SB21,174,1110 18.64 (1) (c) "Minority financial adviser" means a financial adviser certified by
11the department of administration
under s. 16.287 203.07 (2).
SB21,439 12Section 439. 18.64 (1) (d) of the statutes is amended to read:
SB21,174,1413 18.64 (1) (d) "Minority investment firm" means an investment firm certified by
14the department of administration
under s. 16.287 203.07 (2).
SB21,440 15Section 440. Subchapter III (title) of chapter 18 [precedes 18.70] of the
16statutes is repealed.
SB21,441 17Section 441. 18.70 of the statutes is repealed.
SB21,442 18Section 442. 18.71 (intro.), (1d), (3), (4) and (5) of the statutes are renumbered
1916.526 (1) (intro), (a), (b), (c) and (d), and 16.526 (1) (intro.), (a) 1. and 3. and (c) 1. and
202., as renumbered, are amended to read:
SB21,174,2221 16.526 (1) Definitions. (intro.) In this subchapter section, unless the context
22requires otherwise:
SB21,174,2423 (a) 1. The aggregate net payments expected to be made and received under a
24specified interest exchange agreement under s. 18.73 (5) (a) sub. (4) (e) 1.
SB21,175,3
13. The aggregate net payments expected to be made and received under all
2other interest exchange agreements under s. 18.73 (5) (a) sub. (4) (e) 1. relating to
3those notes that are in force at the time of executing the agreement.
SB21,175,64 (c) 1. Created for the purpose of funding operating deficits of the state as
5determined under s. 16.405 (1) 16.526 (1m) (a), which must be repaid not later than
6the last day of the fiscal year during which the operating note is issued;
SB21,175,97 2. Payable from and secured solely by revenues pledged by the commission and
8the department pursuant to the authorizing resolution certification provided that all
9such pledged revenues must first be available for the payment of public debt; and
SB21,443 10Section 443. 18.71 (1m) and (2) of the statutes are repealed.
SB21,444 11Section 444. 18.72 of the statutes is renumbered 16.526 (2), and 16.526 (2) (a)
12to (c), as renumbered, are amended to read:
SB21,175,1813 16.526 (2) (a) The commission department may authorize financial obligations
14to be incurred and evidences of operating notes to be issued therefor in an amount
15sufficient to fund or refund the whole or any part of any operating note issued under
16this subchapter section. However, no operating notes originally issued in a fiscal
17year may be funded or refunded by proceeds of an operating note to mature in a later
18fiscal year.
SB21,175,2219 (b) The commission department may authorize financial obligations to be
20incurred and evidences of operating notes to be issued therefor to fund operating
21deficits as moneys are required. The requirements for moneys shall be established
22by the department.
SB21,175,2523 (c) Each purpose specified in subs. (1) and (2) pars. (a) and (b) may include the
24expenses of issuance of the operating notes and reserves securing the operating
25notes.
SB21,445
1Section 445. 18.725 of the statutes is renumbered 16.526 (3) and amended to
2read:
SB21,176,103 16.526 (3) Limit on amount of operating notes. The building commission
4department may not sell operating notes under s. 18.73 (2) sub. (4) (b) at any time
5if the amount of operating notes to be sold at that time plus the amount of operating
6notes outstanding at that time exceed 10% of the amounts shown in the schedule
7under s. 20.005 (3) of appropriations of general purpose revenues, as defined in s.
820.001 (2) (a), plus the amounts shown in the schedule of appropriations of program
9revenues, as defined in s. 20.001 (2) (b), both calculated as of that time and for that
10fiscal year.
SB21,446 11Section 446. 18.73 (1) of the statutes is repealed.
SB21,447 12Section 447. 18.73 (2), (4) and (5) (a), (b), (c), (d) (intro.), 1. and 2., (e) 1. and
133. and (f) of the statutes are renumbered 16.526 (4) (b), (d) and (e) 1., 2., 3., 4. (intro.),
14a. and b., 5. a. and c. and 6., and 16.526 (4) (b), (d) and (e) 1., 2., 4. (intro.), a. and b.,
155. a. and 6. (intro.), as renumbered, are amended to read:
SB21,176,2116 16.526 (4) (b) Sale. Operating notes may be sold at either public or private sale.
