Section 33B. The state treasurer is hereby authorized to pay the cost of installing suitable traffic control signs, or safety devices, and constructing necessary safety improvements at high-accident locations in cities and towns, in accordance with the following procedure:

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The department shall define high-accident locations and shall establish standards, rules and regulations, and shall determine final allocation of funds to the cities and towns. The amount to be paid by the treasurer shall be based upon certification to the treasurer by the department of the amount due. Payments in the amounts so certified shall be made by the state treasurer out of the Highway Fund, and shall be in addition to any other funds allocated to the several cities and towns for the improvement, maintenance, repair or construction of highways. Federal funds may be substituted for the commonwealth’s share whenever such funds are available.

The amounts certified by the department to the treasurer pursuant to this section shall not exceed, in the aggregate, five million dollars in any one year.