AB438: Bill Text

AB438,53 Section 53. 229.685 (1) of the statutes is amended to read:

AB438,26,2 229.685 (1) The district board shall maintain a special fund into which it deposits only the revenue received from the department of revenue, that is derived from the taxes imposed under subch. V of ch. 77, 2021 stats., and may use this revenue only for purposes related to baseball park facilities.

AB438,54 Section 54. 229.685 (3) of the statutes is created to read:

AB438,26,6 229.685 (3) Annually, the district board shall transfer from a fund funded under sub. (2) to the baseball park facilities improvement segregated fund under s. 229.687 not less than all of the following amounts:

AB438,26,7 (a) Through 2039, $2,200,000.

AB438,26,8 (b) The amount deposited under s. 20.395 (5) (ij).

AB438,55 Section 55. 229.687 of the statutes is created to read:

AB438,26,12 229.687 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:

AB438,26,13 (a) Moneys borrowed or accepted and deposited under s. 229.68 (8m).

AB438,26,14 (b) Moneys transferred from other district funds under s. 229.685 (3).

AB438,26,16 (c) Moneys deposited by a county or 1st class city under 229.695 and payments made by the department of administration under s. 79.037 (4).

AB438,26,17 (d) Moneys received from the department of administration under s. 16.09.

AB438,26,19 (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).

AB438,26,20 (f) All income or interest earned by the investment of moneys of the fund.

AB438,26,22 (2) (a) Subject to par. (b), the district may use moneys deposited into the fund under sub. (1) only for the following purposes:

AB438,26,24 1. The development, construction, improvement, repair, and maintenance of baseball park facilities.

AB438,27,2 2. The district's performance of obligations under any lease with a professional baseball team with respect to baseball park facilities.

AB438,27,3 3. Repayment of loans or moneys accepted under s. 229.68 (8m).

AB438,27,4 4. The district's retention of a 3rd-party negotiator under s. 229.6802 (3).

AB438,27,9 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.

AB438,27,13 (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].

AB438,27,18 (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:

AB438,27,19 (a) Moneys encumbered before receipt of the notice of termination.

AB438,27,24 (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.

AB438,28,2 (c) Moneys expended to make interest payments and principal repayments of loans accepted under s. 229.68 (8m).

AB438,28,6 (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.

AB438,56 Section 56. 229.69 (4) of the statutes is amended to read:

AB438,28,9 229.69 (4) Grant to the state land or other property, especially dedicated by the grant to use for a professional baseball park facilities.

AB438,57 Section 57. 229.695 of the statutes is created to read:

AB438,28,17 229.695 Obligations of certain political subdivisions. Beginning in 2024, annually, no later than July 1, a county within a district's jurisdiction shall deposit $5,000,000 into the baseball park facilities improvement segregated fund under s. 229.687 and each 1st class city 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 $202,500,000, whichever is earlier.

AB438,58 Section 58. 229.71 of the statutes is amended to read:

AB438,29,2 229.71 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.

AB438,59 Section 59. 229.75 (3) of the statutes is amended to read:

AB438,29,11 229.75 (3) Bonds issued by the district shall be secured only by the district's interest in any baseball park facilities, including any interest in a lease with the department of administration under s. 16.82 (7); by income from these facilities; by proceeds of bonds issued by the district and other amounts placed in a special redemption fund and investment earnings on such these amounts; and by the taxes imposed by the district under subch. V of ch. 77, 2021 stats. The district may not pledge its full faith and credit on the bonds and the bonds are not a liability of the district.

AB438,60 Section 60. 229.76 of the statutes is amended to read:

AB438,29,22 229.76 State pledge. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a district under this subchapter, that the state will not limit or alter the rights and powers vested in a district by this subchapter, including the rights and powers under s. 229.68 (15) power to obtain a loan from the department of administration upon the request of the district under s. 16.09 (5), before the district has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, including any lease agreement with a professional baseball team with respect to baseball park facilities, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with a district.

AB438,61 Section 61. 229.80 of the statutes is created to read:

AB438,30,2 229.80 Reporting. The district shall provide on an ongoing basis to the department of administration, the legislative fiscal bureau, and the legislative audit bureau project reports relating to all baseball park facilities and all financial reports of the district.

AB438,62 Section 62. 341.14 (6r) (b) 13. b. of the statutes is amended to read:

AB438,30,13 341.14 (6r) (b) 13. b. Until the date on which the local professional baseball park district board makes a certification to the department under s. 229.685 (2), the remainder after crediting the appropriation account as provided in subd. 13. a. shall be credited to the appropriation account under s. 20.835 (4) (gb). After the date on which the local professional baseball park district board makes a certification to the department under s. 229.685 (2), the The remainder after crediting the appropriation account as provided in subd. 13. a. shall be credited to the appropriation account under s. 20.395 (5) (ij). The department of transportation shall identify and record the percentage of moneys that are attributable to each professional baseball team represented by a plate under par. (f) 60.

AB438,63 Section 63. Nonstatutory provisions.

AB438,30,15 (1) Professional baseball park district board transition.

AB438,30,18 (a) Notwithstanding s. 229.66, the terms of all existing members of a district board of a professional baseball park district created under subch. III of ch. 229 expire on the effective date of this paragraph.

AB438,30,22 (b) Not later than 30 days after the effective date of this paragraph, each appointing authority under s. 229.66 (2) shall appoint the specified members of the district board of a professional baseball park district created under subch. III of ch. 229.

AB438,31,2 (2) Professional baseball park district name. Notwithstanding s. 229.66 (7), at its first meeting following the appointments under sub. (1) (b ), a district board may rename the professional baseball park district created under subch. III of ch. 229 that the district board governs.

AB438,31,8 (3) Employees of a professional baseball park district. Not later than 90 days after the first meeting of the district board of a professional baseball park district created under subch. III or ch. 229 occurring after the effective date of this subsection, the board shall affirmatively determine whether to continue or discontinue the employment of each individual employed on the effective date of this subsection by the district.

AB438,64 Section 64. Effective dates. This act takes effect on the day after publication, except as follows:

AB438,31,12 (1) The treatment of s. 77.707 (2) and the repeal of s. 77.707 (1) take effect on January 1, 2025.

AB438,31,13 (2) The treatment of s. 79.037 (2) (intro.), (3), and (4) take effect on July 1, 2024.

AB438,31,14 (End)