There shall be established and set up on the books of the commonwealth a separate fund, to be known as the School Improvement Fund, to improve the quality of education at the school building level. Said fund shall consist of all monies appropriated therefor in each fiscal year and shall be allocated and expended pursuant to the provisions of section fifty-one of chapter fifteen. Notwithstanding the provisions of section nine B of chapter twenty-nine, all monies appropriated to said fund shall be made available for distribution upon appropriation.
Mass. Gen. Laws ch. 10, § 35F