(a) There is hereby created and established a "state mortgage and industrial development investment pool" into which moneys shall be paid as provided in this section. The state mortgage and industrial development investment pool shall consist of a portion of the moneys and funds entrusted to the state Board of Investments by the commissioner of workers' compensation and other state agencies and organizations, which funds are invested by the state Board of Investments in long-term securities according to the provisions of this code: Provided, That no moneys or funds from any pension plan shall be invested in the state mortgage and industrial development investment pool.
(b) Notwithstanding any of the restrictions of section nine, article six, chapter twelve, the state Board of Investments shall make available from the workers' compensation funds and other such funds which it invests, moneys for the state mortgage and industrial development investment pool. Such moneys shall be drawn from workers' compensation funds and other funds except pension funds currently invested by the state Board of Investments and shall be made available for investment on or before the dates established in subsection (c) of this section: Provided, That should the workers' compensation fund fall below $300,000,000, then no further transfers provided in this section be granted until the fund again reaches $400,000,000.
(c) The state Board of Investments shall make available for investment in the state mortgage and industrial development investment pool the funds identified in subsections (a) and (b) of this section according to the following schedule:
(1) On the effective date of this act, $25,000,000, of which $20,000,000 is to be deposited in the pool for investment by the Housing Development Fund and $5,000,000 is to be deposited in the pool for investment by the economic development authority.