Section 3G. (a) There shall be established and set up on the books of the commonwealth a separate fund known as the Olmsted Park Improvement Fund to be administered by the department and used without prior appropriation for the purposes of providing rehabilitation and improvement grants to cities and towns with an Olmsted Park within its municipal boundaries. The fund shall consist of public and private sources such as gifts, grants and donations, interest earned on revenues from gifts, grants and donations and any funds provided from other sources. Revenues deposited in the fund that are unexpended at the end of the fiscal year shall not revert to the General Fund and shall be available for expenditure in the following fiscal year.

Terms Used In Massachusetts General Laws ch. 21 sec. 3G

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(b) The department shall award competitive grants from the Olmsted Part Improvement Fund to qualifying municipalities for rehabilitation and improvement projects in Olmsted Parks that are located within those municipalities.

  Previous section
Next section  
 Chapter 21 Contents