24.63 (1) (a) State Except as provided in par. (b), a state trust fund loans loan, other than those to a loan to a school districts district, may be made for any term not exceeding 20 years, may be made payable in instalments and shall be in an amount which does not, in connection with all other indebtedness of the municipality applying for the loan, exceed 5% of the valuation of the taxable property within the municipality as equalized for state purposes. If a state trust fund loan is made to pay off existing indebtedness, it may be advanced to the borrower in instalments as fast as the indebtedness or the evidence of indebtedness is canceled.
SECTION 1372. 24.63 (1) (b) of the statutes is created to read:
24.63 (1) (b) No loan upon which the state pays interest under s. 16.971 (7) may be made for a term that exceeds 5 years.
SECTION 1373. 24.63 (2) of the statutes is renumbered 24.63 (2) (a) and amended to read:
24.63 (2) (a) A Except as provided in par. (b), a state trust fund loan to a school district may be made for any time term, not exceeding 20 years, as is agreed upon between the school district and the board, and for an amount which, together with all other indebtedness of that district, does not exceed its allowable indebtedness as determined under s. 67.03 (1).
SECTION 1374. 24.63 (2) (b) of the statutes is created to read:
24.63 (2) (b) No loan upon which the state pays interest under s. 16.971 (7) may be made for a term that exceeds 5 years.
SECTION 1375. 24.63 (4) of the statutes is amended to read:
24.63 (4) REPAYMENT BEFORE DUE DATE PERMITTED. Any municipality after March 15 and prior to August 1 of any year may repay one or more instalments in advance of the due date, and all interest upon such advance payment shall thereupon terminate.
SECTION 1376. 24.65 of the statutes is amended to read:
24.65 Date when interest and principal become due. The annual interest and instalments of principal of all state trust fund loans are payable into the state treasury on or before the date specified in under s. 24.70 (4) or 24.71 (4).
SECTION 1377. 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, and the times and terms of repayment and whether the loan is sought for a distance education project approved by the department of administration for state subsidy of interest payments under s. 16.971 (7). The application shall be accompanied by satisfactory proof:
SECTION 1378. 24.67 (3) of the statutes is amended to read:
24.67 (3) If a unit of government has acted under subs. (1) and (2), it shall certify that fact to the department of administration. The department secretary of administration shall then draw a warrant upon the state treasurer for the amount of the loan, payable to the treasurer of the municipality making the loan or as he or she directs. The certificate of indebtedness shall then be conclusive evidence of the validity of the indebtedness and that all the requirements of law concerning the application for the making and acceptance of the loan have been complied with.
SECTION 1379. 24.695 of the statutes is created to read:
24.695 Payment of interest by state. The board shall, upon request of the department of administration, certify to the department the amount of interest due on any loan for which the department has made a grant for interest payments under s. 16.971 (7). The board shall accept payment from the department of administration for the interest payable on any such loan and shall deduct the amount of any payment received from its certified statement of the amount payable under s. 24.70 (2) or 24.71 (2) for the year in which the payment is received. The applicant remains liable for payment of any interest that is not paid by the department of administration.
SECTION 1380. 24.70 (2) of the statutes is amended to read:
24.70 (2) CERTIFIED STATEMENT. If a municipality other than a school district has a state trust fund loan, the board shall transmit to the municipal clerk a certified statement of the amount due for each calendar year on or before October 1 of each the year preceding that year until the loan is paid. The board shall submit a copy of each certified statement to the state treasurer.
SECTION 1381. 24.70 (4) of the statutes is amended to read:
24.70 (4) PAYMENT TO STATE TREASURER. The board and the municipality which obtains a loan shall agree in writing on a due date for annual repayments of principal and accrued interest. The municipal treasurer shall transmit to the state treasurer on his or her order the full amount levied for state trust fund loans within 15 no later than 7 days after March 15 the due date specified under the agreement. The state treasurer shall notify the board when he or she receives payment. Any payment not made by March 30 within 7 days after the due date is delinquent and is subject to a penalty of one percent per month to be paid to the state treasurer with the delinquent payment.
SECTION 1382. 24.70 (6) of the statutes is amended to read:
24.70 (6) FAILURE TO MAKE PAYMENTS. If the municipal treasurer fails to remit the amount due by no later than 7 days after the date specified in the agreement entered into under sub. (4), the board may file a certified statement of the amount delinquent with the department of administration. The department secretary of administration shall collect the amount due, including any penalty, by deducting that amount from any state payments due the municipality, shall remit that amount to the state treasurer and shall notify the treasurer and the board of that action.
