2. To diversify investments in order to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so, considering each trust fund's portfolio as a whole at any point in time.
3. To administer assets of each trust or fund solely for the purpose of ensuring the fulfillment of the purpose of each trust or fund at a reasonable cost and not for any other purpose.
27,817
Section 817
. 24.61 (3) (c) 2. a. of the statutes is amended to read:
24.61 (3) (c) 2. a. The school board is subject to an order issued by the department of education state superintendent of public instruction under s. 115.33 (3) after December 31, 1991, regarding noncompliance with the standard under s. 121.02 (1) (i).
27,818
Section 818
. 24.61 (3) (d) of the statutes is amended to read:
24.61 (3) (d) Reserve for loans for educational technology and distance education projects. Subject to the priority established under par. (c), to the extent practicable, in fiscal years 1996-97 to 1999-2000 2002‐03, annually the board shall reserve $15,000,000 for the purposes of giving priority to loans to school districts, counties, municipalities and consortia, other than consortia that include one or more technical college districts, for educational technology and distance education projects under s. 16.992.
27,819
Section 819
. 24.61 (6) of the statutes is repealed.
27,820
Section 820
. 24.66 (1) (intro.) of the statutes is amended to read:
24.66 (1) For all municipalities. (intro.) No trust fund loan may be made unless an application is made to the board under this section. The application shall state the amount of money required, the purpose to which it is to be applied, the times and terms of repayment, whether the loan is sought for an educational technology or distance education project under s. 24.61 (3) (d), and if so, whether the educational technology board has approved a grant to pay a portion of the interest on the loan under s. 16.992 (3) (b) and, in the case of a cooperative educational service agency, the names of the school districts participating in the distance education project for which the loan is sought. The application shall be accompanied by satisfactory proof:
27,824
Section 824
. 24.695 of the statutes is repealed.
27,825
Section 825
. 24.71 (2) of the statutes is amended to read:
24.71 (2) Certified statement. If a school district has a state trust fund loan, the board shall transmit to the school district clerk a certified statement of the amount due on or before October 1 of each year until the loan is paid. The board shall furnish a copy of each certified statement to the state treasurer and the department of education public instruction.
27,826
Section 826
. 24.78 of the statutes is amended to read:
24.78 Distribution of the common school fund income. Under article X, section 5, of the constitution the common school fund income shall be distributed to the school districts among the several towns, villages and cities of the state for the support of common schools therein, as provided in s. ss. 44.72 (2) (a) and 43.70.
27,827
Section 827
. 25.156 (3) of the statutes is amended to read:
25.156 (3) The members of the board shall appoint an investment director or the executive assistant to the executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel or chief risk officer to act as assistant director, except that until the appointment is made by the members of the board, the executive director may temporarily designate the assistant director.
27,828
Section 828
. 25.156 (4) of the statutes is amended to read:
25.156 (4) The members of the board shall promulgate rules restricting the executive director, executive assistant to the executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer, investment directors and employes from having financial interest, directly or indirectly, in firms or corporations providing services to the department and governing the receipt of gifts or favors therefrom, and also governing personal investments of all employes including the executive director, executive assistant to the executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer and investment directors to prevent conflicts of interest.
27,831
Section 831
. 25.16 (2) of the statutes is amended to read:
25.16 (2) Subject to authorization under s. 16.505, the executive director may appoint one division administrator a chief legal counsel, chief financial officer, chief risk officer and not more than 11 investment directors and shall appoint a chief investment officer and all other employes necessary to carry out the functions of the investment board, except that the investment board shall appoint the internal auditor and shall participate in the selection of the chief investment officer and investment directors and the internal auditor shall appoint his or her staff. The executive director shall appoint all employes outside the classified service, except blue collar and clerical employes. Neither the executive director, the internal auditor, the chief investment officer, the chief legal counsel, the chief financial officer, the chief risk officer, any investment director nor any other employe of the board shall have any financial interest, either directly or indirectly, in any firm engaged in the sale or marketing of real estate or investments of any kind, nor shall any of them render investment advice to others for remuneration.
27,831s
Section 831s. 25.17 (1) (af) of the statutes is created to read:
25.17 (1) (af) Agricultural chemical cleanup fund (s. 25.468);
27,832
Section 832
. 25.17 (1) (ag) of the statutes is repealed.
27,832e
Section 832e. 25.17 (1) (d) of the statutes is created to read:
25.17 (1) (d) Dry cleaner environmental response fund (s. 25.48);
27,832k
Section 832k. 25.17 (1) (gm) of the statutes is created to read:
25.17 (1) (gm) Historical legacy trust fund (s. 25.72);
27,832m
Section 832m. 25.17 (1) (gn) of the statutes is created to read:
25.17 (1) (gn) Historical society endowment fund (s. 25.73);
27,833
Section 833
. 25.17 (1) (tm) of the statutes is created to read:
25.17 (1) (tm) Support collections trust fund (s. 25.68);
27,834
Section 834
. 25.17 (1) (xL) of the statutes is created to read:
25.17 (1) (xL) Universal service fund (s. 25.95);
27,835
Section 835
. 25.17 (2) (d) of the statutes is amended to read:
25.17 (2) (d) Invest the clean water environmental improvement fund, and collect the principal and interest of all moneys loaned or invested from the clean water environmental improvement fund, as directed by the department of administration under s. 281.59 (2m). In making such investment, the investment board shall accept any reasonable terms and conditions that the department of administration specifies and is relieved of any obligations relevant to prudent investment of the fund, including those set forth under ch. 881.
