SECTION 1. Section 10 of chapter 152 of the acts of 1997, as amended, is hereby amended by striking out clause (vi) in subsection (b) and inserting in place thereof the following clause:-
(vi) in the City of Boston, all receipts from the surcharge imposed under the provisions of subsection (f) of section 9.
SECTION 2. Section 10 of chapter 152 of the acts of 1997, as amended, is hereby further amended by striking out the second paragraph of subsection (e) and inserting in place thereof the following paragraph:-
The fee and surcharge imposed pursuant to subsections (a) and (f) of section 9 shall remain in effect after dissolution of the Convention Center Fund, and the proceeds of such fee and surcharge shall be deposited in the General Fund of the commonwealth.
SECTION 3. Section 10 of chapter 152 of the acts of 1997, as amended, is hereby further amended by inserting after section 29 the following section:-
Section 30. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the City of Boston Early Education Fund, consisting of amounts credited to the fund in accordance with this section. The fund shall be administered in accordance with the provisions of this act by the state treasurer and shall be held in trust exclusively for the purposes and beneficiaries described herein. The state treasurer shall be treasurer-custodian of the fund and shall have the custody of its monies and securities. Notwithstanding any provisions of this chapter or any special or general law to the contrary, commencing on the first day of the first full calendar month following the effective date of this act the receipts from the surcharges imposed by the provisions of subsections (d) and (e) of section 9, and investment earnings thereon, shall be credited to and deposited by the state treasurer in the fund.
Expenditures from the fund may be made for the payment of debt service on bonds of the commonwealth issued to finance the Project if, by March 1 of each year, the state treasurer certifies to the City of Boston that amounts in the Convention Center Fund will not cover the cost of such debt service for the following fiscal year, such that a specific expenditure for such purpose is required to be made from the fund. In the event that the state treasurer makes such certification in accordance with this section, amounts in the fund in excess of the amount certified shall, on a quarterly basis, be credited and paid to the City of Boston and deposited in its general fund.
In the event that the state treasurer does not make such certification by March 1 of each year, amounts in the fund shall, on a quarterly basis, be credited and paid to the City of Boston and deposited in its general fund.
SECTION 4. Notwithstanding sections 1, 2, or 3, in the event that the Authority undertakes the BCEC expansion project, as defined by chapter 195 of the acts of 2014, and intends to issue and sell bonds of the commonwealth to meet the expenditures necessary to carry out such project, and the state treasurer and secretary of administration and finance certify such intent to the City of Boston, the surcharges imposed by subsections (d) and (e) of section 9 of chapter 152 of the acts of 1997 shall be credited to and deposited into the Convention Center Fund beginning on July 1 of the year following such certification. If at any time the Authority subsequently decides not to undertake the BCEC expansion project, the Authority shall immediately notify the City of Boston and the surcharges imposed by subsections (d) and (e) of section 9 of chapter 152 of the acts of 1997 shall be credited to paid to the fund established by section 3 beginning on the date of such notification.
SECTION 5. This act shall take effect on July 1, 2017.
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