****NOTE: This is reconciled s. 24.70 (6). This SECTION has been affected by LRB-1301 and LRB-2089.
SECTION 1383. 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 for each calendar year on or before October 1 of each the year preceding that year until the loan is paid. The board shall furnish a copy of each certified statement to the state treasurer and the department of public instruction.
SECTION 1384. 24.71 (4) of the statutes is amended to read:
24.71 (4) PAYMENT TO STATE TREASURER. The board and the school district which obtains a loan shall agree in writing upon a due date for annual repayments of principal and accrued interest. The school district treasurer shall transmit to the state treasurer on his or her own order the full amount levied for state trust fund loans within 15 no later than 7 days after March 15 the due date specified under the agreement. The state treasurer shall notify the board when he or she receives payment. Any payment not made by March 30 within 7 days after the due date is delinquent and is subject to a penalty of one percent per month or fraction thereof, to be paid to the state treasurer with the delinquent payment.
SECTION 1385. 24.71 (5) of the statutes is amended to read:
24.71 (5) FAILURE TO MAKE PAYMENT. If the school district treasurer fails to remit the amounts amount due no later than 7 days after the date specified in the agreement entered into under sub. (4), the state superintendent, upon certification of delinquency by the board, shall deduct the amount due including any penalty from any school aid payments due the school district, shall remit such amount to the state treasurer and, no later than June 15, shall notify the school district treasurer and the board to that effect.
SECTION 1386. 24.71 (5) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:
24.71 (5) FAILURE TO MAKE PAYMENT. If the school district treasurer fails to remit the amount due no later than 7 days after the date specified in the agreement entered into under sub. (4), the department of education, upon certification of delinquency by the board, shall direct the department of revenue to deduct the amount due including any penalty from any school aid payments due the school district, remit such amount to the state treasurer and, no later than June 15, notify the school district treasurer and the board to that effect.
SECTION 1387. 24.73 of the statutes is amended to read:
24.73 Extension of loan. All loans made or which may be made from any of such funds to any municipality may be extended for such time and upon such terms as may be agreed upon by and between the board and such borrower; provided, however, that no loan shall be extended upon which there is any default in the payment of interest at the time of making application therefor, nor to any period beyond 20 years the maximum term from its inception specified in s. 24.63 (1) or (2), nor at any rate of interest less than the minimum established by law.
SECTION 1388. 25.14 (2) of the statutes is amended to read:
25.14 (2) At such time as the board determines, all of the securities held by any of the state's funds, except those specifically excluded in sub. (1), shall be transferred, at the market value plus accrued interest as of the date of transfer, to the state investment fund together with such amounts of cash as may be required to provide each contributing fund an equity in the state investment fund which may be expressed in terms of even thousands of dollars. Thereafter, the department of administration shall make such subsequent transfers of money between the individual funds and the state investment fund as in its judgment is advisable and in accordance with cash requirements of the individual funds, such transfer to be made on the basis of even thousands of dollars, and it shall furnish to the board such information with respect to daily balances of individual funds within the investment fund as may be required. This subsection does not apply to moneys on deposit, including accrued interest, in reserve accounts under s. 560.13.
SECTION 1389. 25.14 (3) of the statutes is amended to read:
25.14 (3) The department of administration, upon consultation with the investment board, shall distribute all earnings, profits or losses of the state investment fund to each participating fund in the same ratio as each such fund's average daily balance within the state investment fund bears to the total average daily balance of all participating funds, except as provided in s. 14.58 (19), except that the department of administration shall credit to the appropriation account under s. 20.585 (1) (js) an amount equal to the amount assessed under s. 25.19 (2) from the earnings or profits of the funds against which an assessment is made and except that the department of administration shall credit to the appropriation account under s. 20.585 (1) (jt) an amount equal to the amount assessed under s. 25.19 (3) from the earnings or profits of the funds against which an assessment is made. Such distribution shall be made at such times as the department of administration may determine, but must be made at least semiannually in each complete fiscal year of operation.
SECTION 1390. 25.14 (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:
25.14 (3) The department of administration, upon consultation with the investment board, shall distribute all earnings, profits or losses of the state investment fund to each participating fund in the same ratio as each such fund's average daily balance within the state investment fund bears to the total average daily balance of all participating funds, except as provided in s. 16.413 (1) (q) and except that the department of administration shall credit to the appropriation account under s. 20.505 (1) (jt) an amount equal to the amount assessed under s. 25.19 (3) from the earnings or profits of the funds against which an assessment is made. Such distribution shall be made at such times as the department of administration may determine, but must be made at least semiannually in each complete fiscal year of operation.
