229.687 Baseball park facilities improvement segregated fund.

309 words·~1 min read·/wi/chapter-229/229-687-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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).

(cm)Moneys received from the department of revenue under s. 77.76

(a).

(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

(b)and

(c), and the moneys required to be deposited by the district under s. 229.6802

(d).

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

(g)Ticket surcharge receipts deposited under s. 229.682

(c).

(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.