27,836
Section 836
. 25.17 (2) (e) of the statutes is created to read:
25.17 (2) (e) Invest the transportation infrastructure loan fund, and collect the principal and interest of all moneys loaned or invested from transportation infrastructure loan fund, as directed by the department of administration under s. 85.52 (4m). In making such investment, the investment board shall accept any reasonable terms and conditions that the department of administration specifies and is relieved of any obligations relevant to prudent investment of the fund, including those set forth under ch. 881.
27,837
Section 837
. 25.17 (13m) of the statutes is created to read:
25.17 (13m) No later than 45 days after the end of each calendar quarter, submit a report to the department of administration and the cochairpersons of the joint committee on finance detailing all costs and expenses charged to funds under s. 25.18 (1) (a) or (m) during that calendar quarter.
27,838
Section 838
. 25.17 (14) (intro.) of the statutes is amended to read:
25.17 (14) (intro.) The investment board shall, as As of December 31 of each year, make and file with the department of employe trust funds a report of the value of the assets of the fixed retirement investment trust and of the variable retirement investment trust, determined as of that date at market value for the variable retirement investment trust and on the following basis for the fixed retirement investment trust:
27,840m
Section 840m. 25.19 (3) of the statutes is amended to read:
25.19 (3) The state treasurer shall, at the direction of the depository selection board under s. 34.045 (1) (b), al
locate bank service costs to the funds incurring those costs.
27,843
Section 843
. 25.28 of the statutes is repealed.
27,844
Section 844
. 25.29 (1) (a) of the statutes is amended to read:
25.29 (1) (a) Except as provided in s. 25.295, all moneys accruing to the state for or in behalf of the department under chs. 26, 27, 28, 29 and 350, subchs. I and VI of ch. 77 and ss. 23.09 to 23.31, 23.325 to 23.42, 23.50 to 23.99, 30.50 to 30.55, 70.58 and 71.10 (5), including grants received from the federal government or any of its agencies except as otherwise provided by law.
27,845
Section 845
. 25.29 (1) (b) of the statutes is amended to read:
25.29 (1) (b) One percent of all sales and use taxes under s. 77.61 (1) on all-terrain vehicles, boats and snowmobiles collected by the department under ss. 23.33, 30.52 (4) and, 350.12 (7) and 350.122.
27,846
Section 846
. 25.29 (1) (d) 1. of the statutes is amended to read:
25.29 (1) (d) 1. An amount calculated by multiplying the number of snowmobiles registered under s. 350.12 or 350.122 on the last day of February of the previous fiscal year by 50 gallons and multiplying that product by the excise tax imposed under s. 78.01 (1) on the last day of February of the previous fiscal year.
27,847
Section 847
. 25.29 (1) (dm) of the statutes is amended to read:
25.29 (1) (dm) For fiscal year 1991-92 and for each fiscal year thereafter, an amount equal to the estimated all-terrain vehicle gas tax payment. The estimated all-terrain vehicle gas tax payment is calculated by multiplying the sum of the number of all-terrain vehicles registered for public use under s. 23.33 (2) (c) or (2g) and the number of reflectorized plates issued under s. 23.33 (2) (dm) on the last day of February of the previous fiscal year by 25 gallons and multiplying that product by the excise tax imposed under s. 78.01 (1) on the last day of February of the previous fiscal year.
27,847g
Section 847g. 25.29 (4r) of the statutes, as created by 1997 Wisconsin Act 1, is repealed.
27,848
Section 848
. 25.36 (1) of the statutes is amended to read:
25.36 (1) Except as provided in sub. (2), all moneys appropriated or transferred by law shall constitute the veterans trust fund which shall be used exclusively for the purchase of mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance in an amount sufficient to retire that bond issue or for the veterans programs under ss. 20.485 (2) (m), (mn), (tm), (u), (v), (vo), (w), (z) and (zm), 45.01, 45.25, 45.351 (1) and (2), 45.353, 45.356, 45.357, 45.396, 45.397 and 45.43 (7) and administered by the department of veterans affairs, including all moneys received from the federal government for the benefit of veterans or their dependents; all moneys paid as interest on and repayment of loans under the post-war rehabilitation fund; soldiers rehabilitation fund, veterans housing funds as they existed prior to July 1, 1961; all moneys paid as interest on and repayment of loans under this fund; all moneys paid as expenses for, interest on and repayment of veterans trust fund stabilization loans under s. 45.356, 1995 stats.; all moneys paid as expenses for, interest on and repayment of veterans personal loans; the net proceeds from the sale of mortgaged properties related to veterans personal loans; all mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance purchased with moneys in the veterans trust fund; all moneys received from the state investment board under s. 45.356 (9) (b); all moneys received from the veterans mortgage loan repayment fund under s. 45.79 (7) (a) and (c); and all gifts of money received by the board of veterans affairs for the purposes of this fund.
