LRB-2989/1
GMM:skg:ks
1995 - 1996 LEGISLATURE
May 18, 1995 - Introduced by Representatives R. Potter, R. Young, Baldus,
Grobschmidt, Robson, Notestein, Krug, Plombon, Wasserman, Goetsch,
Silbaugh, Schneiders, Huber, Underheim, Duff, Rutkowski, Walker
and
Ott, cosponsored by Senators Farrow, Burke, Huelsman, Schultz and
Darling. Referred to Committee on Urban Education.
AB378,1,2 1An Act to amend 43.58 (7) (b) of the statutes; relating to: the investment of
2public library endowment funds.
Analysis by the Legislative Reference Bureau
Under current law, if a gift, bequest, devise or endowment (endowment fund)
is made to a public library, the library board may pay or transfer the endowment fund
to the municipality or county in which the public library is located, entrust the
endowment fund to a public depository, that is, a credit union, savings and loan
association or bank, or pay or transfer the endowment fund to the financial secretary
of the library board. This bill permits the financial secretary of a library board to
retain, expend, invest and reinvest any endowment funds paid or transferred to the
financial secretary as permitted under the uniform management of institutional
funds act. That act permits institutional funds to be invested by the governing body
of an institution in any real or personal property, including stocks, bonds and other
securities, and in any pooled or common fund, such as a mutual fund, so long as the
governing body exercises ordinary business care and prudence in making the
investment and in delegating management of the investment.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB378, s. 1 3Section 1. 43.58 (7) (b) of the statutes is amended to read:
AB378,2,104 43.58 (7) (b) If a gift, bequest, devise or endowment is made to any public
5library, the library board thereof may pay or transfer the gift, bequest, devise or

1endowment, or the proceeds thereof, to the treasurer of the municipality or county
2in which the public library is situated, may entrust any funds therefrom to a public
3depository under ch. 34 or may pay or transfer such that gift, bequest, devise or
4endowment to any member of the library board to be selected by the library board
5and thereafter to be known as financial secretary. If the library board pays or
6transfers that gift, bequest, devise or endowment to the financial secretary, the
7financial secretary may retain, expend, invest and reinvest that gift, bequest, devise
8or endowment as permitted under s. 112.10.
The financial secretary shall hold office
9only during membership on the library board and shall be elected annually at the
10same time and in the same manner as the other officers of the library board.
AB378, s. 2 11Section 2. Initial applicability.
AB378,2,13 12(1)  This act first applies to gifts, bequests, devises and endowments held by a
13library board on the effective date of this subsection.
AB378,2,1414 (End)
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