On Christmas Eve, Governor Deval Patrick signed a bill into law that will create a special events fund to be used for the purpose of arts, culture and public service.

Bill H.4530, sponsored by state Representative Daniel Ryan of Charlestown, creates The Special Events Fund and an overseeing five person board appointed by Mayor Marty Walsh.

According to the bill, the money received through voluntary donations “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.”

The measure also vests power in the City of Boston Collector/Treasurer, former state lottery CFO David Sweeney, giving him the ability to deposit money in banks as well as invest it. To keep these financial movements transparent, an independent auditor will conduct annual audits to make sure all accounting is correctly conducted and legal.

All expenditures, however, will be made at the discretion of the board, all members of which will serve three-year terms without compensation. They’ll also conduct annual reports to both the mayor and the Boston City Council.

According to the State House News Service, Mayor Walsh’s spokeswoman Kate Norton envisions the money to be used for the likes of sports team victory parades and other larger-scale celebrations which “maximize the support we can obtain from private sources.”