17The commission department may provide in an authorizing resolution certification
18for the refunding of operating notes, for their exchange privately, in payment and
19discharge of any of the outstanding operating notes being refunded. All operating
20notes sold at public sale shall be noticed as provided in the authorizing resolution
21certification. Any bids received at public sale may be rejected.
SB21,177,522 (d) Exercise of authority. Financial obligations may be incurred and evidences
23of operating notes issued therefor pursuant to one or more authorizing resolutions
24certifications, unless otherwise provided in the resolution certification or in this
25subchapter section, at any time and from time to time, for any combination of

1purposes, in any specific amounts, at any rates of interest, for any term, payable at
2any intervals, at any place, in any manner and having any other terms or conditions
3deemed necessary or useful. Unless sooner exercised or unless a shorter period is
4provided in the resolution, every authorizing resolution shall expire 3 months after
5the date of its adoption.
SB21,177,186 (e) 1. Subject to pars. (d) and (e) subd. 4. and 5., at the time of, or in anticipation
7of, contracting operating notes and at any time thereafter while the operating notes
8are outstanding, the commission department may enter into agreements and
9ancillary arrangements relating to the operating notes, including liquidity facilities,
10remarketing or dealer agreements, letter of credit agreements, insurance policies,
11guaranty agreements, reimbursement agreements, indexing agreements, or interest
12exchange agreements. Any payment received pursuant to any such agreements or
13ancillary arrangements shall be deposited in, and any payments made pursuant to
14any such agreements or ancillary arrangements will be made from, the general fund
15or the operating note redemption fund, as determined by the commission
16department. The determination of the commission department included in an
17interest exchange agreement that such an agreement relates to an operating note
18shall be conclusive.
SB21,177,2119 2. The commission department may delegate to other persons the authority and
20responsibility to take actions necessary and appropriate to implement agreements
21and ancillary arrangements under par. (a) subd. 1.
SB21,177,2322 4. (intro.) With respect to any interest exchange agreement or agreements
23specified in par. (a) subd. 1., all of the following shall apply:
SB21,178,3
1a. The commission department shall contract with an independent financial
2consulting firm to determine if the terms and conditions of the agreement reflect a
3fair market value, as of the proposed date of the execution of the agreement.
SB21,178,74 b. The interest exchange agreement must identify the note to which the
5agreement is related. The determination of the commission department included in
6an interest exchange agreement that such agreement relates to a note shall be
7conclusive.
SB21,178,148 5. a. Subject to subd. 2. 5. b., the terms and conditions of an interest exchange
9agreement under par. (a) subd. 1. shall not be structured so that, as of the trade date
10of the agreement, the aggregate expected debt service and net exchange payments
11relating to the agreement during the fiscal year in which the trade date occurs will
12be less than the aggregate expected debt service and net exchange payments relating
13to the agreement that would be payable during that fiscal year if the agreement is
14not executed.
SB21,178,1915 6. (intro.) Semiannually, during any year in which the state is a party to an
16agreement entered into pursuant to par. (a) subd. 1., the department of
17administration
shall submit a report to the commission and to the cochairpersons of
18the joint committee on finance listing all such agreements. The report shall include
19all of the following:
SB21,448 20Section 448. 18.73 (5) (d) 3. (intro.) and a. to g. of the statutes are consolidated,
21renumbered 16.526 (4) (e) 4. c. and amended to read:
SB21,179,1022 16.526 (4) (e) 4. c. The resolution certification authorizing the commission
23department to enter into any interest exchange agreement shall require that the
24terms and conditions of the agreement reflect a fair market value as of the date of
25execution of the agreement, as reflected by the determination of the independent

1financial consulting firm under subd. 1. 4. a., and shall establish guidelines for any
2such agreement, including the following: a. The the conditions under which the
3commission department may enter into the agreements. b. The; the form and
4content of the agreements. c. The; the aspects of risk exposure associated with the
5agreements. d. The; the standards and procedures for counterparty selection. e.
6The
; the standards for the procurement of, and the setting aside of reserves, if any,
7in connection with, the agreements. f. The; the provisions, if any, for
8collateralization or other requirements for securing any counterparty's obligations
9under the agreements. g. A ; and a system for financial monitoring and periodic
10assessment of the agreements.