27,849
Section 849
. 25.40 (1) (a) 5m. of the statutes is created to read:
25.40 (1) (a) 5m. Fees collected under s. 342.14 (1r) that are deposited in the environmental fund for environmental management.
27,849m
Section 849m. 25.40 (1) (a) 9. of the statutes is repealed.
27,850
Section 850
. 25.40 (1) (a) 13. of the statutes is created to read:
25.40 (1) (a) 13. Moneys received under s. 110.065 that are deposited in the general fund and credited to the appropriation account under s. 20.395 (5) (dh).
27,851
Section 851
. 25.40 (1) (a) 14. of the statutes is created to read:
25.40 (1) (a) 14. Fees received under ss. 85.51
(1) and 348.26 (2) that are deposited in the general fund and credited to the appropriation account under s. 20.395 (5) (dg).
27,852
Section 852
. 25.40 (1) (a) 15. of the statutes is created to read:
25.40 (1) (a) 15. Moneys received under s. 85.52 that are deposited in the transportation infrastructure loan fund.
27,852d
Section 852d. 25.40 (1) (a) 16. of the statutes is created to read:
25.40 (1) (a) 16. Moneys received under s. 341.14 (6r) (b) 6. that are deposited in the children's trust fund.
27,852f
Section 852f. 25.40 (1) (a) 17. of the statutes is created to read:
25.40 (1) (a) 17. Moneys received under s. 341.14 (6r) (bg) 2. that are deposited in the general fund and credited under s. 341.14 (6r) (bg) 3. b. to the appropriation under s. 20.525 (1) (gm).
27,852fb
Section 852fb. 25.40 (1) (a) 17. of the statutes, as created by 1997 Wisconsin Act .... (this act), is repealed.
27,852h
Section 852h. 25.40 (1) (bm) of the statutes is created to read:
25.40 (1) (bm) The state rental vehicle fee under subch. XI of ch. 77.
27,854k
Section 854k. 25.40 (1) (f) of the statutes is renumbered 25.40 (1) (f) (intro.) and amended to read:
25.40 (1) (f) (intro.) All federal aid for aeronautics, highways and other transportation purposes made available by any act of congress, subject to applicable federal regulations., except all of the following:
27,854L
Section 854L. 25.40 (1) (f) 1. and 2. of the statutes are created to read:
25.40 (1) (f) 1. Moneys received from the federal government, for the regulation of railroads, that are deposited in the general fund and credited to the appropriation under s. 20.155 (2) (m).
2. Moneys received under s. 106.26 that are deposited in the general fund and credited to the appropriation under s. 20.445 (1) (ox).
27,854m
Section 854m. 25.40 (2) (b) 1g. to 20p. of the statutes are repealed.
27,855
Section 855
. 25.405 of the statutes is created to read:
25.405 Transportation infrastructure loan fund. (1) Definition. In this section, “fund" means the transportation infrastructure loan fund.
(2) Creation. There is established a separate nonlapsible trust fund designated as the transportation infrastructure loan fund, to consist of:
(a) 1. All moneys received from the federal government under P.L. 104-59, section 350, designated for transit projects.
2. All moneys received from the federal government under P.L. 104-59, section 350, designated for highway projects.
(b) All moneys transferred to the fund to meet the requirements for state deposits under P.L. 104-59, section 350.
(c) All repayments of principal and payments of interest on loans made under s. 85.52 (3).
(d) All moneys received by the fund from the proceeds of the issuance of revenue obligations under ch. 18 for the purpose of s. 85.52.
(e) All gifts, grants and bequests to the fund.
(3) Separate accounts. (a) There is established in the fund a transit account consisting of all moneys received under sub. (2) (a) 1., moneys received under sub. (2) (b) designated by the department of transportation for transit projects and moneys received under sub. (2) (e) designated by the department of transportation for transit projects, revenue obligation proceeds under sub. (2) (d) designated for transit projects and all transit account loan repayments under sub. (2) (c).
(b) There is established in the fund a highway account consisting of all moneys received under sub. (2) (a) 2., moneys received under sub. (2) (b) designated by the department of transportation for highway projects and moneys received under sub. (2) (e) designated for highway projects, revenue obligation proceeds under sub. (2) (d) designated for highway projects and all highway account loan repayments under sub. (2) (c).
(c) The department of administration may establish additional accounts in the fund and, except for the accounts under pars. (a) and (b), may change accounts in the fund. The department of administration shall consult the department of transportation before establishing or changing an account under this paragraph.