****NOTE: This is reconciled s. 25.14 (3). This section has been affected by LRB-1390 and LRB-2089.
SECTION 1391. 25.15 (1) of the statutes is amended to read:
25.15 (1) PURPOSE. The purpose of the board is to provide professional investment management of trusts, operating funds and capital funds established by law. It is the intent of the legislature that the The board be an independent agency of the state which is to shall manage money and property for the state, its agencies and trust funds. The goal of board management shall be towards accomplishing the purpose of each trust or fund.
SECTION 1392. 25.156 (6) (intro.) of the statutes is renumbered 25.156 (6) (a) and amended to read:
25.156 (6) (a) The investment board may provide a plan of bonus compensation for the executive director and other employes of the board who are appointed in the unclassified service, whereby the employes may qualify for an annual bonus for meritorious performance. No moneys may be expended by the board for bonuses unless their expenditure for that purpose is specifically authorized by the secretary of administration. No such bonuses awarded by the board for any fiscal year may exceed a total of 10% 25% of the total annualized salaries of all unclassified employes of the board at the beginning of the fiscal year. No bonus awarded by the board to any individual employe for any fiscal year may exceed a total of 25% 50% of the annual annualized salary of the employe at the beginning of the fiscal year.
(b) In awarding bonus compensation for a given period fiscal year, the board shall consider the performance of funds similar to those for which it has managing authority and market indices for the same period fiscal year. Based upon such performance and indices, the board shall establish performance standards for the funds for which it has managing authority for the same fiscal year, together with standards for superior performance for that fiscal year and standards for exceptional performance for that fiscal year. Upon completion of each fiscal year, the board shall notify the secretary of administration in writing of its performance standard for that fiscal year and its standards for superior performance and exceptional performance for that fiscal year, and whether it has achieved those standards. If the secretary of administration receives notification from the board that it has achieved its performance standard for a fiscal year, the secretary shall authorize expenditure for bonuses of 10% of the annualized salaries of the eligible employes at the beginning of the fiscal year. If the secretary of administration receives notification from the board that it has achieved its standard for superior performance for a fiscal year, the secretary shall authorize expenditure for bonuses in an additional amount specified by the board, which shall be less than 15% of the annualized salaries of the eligible employes at the beginning of the fiscal year. If the secretary of administration receives notification from the board that it has achieved its standard for exceptional performance for a fiscal year, the secretary shall authorize expenditure for bonuses in an additional amount specified by the board, which shall be not greater than 15% of the annualized salaries of the eligible employes at the beginning of the fiscal year, less any amount authorized for superior performance under this paragraph.
(c) The board shall provide for a portion of the bonus compensation awarded under this subsection to be distributed to an employe over a 3-year period conditioned upon continuation of employment to the time of distribution, except as provided in sub. (7).
(d) Bonus compensation may only be awarded under this subsection pursuant to a plan adopted by the board that specifies all of the following:
SECTION 1393. 25.156 (6) (a) to (c) of the statutes are renumbered 25.156 (6) (d) 1. to 3.
SECTION 1394. 25.17 (intro.) of the statutes is amended to read:
25.17 Powers and duties of board. (intro.) The "State of Wisconsin Investment Board" shall be a body corporate with power to sue and be sued in said name. The investment board shall have a seal with the words, "State of Wisconsin Investment Board". The board shall:
SECTION 1395. 25.17 (1) (i) of the statutes is created to read:
25.17 (1) (i) Information technology investment fund (s. 25.61);
SECTION 1396. 25.17 (3) (b) 9. of the statutes is created to read:
25.17 (3) (b) 9. Bonds issued by the University of Wisconsin Hospitals and Clinics Authority.
SECTION 1397. 25.18 (1) (e) of the statutes is amended to read:
25.18 (1) (e) Take such action as may be necessary to make investments in mortgage loans or in the purchase of interests in real estate in any other state or in Canada, including but not excluding because of enumeration, qualifying to do business, filing reports, paying franchise, license or other fees and taxes, designating agents, and designating an office and subjecting itself to suit.
SECTION 1398. 25.18 (2) (e) of the statutes is amended to read:
25.18 (2) (e) Contract with and delegate to investment advisers the management and control over assets from any fund or trust delivered to such investment advisers for investment in real estate, mortgages, equities, debt of foreign corporations and debt of foreign governments, and pay such advisers fees from the current income of the fund or trust being invested. No more than 10% 25% of the total assets of the fixed retirement investment trust or 10% 25% of the total assets of the variable retirement investment trust may be delivered to investment advisers. The board shall set performance standards for such investment advisers, monitor such investments to determine if performance standards are being met and if an investment adviser does not consistently meet the performance standards then terminate the contract with such investment adviser.