SB21,449 11Section 449. 18.73 (5) (e) 2. (intro.), a. and b. of the statutes are consolidated,
12renumbered 16.526 (4) (e) 5. b. and amended to read:
SB21,179,2213 16.526 (4) (e) 5. b. Subdivision 1. 5. a. shall not apply if either of the follow
14occurs: a. The commission
the department receives a determination by the
15independent financial consulting firm under par. (d) 1. subd. 4. a. that the terms and
16conditions of the agreement reflect payments by the state that represent on-market
17rates as of the trade date for the particular type of agreement. b. The commission
18or the department provides written notice to the joint committee on finance of its
19intention to enter into an agreement that is reasonably expected to satisfy subd. 1.
20subd. 5. a., and the joint committee on finance either approves or disapproves, in
21writing, the commission's department's entering into the agreement within 14 days
22of receiving the written notice from the commission department.
SB21,450 23Section 450. 18.74 of the statutes is renumbered 16.526 (5) and amended to
24read:
SB21,180,7
116.526 (5) Application of operating note proceeds. All moneys resulting from
2the contracting of operating notes or any payment to be received under an agreement
3or ancillary arrangement entered into under s. 18.73 (5) sub. (4) (e) with respect to
4any such operating notes shall be credited to the general fund, except that moneys
5which represent premium and accrued interest on operating notes, or moneys for
6purposes of funding or refunding operating notes pursuant to s. 18.72 (1) sub. (2) (a)
7shall be credited to the operating note redemption fund.
SB21,451 8Section 451. 18.75 of the statutes is renumbered 16.526 (6), and 16.526 (6) (a),
9(b), (c) and (d), as renumbered, are amended to read:
SB21,180,1410 16.526 (6) (a) When operating notes are authorized, there shall be established
11in the state treasury or with a trustee if so required in the authorizing resolution
12certification, an operating note redemption fund separate and distinct from every
13other fund, which may contain separate and distinct accounts for each particular
14operating note issue.
SB21,180,2015 (b) The operating note redemption fund shall be expended and all moneys from
16time to time on hand therein are irrevocably appropriated, in sums sufficient, only
17for the payment of principal and interest on operating notes giving rise to it and
18premium, if any, due upon refunding or early redemption of such operating notes,
19and for the payment due, if any, under an agreement or ancillary arrangement
20entered into under s. 18.73 (5) sub. (4) (e) with respect to such operating notes.
SB21,181,221 (c) Moneys of the operating note redemption fund may be commingled only for
22the purpose of investment with other public funds, but they may be invested only as
23provided in the authorizing resolution certification. All such reinvestments shall be
24the exclusive property of such fund and all earnings on or income from such

1investments shall be used in meeting principal and interest payments on operating
2notes issued.
SB21,181,173 (d) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient for the
4payment of the principal, interest and premium due, if any, and for the payment due,
5if any, under an agreement or ancillary arrangement entered into pursuant to s.
618.73 (5) sub. (4) (e) with respect to operating notes giving rise to it as the same falls
7due. Such transfers shall be so timed that there is at all times on hand in the fund
8an amount not less than the amount to be paid out of it during the ensuing 30 days
9or such other period if so provided for in the authorizing resolution certification. The
10commission department may pledge the deposit of additional amounts at periodic
11intervals and the secretary of the department may impound moneys of the general
12fund, including moneys temporarily reallocated from other funds under s. 20.002
13(11), in accordance with the pledge of revenues in the authorizing resolution
14certification, and all such impoundments are deemed to be payments for purposes
15of s. 16.53 (10), but no such impoundment may be made until the amounts to be paid
16into the bond security and redemption fund under s. 18.09 during the ensuing 30
17days have been deposited in the bond security and redemption fund.
SB21,452 18Section 452. 18.76 of the statutes is renumbered 16.526 (7).
SB21,453 19Section 453. 18.77 of the statutes is repealed.
SB21,454 20Section 454. 19.36 (14) of the statutes is created to read:
SB21,182,221 19.36 (14) University of Wisconsin System Authority. Any authority may
22withhold from access under s. 19.35 (1) information in a record that is produced or
23collected by or for the faculty or staff employed by the University of Wisconsin System
24Authority in the conduct of, or as a result of, study or research on a commercial,
25scientific, or technical subject, whether sponsored by the University of Wisconsin

1System Authority alone or in conjunction with an authority or a private person, until
2that information is publicly disseminated or patented.
