27,807
Section 807
. 24.01 (1) of the statutes is amended to read:
24.01 (1) “Agricultural college lands" embraces all lands granted to the state by an act of congress entitled “An act donating public lands to the several states and territories which may provide colleges for the benefit of agriculture and the mechanic arts," approved July 2, 1862, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,808
Section 808
. 24.01 (4) of the statutes is amended to read:
24.01 (4) “Marathon county lands" embraces all lands acquired by the state pursuant to chapter 22 of the general laws of 1867, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,809
Section 809
. 24.01 (5) of the statutes is amended to read:
24.01 (5) “Normal school lands" embraces all parcels of said “swamp lands" which the legislature has declared or otherwise decided, or may hereafter declare or otherwise decide, were not or are not needed for the drainage or reclamation of the same or other lands, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,810
Section 810
. 24.01 (7) of the statutes is amended to read:
24.01 (7) “School lands" embraces all lands made a part of “the school fund" by article X, section 2, of the constitution, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,811
Section 811
. 24.01 (9) of the statutes is amended to read:
24.01 (9) “Swamp lands" embraces all lands which have been or may be transferred to the state pursuant to an act of congress entitled “An act to enable the state of Arkansas and other states to reclaim the swamp lands within their limits," approved September 28, 1850, or pursuant to an act of congress entitled “An act for the relief of purchasers and locators of swamp and overflowed lands," approved March 2, 1855, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,812
Section 812
. 24.01 (10) of the statutes is amended to read:
24.01 (10) “University lands" embraces all lands the proceeds of which are denominated “the university fund" by article X, section 6, of the constitution, as well as any land received under s. 24.09 (1) (bm) in exchange for such land.
27,813
Section 813
. 24.04 (2) of the statutes is amended to read:
24.04 (2) Disbursements. All expenses necessarily incurred in caring for and selling public lands shall be deducted from the gross receipts of the fund to which the proceeds of the sale of the land will be added. Expenses necessarily incurred in caring for public lands may include expenses for reforestation, erosion and insect control, submerged log monitoring, surveys, appraisals and other land management practices that serve to protect or enhance the interests of the beneficiaries of the trust funds.
27,814
Section 814
. 24.09 (1) (bm) of the statutes is amended to read:
24.09 (1) (bm) The board may exchange part or all of any parcel of public lands for any other land of approximately equal value if the board determines that the exchange will contribute to the consolidation or completion of a block of land, enhance conservation of lands or otherwise be in the public interest. Under this paragraph, an exchange is of “approximately equal value" if the difference in value between the more highly valued land and the less highly valued land does not exceed 10% of the value of the more highly valued land. All expenses necessarily incurred in making an exchange under this paragraph shall be deducted from the gross receipts of the fund to which the proceeds of the sale of the exchanged land will be added.
27,815
Section 815
. 24.60 (1g) of the statutes is amended to read:
24.60 (1g) “Distance education" has the meaning given in s. 16.992 (1) (b) means instruction that takes place, regardless of the location of a teacher or student, by means of telecommunications or other means of communication, including cable, instructional television fixed service, microwave, radio, satellite, computer, telephone or television.
27,816
Section 816
. 24.60 (1r) of the statutes is repealed and recreated to read:
24.60 (1r) “Educational technology" means technology used in the education or training of any person or in the administration of an elementary or secondary school or a public library.
27,816c
Section 816c. 24.60 (1t) of the statutes is created to read:
24.60 (1t) “Investment grade" means having a rating of “BBB" or better by Standard and Poor's Corporation and a rating of “Baa" or better by Moody's Investor Service or, in the case of an investment that is ranked by only one of these rating agencies, having a rating of “BBB" or better by Standard and Poor's Corporation or a rating of “Baa" or better by Moody's Investor Service.
27,816e
Section 816e. 24.61 (2) (a) 1. of the statutes is amended to read:
24.61 (2) (a) 1. Bonds or notes of the United States or of an agency of the U. S. government, or bonds or notes guaranteed by the United States or an agency of the U. S. government.
27,816g
Section 816g. 24.61 (2) (a) 2. of the statutes is repealed.
27,816j
Section 816j. 24.61 (2) (a) 7m. of the statutes is created to read:
24.61 (2) (a) 7m. Real estate located in the United States.
27,816L
Section 816L. 24.61 (2) (a) 8. of the statutes is created to read:
24.61 (2) (a) 8. U. S., publicly traded, investment grade mortgage-backed securities or U.S., publicly traded, investment grade asset-backed securities.
27,816n
Section 816n. 24.61 (2) (a) 9. of the statutes is created to read:
24.61 (2) (a) 9. Privately placed U. S. mortgages or privately placed, U.S., mortgage-backed securities, if the mortgages or mortgage-backed securities are investment grade or, if unrated, are determined by the board to be of a quality that, if rated, would be investment grade.
27,816p
Section 816p. 24.61 (2) (a) 10. of the statutes is created to read:
24.61 (2) (a) 10. Debt obligations of U.S. corporations, whether publicly offered or privately placed, that are investment grade or, if unrated, are determined by the board to be of a quality that, if rated, would be investment grade.
27,816r
Section 816r. 24.61 (2) (a) 11. of the statutes is created to read:
24.61 (2) (a) 11. Financial contracts or other instruments that derive their value from the value or performance of securities under subd. 1. or 8. or of an index or group of securities under subd. 1. or 8.
27,816t
Section 816t. 24.61 (2) (a) 12. of the statutes is created to read:
24.61 (2) (a) 12. Other types of U. S. debt instruments, not described under subds. 1. to 10., determined by the board to be consistent with the standard of responsibility under par. (am).
27,816v
Section 816v. 24.61 (2) (am) of the statutes is created to read:
24.61 (2) (am) Standard of responsibility. The standard of responsibility applied to the board when it invests moneys belonging to the trust funds shall be all of the following:
1. To invest, sell, reinvest and collect income and rents with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity, with the same resources, and familiar with like matters exercises in the conduct of an enterprise of a like character with like aims.
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:
