LRB-5484/1
RAC&PJK:skg:km
1995 - 1996 LEGISLATURE
February 29, 1996 - Introduced by Representatives Kreuser, Baldus, Olsen,
Notestein, Krug, Plombon, Huber, Plache, Springer and Riley, cosponsored
by Senators Schultz, Andrea, Fitzgerald, Grobschmidt, Drzewiecki and
George. Referred to Joint survey committee on Retirement Systems.
AB976,1,2
1An Act to amend 25.17 (14m); and
to create 25.17 (3) (b) 11. of the statutes;
2relating to: investment in certificates of deposit by the investment board.
Analysis by the Legislative Reference Bureau
Under current law, the investment board operates a program for the purchase
of certificates of deposit from solvent financial institutions in this state. Under
current law, the certificate of deposit must be in an amount of at least $100,000. This
bill requires the investment board to purchase certificates of deposit issued by
solvent financial institutions in this state. The money received from the purchase
of the certificates of deposit shall be used by the financial institution for the purpose
of making loans to a small business. The bill requires that the certificate of deposit
must be in an amount of at least $25,000. Finally, the investment board is required
to accept applications from solvent financial institutions for the purchase of the
certificates of deposit on a continual basis, to purchase the certificates of deposit on
a continual basis and to actively market the program requiring the investment board
to purchase the certificates of deposit.
For further information see the state 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:
AB976, s. 1
3Section
1. 25.17 (3) (b) 11. of the statutes is created to read:
AB976,2,44
25.17
(3) (b) 11. Certificates of deposit of at least $25,000 issued by solvent
5financial institutions in this state. The money received from the purchase of the
6certificates of deposit shall be used by the financial institution for the purpose of
1making loans to small businesses. The board shall accept applications for the
2purchase of the certificates of deposit on a continual basis, shall purchase the
3certificates of deposit on a continual basis and shall actively market the board's
4program to purchase the certificates of deposit under this subdivision.
AB976, s. 2
5Section
2. 25.17 (14m) of the statutes is amended to read:
AB976,2,126
25.17
(14m) Include in its annual report prepared under s. 15.07 (6) a
7discussion of the amounts and categories of investments made within the state,
8including the amounts and categories of investments described, and progress in
9meeting the objectives of the plan submitted, under sub. (70)
and the amounts of
10investments in certificates of deposit described under sub. (3) (b) 11. The board shall
11submit the report to the governor and the chief clerk of each house of the legislature,
12for distribution to the legislature under s. 13.172 (2).