SB21,455 3Section 455. 19.42 (5) of the statutes is amended to read:
SB21,182,104 19.42 (5) "Department" means the legislature, the University of Wisconsin
5System,
any authority or public corporation created and regulated by an act of the
6legislature and any office, department, independent agency or legislative service
7agency created under ch. 13, 14 or 15, any technical college district or any
8constitutional office other than a judicial office. In the case of a district attorney,
9"department" means the department of administration unless the context otherwise
10requires.
SB21,456 11Section 456. 19.42 (10) (h) of the statutes is amended to read:
SB21,182,1412 19.42 (10) (h) The members of the board of directors and employees of the
13Forward Wisconsin Housing and Economic Development Authority, except clerical
14employees.
SB21,457 15Section 457. 19.42 (10) (m) of the statutes is created to read:
SB21,182,1716 19.42 (10) (m) The president and members of the Board of Regents of the
17University of Wisconsin System Authority.
SB21,458 18Section 458. 19.42 (10) (sm) of the statutes is repealed.
SB21,459 19Section 459. 19.42 (13) (b) of the statutes, as affected by 2011 Wisconsin Act
2032
, is amended to read:
SB21,182,2221 19.42 (13) (b) The positions of associate and assistant vice presidents of the
22University of Wisconsin System Authority.
SB21,460 23Section 460. 19.42 (13) (cm) of the statutes, as affected by 2011 Wisconsin Act
2432
, is amended to read:
SB21,183,4
119.42 (13) (cm) The president and vice presidents of the University of
2Wisconsin System Authority and the chancellors and vice chancellors of all
3University of Wisconsin System institutions, the University of Wisconsin Colleges,
4and the University of Wisconsin-Extension
.
SB21,461 5Section 461. 19.42 (13) (g) of the statutes is amended to read:
SB21,183,86 19.42 (13) (g) The members of the board of directors and employees of the
7Forward Wisconsin Housing and Economic Development Authority, except clerical
8employees.
SB21,462 9Section 462. 19.42 (13) (om) of the statutes is repealed.
SB21,463 10Section 463. 19.45 (11) (intro.) of the statutes is amended to read:
SB21,183,1411 19.45 (11) (intro.) The legislature recognizes that all state public officials and
12employees and all employees of the University of Wisconsin Hospitals and Clinics
13Authority and the University of Wisconsin System Authority should be guided by a
14code of ethics and thus:
SB21,464 15Section 464. 19.45 (11) (a) of the statutes, as affected by 2011 Wisconsin Act
1632
, is amended to read:
SB21,183,2217 19.45 (11) (a) The administrator of the division director of the bureau of merit
18recruitment and selection in the office of state employment relations department of
19administration
shall, with the board's advice, promulgate rules to implement a code
20of ethics for classified and unclassified state employees except state public officials
21subject to this subchapter, personnel in the University of Wisconsin System, and
22officers and employees of the judicial branch.
SB21,465 23Section 465 . 19.45 (11) (a) of the statutes, as affected by 2015 Wisconsin Act
24.... (this act), is amended to read:
SB21,184,5
119.45 (11) (a) The director of the bureau of merit recruitment and selection in
2the department of administration shall, with the board's advice, promulgate rules to
3implement a code of ethics for classified and unclassified state employees except
4state public officials subject to this subchapter, personnel in the University of
5Wisconsin System,
and officers and employees of the judicial branch.
SB21,466 6Section 466. 19.45 (11) (b) of the statutes, as affected by 2011 Wisconsin Act
732
, is amended to read:
SB21,184,108 19.45 (11) (b) The board of regents of the University of Wisconsin System
9Authority shall establish a code of ethics for personnel in that system who are not
10subject to this subchapter.
SB21,467 11Section 467. 19.56 (2) (b) 6. of the statutes is amended to read:
SB21,184,1412 19.56 (2) (b) 6. Is made available to the official by the Wisconsin Economic
13Development Corporation
Forward Wisconsin Development Authority or the
14department of tourism in accordance with sub. (3) (e), (em) or (f).
