AN ACT RELATIVE TO THE WORCESTER DCU ARENA AND CONVENTION CENTER.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the city of Worcester may design, construct and install improvements to the DCU Arena and Convention Center, in this act called the DCU center, including without limitation expansion of the concourse and pedestrian interior mall, construction of club rooms with a view of the playing surface, elevated pedestrian walkways to adjacent public and private facilities for parking and public accommodations, renovation, expansion and improvement to concession stands and refrigeration, electrical systems, storage, restroom and support facilities, and service improvements to fire alarm and fire suppression systems, security systems and waste removal facilities, together with all necessary and related furnishings, furniture and equipment, and may pay all costs incidental and related to these improvements.
SECTION 2. The city may issue bonds or notes up to but not exceeding the sum of $30,000,000 in the aggregate in order to finance all or a portion of the costs of the improvements to the DCU center authorized under this act. Notwithstanding chapter 44 of the General Laws to the contrary, the maturities of bonds issued by the city under this act either shall be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the city treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The first payment of principal of each issue of bonds or of any temporary notes issued in anticipation of the bonds shall be not later than 5 years after the estimated date of completion of the improvements financed by the bonds, as determined by the city treasurer, and the last payment of principal of the bonds shall be not later than 25 years after the date of the bonds. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the city under section 10 of said chapter 44, but, except as otherwise provided in this act, shall be subject to said chapter 44.
SECTION 3. (a) On or before the first date of issuance by the city of any bonds or notes under this act, the treasurer of the city shall set up on the books of the city a separate fund entitled the City of Worcester DCU Capital Improvement Fund, in this act called the DCU improvement fund. Commencing on the first day of the first full calendar month following the issuance of these bonds or notes, and until all the bonds and notes are paid or duly provided for, the following receipts shall be received by the state treasurer or his designee and without further appropriation transferred to the city treasurer of the city, or received by the city treasurer, and in either case credited to, and deposited by the city treasurer in, the DCU improvement fund and used in accordance with this act: (i) all receipts from the excise imposed under section 3A of chapter 64G of the General Laws upon the transfer of occupancy of a room in a hotel, motel or other lodging establishment subject to this excise which is located in the DCU center finance district and which was first opened for patronage or available for transfer on or after July 1, 2004; (ii) all receipts from the excise imposed by section 3 of said chapter 64G of the General Laws and section
22 of chapter 546 of the acts of 1969 upon the transfer of occupancy of any room in a hotel, motel or other lodging establishment subject to this excise which is located in the DCU center finance district and which was first opened for patronage or available for transfer on or after July 1, 2004; (iii) all undedicated receipts from the excise imposed by chapter 64H of the General Laws upon sales at retail by a vendor of meals, beverages and other tangible personal property or services within the DCU center finance district at establishments which were first opened for patronage on or after July 1, 2004; (iv) all undedicated receipts from the excise imposed by said chapter 64H upon sales at retail by a vendor of meals, beverages and other tangible personal property or services within the DCU center; (v) earnings on investment of proceeds of bonds and notes issued under this act; and (vi) earnings on investment of amounts held in the DCU improvement fund.
(b) For the purposes of this act, the term “DCU center finance district” shall mean collectively the areas in the city bounded or described as follows: beginning at the southeasterly intersection of Foster street and Major Taylor Boulevard; thence westerly along the northerly street line of Foster street to the intersection with Commercial street; thence northerly along the easterly street line of Commercial street to the intersection with Thomas street; thence easterly along the southerly street line of Thomas street to the intersection with Major Taylor Boulevard; thence southerly along the westerly street line of Major Taylor Boulevard to the point of beginning; plus the approximate 1.8 acre parcel located at 30 Major Taylor Boulevard bounded by Major Taylor Boulevard, Thomas street, the property line of 111 Summer street and Central street; plus the approximate 6.7 acre parcel located at 503 Plantation street, constituting Lot 2 on a certain plan of land entitled “Easement Plan, Worcester, MA. Owned by National Development” dated May 6, 2003, recorded in the Worcester district registry of deeds on plan book 794, plan 44.
(c) Except as otherwise provided in this act, all amounts deposited in the DCU improvement fund shall be used solely to pay or provide for, without further appropriation, the principal of and premium and interest on all bonds or notes issued by the city under this act, and the establishment and maintenance of a reserve for this purpose in an amount determined by the city treasurer, with the approval of the city manager, not exceeding the maximum amount of principal, premium and interest payable on these bonds or notes in any fiscal year. The city treasurer shall first apply to these purposes amounts deposited in the fund representing receipts from the excise imposed by section 3A of chapter 64G of the General Laws upon the transfer of occupancy of a room in a hotel, motel or other lodging establishment subject to this excise which is located in the DCU center finance district and which was first opened for patronage or available for transfer on or after July 1, 2004, and earnings on investment of proceeds of these bonds and notes and earnings on investment of amounts held in the DCU improvement fund. If the amount of these receipts and earnings is insufficient to pay or provide for the principal of and premium and interest then payable on all bonds and notes issued under this act, and the establishment and maintenance of this reserve, the city treasurer shall apply any other amounts in the DCU improvement fund to this purpose.
(d) If the total of the revenues deposited in the DCU improvement fund in any fiscal year, together with any reserve established for the purposes of the fund, is insufficient to pay or provide for the principal of and premium and interest payable on all bonds and notes issued under this act in that fiscal year, the deficiency shall be included in the city’s operating budget and paid from the city’s general fund. In this event, the city may impose (i) an administrative parking surcharge in an amount not to exceed $3.00 per day upon any vehicle which parks during the 2-hour period before the starting time of any event at the DCU center in any parking facility within the DCU center finance district owned or leased by the city or in any parking facility under the control of the Worcester off-street parking board, or (ii) a facility betterment fee of not more than $3.00 on each ticket to each event held at the DCU center, or (iii) any combination of the above, as determined by the city council, until the city treasurer, with the concurrence of the city manager, shall determine that sufficient amounts will be deposited in the DCU improvement fund in each fiscal year to pay or provide for the principal of and premium and interest payable in that fiscal year on all these bonds and notes and to maintain any reserve established for the purposes of the fund. All receipts from any administrative parking surcharge or facility betterment fee shall be deposited in the DCU improvement fund and applied to the purposes of the fund.
(e) Any amount deposited in the DCU improvement fund in any fiscal year which is determined by the city treasurer to be not required to pay or provide for the principal of and premium and interest on all bonds or notes issued under this act, or to establish and maintain a reserve for this purpose, shall be withdrawn from the fund. Any amount so withdrawn which is attributable to (i) the excise imposed by section 3A of chapter 64G of the General Laws; or (ii) earnings on investment of proceeds of bonds and notes issued under this act; or (iii) earnings on investment of amounts held in the DCU improvement fund; or (iv) amounts described in paragraph (d) shall be deposited in the general fund of the city and applied to expenses incurred by the city to market convention and other events at the DCU center. Any other amount so withdrawn shall be paid to the state treasurer for deposit in the general fund of the commonwealth.
Approved January 3, 2007.