This act shall take effect as of July 1, 2021.