229.687 Baseball park facilities improvement segregated fund. (1) The district shall establish and maintain a baseball park facilities improvement segregated fund. The fund shall consist of all of the following:

(a) Moneys borrowed or accepted and deposited under s. 229.68 (8m).

(b) Moneys transferred from other district funds under s. 229.685 (3).

(c) Moneys deposited by a county under s. 229.695 and payments made by the department of administration under s. 79.037 (4).

(d) Moneys received from the department of administration under s. 16.09.

(e) Payments required to be deposited by a professional baseball team under a lease agreement, as specified in s. 229.6802 (1) (b) and (c), and the moneys required to be deposited by the district under s. 229.6802 (1) (d).

(f) All income or interest earned by the investment of moneys of the fund.

(g) Ticket surcharge receipts deposited under s. 229.682 (12) (c).

(2) (a) Subject to par. (b), the district may use moneys deposited into the fund under sub. (1) only for the following purposes:

1. The development, construction, improvement, repair, and maintenance of baseball park facilities.

2. The district’s performance of obligations under any lease with a professional baseball team with respect to baseball park facilities.

3. Repayment of loans or moneys accepted under s. 229.68 (8m).

4. The district’s retention of a 3rd-party negotiator under s. 229.6802 (3).

5. After 2030, payment of annual insurance premiums with respect to the ballpark facilities upon the affirmative vote of the district board and solely to the extent that the district board determines that funds held by the district in accounts, other than the baseball park facilities improvement segregated fund under this section, are insufficient to pay the premium in full.

(am) Notwithstanding par. (a), annually on March 3, beginning in the year after the district receives a notification under s. 16.09 (3) (c) 6., the board shall pay from the fund under sub. (1) to the secretary of administration for deposit into the general fund an amount equal to the amount of surcharge moneys received under s. 229.682 (12) (a) in the preceding year.

(b) The district may not use moneys deposited into the fund under sub. (1) for the development, construction, improvement, repair, or maintenance of any physical structure that was not owned, in whole or in part, operated, or leased by the district on the effective date of this paragraph .... [LRB inserts date].

(3) If, for any reason, the professional baseball team notifies the district that the team intends to terminate the lease agreement or the lease is otherwise terminated, no moneys deposited into the fund under sub. (1) may be expended with respect to the baseball park facilities after the date the district receives that notice, except any of the following:

(a) Moneys encumbered before receipt of the notice of termination.

(b) Moneys expended to maintain the safety of the baseball park facilities or for the improvement, repair, maintenance, or replacement of the components and systems necessary to operate the baseball park facilities or comply with applicable law, insurance requirements, or standards imposed by the professional baseball league of which the professional baseball team is a member.

(d) An amount of moneys that does not exceed the amount of the professional baseball team’s deposits into the baseball park facilities improvement segregated fund under s. 229.6802 (1) (b) and (c) between the date of any notice of lease termination and the effective date of the termination.

229.69 (4) Grant to the state land or other property, especially dedicated by the grant to use for a professional baseball park facilities.

229.695 County obligations. Beginning in 2024, annually, no later than July 1, a county within a district’s jurisdiction shall deposit $2,500,000 into the baseball park facilities improvement segregated fund under s. 229.687. This section does not apply after December 31, 2050, or after the aggregate amount of deposits under this section equals $67,500,000, whichever is earlier.

229.71 Dissolution of a district. Subject Upon or after the expiration or termination of all lease arrangements between the district and a professional baseball team with respect to the baseball park facilities, and subject to providing for the payment of its bonds, including interest on the bonds, and the performance of its other contractual obligations, a district may be dissolved by the action of the district board. If the district is dissolved under this section or by action of the legislature, the property of the district shall be transferred to the counties in the jurisdiction, based on the tax revenues derived from each county, as determined by the secretary of administration state.