SB21,468 15Section 468. 19.56 (3) (e) (intro.) of the statutes is amended to read:
SB21,184,1916 19.56 (3) (e) (intro.) A state public official who is an officer or employee of the
17Wisconsin Economic Development Corporation Forward Wisconsin Development
18Authority
may solicit, receive and retain on behalf of the state anything of value for
19the purpose of any of the following:
SB21,469 20Section 469. 19.56 (3) (e) 1. of the statutes is amended to read:
SB21,185,221 19.56 (3) (e) 1. The sponsorship by the Wisconsin Economic Development
22Corporation
Forward Wisconsin Development Authority of a trip to a foreign country
23primarily to promote trade between that country and this state that the Wisconsin
24Economic Development Corporation
Forward Wisconsin Development Authority can

1demonstrate through clear and convincing evidence is primarily for the benefit of
2this state.
SB21,470 3Section 470. 19.56 (3) (f) of the statutes is amended to read:
SB21,185,94 19.56 (3) (f) A state public official may receive and retain from the Wisconsin
5Economic Development Corporation
Forward Wisconsin Development Authority
6anything of value which the Wisconsin Economic Development Corporation Forward
7Wisconsin Development Authority
is authorized to provide under par. (e) and may
8receive and retain from the department of tourism anything of value which the
9department of tourism is authorized to provide under par. (em).
SB21,471 10Section 471. 19.57 of the statutes is amended to read:
SB21,185,18 1119.57 Conferences, visits and economic development activities. The
12Wisconsin Economic Development Corporation Forward Wisconsin Development
13Authority
shall file a report with the board no later than April 30 annually, specifying
14the source and amount of anything of value received by the Wisconsin Economic
15Development Corporation
Forward Wisconsin Development Authority during the
16preceding calendar year for a purpose specified in s. 19.56 (3) (e), and the program
17or activity in connection with which the thing is received, together with the location
18and date of that program or activity.
SB21,472 19Section 472. 19.58 (1) (a) of the statutes is amended to read:
SB21,185,2320 19.58 (1) (a) Any person who intentionally violates any provision of this
21subchapter except s. 19.45 (13) or 19.59 (1) (br), or a code of ethics adopted or
22established under s. 19.45 (11) (a) or (b), shall be fined not less than $100 nor more
23than $5,000 or imprisoned not more than one year in the county jail or both.
SB21,473 24Section 473. 19.82 (1) of the statutes is amended to read:
SB21,186,9
119.82 (1) "Governmental body" means a state or local agency, board,
2commission, committee, council, department or public body corporate and politic
3created by constitution, statute, ordinance, rule or order; a governmental or
4quasi-governmental corporation except for the Bradley center sports and
5entertainment corporation; a local exposition district under subch. II of ch. 229; a
6long-term care district under s. 46.2895;
or a formally constituted subunit of any of
7the foregoing, but excludes any such body or committee or subunit of such body which
8is formed for or meeting for the purpose of collective bargaining under subch. I, IV,
9or V of ch. 111.
SB21,474 10Section 474. 20.001 (7) of the statutes is created to read:
SB21,186,1211 20.001 (7) Certain appropriations of the department of financial
12institutions and professional standards.
In s. 20.142 (2):
SB21,186,1613 (a) "Banking functions" means the functions conducted by the department of
14financial institutions and professional standards under chs. 34, 138, 202, 214, 215,
15216, 217, 218, 219, 220, 221, 222, 223, 224, 421, 422, 423, 424, 425, 426, 427, 428, and
16429.
SB21,186,1717 (b) "Financial services functions" means all of the following:
SB21,186,1918 1. The functions conducted by the department of financial institutions and
19professional standards specified in par. (a).
SB21,186,2520 2. The functions conducted by the department of financial institutions and
21professional standards under chs. 132, 137, 157, 178, 179, 180, 181, 182, 183, 184,
22185, 187, 188, 190, 191, 193, 401, 402, 403, 404, 405, 407, 408, 409, 410, 411, 551, 552,
23and 553 and under ss. 50.05 (15), 66.0420, 71.80 (12), 88.05 (6), 96.17 (6), 100.23,
24101.955, 102.17, 109.09, 111.07, 231.13 (2), 279.08 (2), 443.10 (6), 703.23, 704.22,
25779.87 (3), 779.97, and 995.12 (3).
SB21,187,1
13. All functions conducted by the office of credit unions.
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