Chapter 29 of the General Laws is hereby amended by inserting after section 2JJJJJJ the following section:-

Section 2KKKKKK. (a) There shall be established and set up on the books of the commonwealth a separate fund to be known as the School Resource Officer Fund, to be administered by the commissioner of elementary and secondary education. There shall be credited to the fund: (i) any appropriations or other money authorized by the general court and specifically designated to be credited to the fund; (ii) funds from public and private sources, including gifts, grants and donations; and (iii) interest earned on any money in the fund. The commissioner may make expenditures from the fund without further appropriation for the purposes of providing funding to cities, towns, regional school districts and the department of state police for the assignment of school resource officers in schools, pursuant to section 37P of chapter 71; provided, that the commissioner determines that the city, town or school district does not have sufficient resources to otherwise assign a school resource officer.

(b) Annually, not later than July 1, the commissioner shall submit to the clerks of the house of representatives and the senate, the house and senate committees on ways and means, the joint committee on education and the joint committee on public safety and homeland security a report on the activities of the fund.