Section 1: Notwithstanding section 53 of Chapter 44 of the General Laws or any other general or special law, rule or regulation to the contrary, the City of Boston is hereby authorized to create and maintain a separate fund to be known as the Special Events Fund (the "Fund"). The Fund shall be used exclusively to enable, assist, support and fund civic, educational, recreational, literary, scientific, artistic, theatrical and musical functions and events for the benefit, enjoyment and edification of residents and visitors in the City

Section 2: All money contributions shall be paid directly to the Fund and need not be appropriated or accepted and approved pursuant to section 53A of Chapter 44 of the General Laws. All money contributions shall be voluntary donations and not in exchange for any City service or use of City property. All moneys remaining in the Fund at the end of any fiscal year remain the property of the Fund. Money in the Fund may be expended without any appropriation.

Section 3: The collector treasurer of the City of Boston shall be the custodian of the Special Events Fund and shall keep the Fund as a separate account, and may deposit the proceeds in national banks, or invest the proceeds by deposit in savings banks, co-operative banks or trust companies organized under the laws of the Commonwealth, or invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the Commonwealth, or in federal savings and loan associations situated in the Commonwealth. Act. Any interest or revenue accrued or generated by the Fund shall be added to and shall become a part of the Fund. The books and records of the fund shall be audited annually by an independent auditor in accordance with accepted accounting practices.

Section 4: The Fund shall be controlled and administered by a Board which shall include 5 persons who shall be appointed by the Mayor for terms not to exceed three years. The Mayor shall designate one of the appointees as the Chair. All appointed members of the Board shall serve without compensation. The Board shall be considered a municipal agency and the appointed board members shall be considered special municipal employees for the purposes of chapter 268A of the General Laws. The Board shall be a public employer and the members of the Board will be considered public employees for the purposes of Chapter 258 of the General Laws. The Board shall hold quarterly meetings and shall produce an annual report for the Mayor and City Council. The Board shall adopt rules and regulations for the governance of its internal affairs. All decisions of the Board, and any expenditures ordered by the Board, must be made for the specific purpose of enabling, assisting, and funding civic, educational, recreational, literary, scientific, artistic, theatrical and musical functions and events in the City of Boston. Where the donor has expressed an intent that the donation be used to fund a particular event or function, the Board must expend said funds in conformance with the donor intent.

Section 5: This Act shall take effect upon its passage.