SECTION 3G. Olmsted Park Improvement Fund

(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.

(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.