SECTION 804. 23.79 (1) of the statutes is amended to read:
23.79 (1) If the defendant is found guilty, the court may enter judgment against the defendant for a monetary amount not to exceed the maximum forfeiture provided by the statute for the violation, the penalty assessment, the jail assessment, the crime laboratories and drug law enforcement assessment, any applicable weapons assessment, any applicable environmental assessment, any applicable wild animal protection assessment, any applicable natural resources assessment, any applicable fishing shelter removal assessment, any applicable snowmobile registration restitution payment, any applicable natural resources restitution payment and for costs.
SECTION 805. 23.80 (2) of the statutes is amended to read:
23.80 (2) Upon default of the defendant corporation or municipality, or upon conviction, judgment for the amount of the forfeiture, the penalty assessment, the jail assessment, the crime laboratories and drug law enforcement assessment, any applicable weapons assessment, any applicable environmental assessment, any applicable wild animal protection assessment, any applicable natural resources assessment, any applicable fishing shelter removal assessment, any applicable snowmobile registration restitution payment and any applicable natural resources restitution payment shall be entered.
SECTION 806. 23.84 of the statutes is amended to read:
23.84 Forfeitures and assessments collected; to whom paid. Except for actions in municipal court, all moneys collected in favor of the state or a municipality for forfeiture, penalty assessment, jail assessment, crime laboratories and drug law enforcement assessment, applicable weapons assessment, applicable environmental assessment, applicable wild animal protection assessment, applicable natural resources assessment, applicable fishing shelter removal assessment, applicable snowmobile registration restitution payment and applicable natural resources restitution payment shall be paid by the officer who collects the same to the appropriate municipal or county treasurer, within 20 days after its receipt by the officer, except that all jail assessments shall be paid to the county treasurer. In case of any failure in the payment, the municipal or county treasurer may collect the payment from the officer by an action in the treasurer's name of office and upon the official bond of the officer, with interest at the rate of 12% per year from the time when it should have been paid.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
SECTION 816g. 24.61 (2) (a) 2. of the statutes is repealed.
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.
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.
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.
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.
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.
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).
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.
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).
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.
SECTION 819. 24.61 (6) of the statutes is repealed.
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:
SECTION 824. 24.695 of the statutes is repealed.
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.
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.
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.
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.
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.
SECTION 831s. 25.17 (1) (af) of the statutes is created to read:
25.17 (1) (af) Agricultural chemical cleanup fund (s. 25.468);
SECTION 832. 25.17 (1) (ag) of the statutes is repealed.
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);
SECTION 832k. 25.17 (1) (gm) of the statutes is created to read:
25.17 (1) (gm) Historical legacy trust fund (s. 25.72);
SECTION 832m. 25.17 (1) (gn) of the statutes is created to read:
25.17 (1) (gn) Historical society endowment fund (s. 25.73);
SECTION 833. 25.17 (1) (tm) of the statutes is created to read:
25.17 (1) (tm) Support collections trust fund (s. 25.68);
SECTION 834. 25.17 (1) (xL) of the statutes is created to read:
25.17 (1) (xL) Universal service fund (s. 25.95);
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.
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.
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.
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:
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), allocate bank service costs to the funds incurring those costs.