SECTION 1399. 25.19 (1) of the statutes is amended to read:
25.19 (1) The state treasurer shall be the treasurer of the investment board and shall give an additional bond in such amount and with such corporate sureties as is required and approved by the board, the cost of which shall be borne by the board.
(1m) Any of the securities purchased by the investment board for any of the funds whose investment is under the control of the board may be deposited by the board or the state treasurer in vaults or other safe depositories outside of the office of the state treasurer, and either in or outside of this state, but a safekeeping receipt shall be delivered to the state treasurer for all securities so deposited. Every such safekeeping receipt shall describe the securities covered thereby and be payable on demand, without conditions, to the investment board or to any designated fund under the control of the board or to the state treasurer.
SECTION 1400. 25.19 (2) of the statutes is repealed.
SECTION 1401. 25.29 (1) (a) of the statutes is amended to read:
25.29 (1) (a) All moneys accruing to the state for or in behalf of the department of natural resources or the department of tourism and parks under chs. 26, 27, 28, 29 and 350, subchs. I and VI of ch. 77 and ss. 23.09 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.
SECTION 1402. 25.29 (1) (e) of the statutes is amended to read:
25.29 (1) (e) An amount equal to the amounts expended under s. 20.370 (1) (kw) (7) (aq).
SECTION 1403. 25.29 (3) (b) of the statutes is amended to read:
25.29 (3) (b) As provided in s. 20.370 (4) (5) (aq).
SECTION 1404. 25.29 (7) (a) of the statutes is amended to read:
25.29 (7) (a) Eight percent of the tax levied under s. 70.58 or of the funds provided for in lieu of the levy shall be used to acquire and develop forests of the state for the purposes or capable of providing the benefits described under s. 28.04 (1) within areas approved by the department of tourism and parks and the governor and located within the region composed of Manitowoc, Calumet, Winnebago, Sheboygan, Fond du Lac, Ozaukee, Washington, Dodge, Milwaukee, Waukesha, Jefferson, Racine, Kenosha, Walworth, Rock and Outagamie counties.
SECTION 1405. 25.29 (7) (b) of the statutes is amended to read:
25.29 (7) (b) An additional 4% of the tax levied under s. 70.58 or of the funds provided in lieu of the levy shall be used to purchase forests for the state for the purposes or capable of providing the benefits described under s. 28.04 (1) within areas approved by the department of tourism and parks and the governor and located within the region specified under par. (a).
SECTION 1406. 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 veterans programs under ss. 20.485 (2) (m), (mn), (tm), (u), (v), (vo), (w) and, (z) and (zm), 45.01, 45.25, 45.351 (1) and (2), 45.352, 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; and all gifts of money received by the board of veterans affairs for the purposes of this fund.
SECTION 1407. 25.40 (1) (a) 2. of the statutes is amended to read:
25.40 (1) (a) 2. Other revenues specified in ch. 218 derived from the issuance of licenses under the authority of the commissioner of banking department of financial institutions which shall be paid into the general fund.
SECTION 1408. 25.40 (1) (a) 5. of the statutes is amended to read:
25.40 (1) (a) 5. Fees collected under s. 342.14 (1m) that are deposited in the general fund and credited to the appropriation under s. 20.370 (2) (dj) environmental fund.
SECTION 1409. 25.40 (1) (a) 12. of the statutes is created to read:
25.40 (1) (a) 12. Ten percent of the moneys collected under s. 195.60 that are deposited in the general fund for costs of state government operations.
SECTION 1410. 25.40 (2) (b) 2e. of the statutes is repealed.
SECTION 1411. 25.40 (2) (b) 12. of the statutes is repealed.
SECTION 1412. 25.40 (2) (b) 16. of the statutes is renumbered 25.40 (2) (b) 20e. and amended to read:
25.40 (2) (b) 20e. Section 20.455 (2) 20.505 (1) (q).
SECTION 1413. 25.40 (2) (b) 17. of the statutes is repealed.
SECTION 1414. 25.43 (3) of the statutes is amended to read:
25.43 (3) Except for the purpose of investment as provided in s. 25.17 (2) (d), the clean water fund may be used only for the purposes authorized under ss. 20.320 (1) (r), (s) and (t), 20.370 (2) (mt) and (mx) and (4) (iv) and (ix), (6) (mu) and (mx) and (8) (mr), 20.505 (1) (v) and (x), 144.241 and 144.2415.
SECTION 1415. 25.46 (17m) of the statutes is created to read:
25.46 (17m) All moneys received under s. 144.968 (2) for cooperative remedial action.
SECTION 1416. 25.46 (19) of the statutes is created to read:
