Passage as amended:
Ayes: 7 - Representatives Gunderson, Brandemuehl, Kedzie, Stone, Musser, Berceau and Carpenter.
Noes: 2 - Representatives Colon and Williams.
To committee on Rules.
Assembly Bill 467
Relating to: membership on landfill and hazardous waste facility negotiating committees.
Passage:
Ayes: 9 - Representatives Gunderson, Brandemuehl, Kedzie, Stone, Musser, Colon, Berceau, Carpenter and Williams.
Noes: 0.
To committee on Rules.
Scott Gunderson
Chairperson
Committee on Urban and Local Affairs
__________________
Communications
State of Wisconsin
Revisor of Statutes Bureau
Madison
DATE: November 1, 1999
TO: Charles Sanders
Assembly Chief Clerk
Donald J. Schneider
Senate Chief Clerk
FROM: Gary L. Poulson
Deputy Revisor of Statutes
SUBJECT: Rules published in the October, 1999,
Wisconsin Administrative
Register, No. 526.
The following rules have been published:
__________________
Referral of Agency Reports
State of Wisconsin
Department of Administration
Madison
November 15, 1999
To the Honorable, the Legislature:
Chapter
34, Laws of 1979, requires that when the Department of Administration maintains an office in Washington, DC, for the purpose of promoting federal/state cooperation, it should submit a report detailing the activities of the office and reporting the status of federal legislation of concern to the Legislature and other state agencies (Wis. Stats. 16.548(2)).
The report for the period July, 1999, through September, 1999, is attached.
Sincerely,
George LIghtbourn
Acting Secretary
Referred to committee on State Affairs.
__________________
State of Wisconsin
Council on Physical Disabilities
Madison
November 19, 1999
To the Honorable, the Legislature:
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As required by s.
46.29(f) of the state statutes, I am pleased to submit to you the Annual report of the Council on Physical Disabilities for state fiscal year 1999 (July 1, 1998 through June 30, 1999). The Council appreciates the opportunity to participate in state government as a representative of Wisconsin's citizens with physical disabilities.
Large print, Braille, audiotapes, and computer disc versions of this report are available by contacting the staff at the Council at 608/266-9667 (voice) or 608/267-3906 (Fax).
Sincerely,
Joel Rodney
Chairperson
Referred to committee on Health.
__________________
State of Wisconsin
Technical College System Board
Madison
November 22, 1999
To the Honorable, the Legislature:
Pursuant to Wis. Stats. ss 38.12(11), this is to notify you that all sixteen districts of the Wisconsin Technical College System have provided the required materials, information, and orientation on sexual assault and sexual harassment for the 1999-2000 school year. Information and materials are provided in student handbooks, information flyers, resource guides, student newspapers, booklets, college policies and verbal orientation sessions. Assurances from the districts and sample orientation materials are on file in our office and are available upon request.
If you need additional information or have any questions on this matter, please contact Mr. Keith Krinke, Director, Human Resources, at 266-1844.
Sincerely,
Edward Chin
State Director
Referred to committee on Colleges and Universities.
__________________
Agency Reports
State of Wisconsin
Department of Administration
Madison
October 26, 1999
To the Honorable, the Legislature:
This document presents the Department of Administration's biennial report for the period ending June 30, 1999, in accordance with s.
15.04(1)(d), Wis. Stats. The report outlines divisions' and attached agencies' accomplishments for the completed biennium and includes a summary of objectives for the coming biennium.
Our achievements of the past two years reflect the efforts of DOA's dedicated and conscientious employes, who successfully met the many challenges facing them. Looking ahead, we see additional means for improving the effectiveness of departmental operations and programs, and we intend to proceed with a commitment to efficiency and cost control.
We will be happy to respond to any questions or comments about the department and its functions.
Sincerely,
George Lightbourn
Acting Director
__________________
State of Wisconsin
Investment Board
Madison
November 17, 1999
To the Honorable, the Legislature:
Section
25.17(14r) of the Statutes requires that the State of Wisconsin Investment Board (SWIB) submit a report to the Joint Committee on Audit, Joint Committee on Finance and the Chief Clerks of each House summarizing any change in the Board's investment policies, upon adoption of the change.
On October 14, 1999 the Board approved modifications to the Investment Policy Guidelines relating to the Non-Traditional, private equity portfolios. Attached are the modified guidelines. Additions to the previous guidelines are shaded and deletions are the stricken material.
Temporary investment guideline changes were adopted at the November 4th Board meeting, affecting the State Investment Fund (SIF). Because these changes are temporary, the investment guideline document will not be amended and modified guidelines are not attached.
Non-Traditional Portfolio
The Non-Traditional portfolio represents a broadly diversified portfolio, invested in a wide variety of investments which may not fall within current parameters of traditional asset classes such as publicly traded stocks and bonds. The portfolio is intended to be global in nature and focus on investment instruments which have been undervalued due to complex or novel structuring, indeterminate risk exposures and other factors creating market inefficiencies. The portfolio is invested in both public and private equities and fixed income investments, partnerships and other fund investments.
Since its inception, the portfolio has evolved from a significant concentration in domestic stocks to a more global non-traditional investment approach. We believe that there is greater value in emerging markets today. In order to capitalize on these opportunities, the Board revised the portfolio's emerging market exposure limit from 33% to 60%. Although it is unlikely that the new limit will be approached, this change has the effect of increasing the Fixed Trust Fund's potential emerging market exposure from an upper limit of 5% to about 6% of the fund. The current exposure is approximately 2%.
Private Equity Portfolios
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SWIB presently has two private equity portfolios in the Private Placements division: the Leveraged Buy-out Portfolio (LBO) and the Venture Capital Portfolio (Ven-cap). SWIB also has investment guidelines which grant authority for certain small private equity investments, without the requirement that the portfolio manager gain prior approval from the Board. These are outlined under the Small Investment Pool (SIP) section of the guidelines. The Board approved changes for these guidelines which served to clarify the existing and historical investment activity in these areas. The guideline changes did not materially alter the investment practices in these portfolios.
The LBO portfolio consists of direct leveraged buy-out investments in U.S. corporations as well as investments in leveraged buy-out funds. Target LBO investments are existing companies which are undergoing an ownership change and have the potential for significant growth and operating improvement. The form of the investments in the LBO portfolio can be direct debt and/or equity ownership in a specific company or investments in LBO funds which, in turn, make similar types of debt and/or equity investments on behalf of the fund. The Board approved guideline changes which clarified the authority for direct investments.
The Ven-cap portfolio invests in venture capital funds which, in turn, invest in new companies in the early stages of development, generally prior to a public offering of the company's stock. The Board adopted guideline changes which specifically reference the Fixed Trust fund's statutory limitation for venture capital investing. This limit is presently 2% of the value of the Fixed Trust Fund. Other minor modifications were made for clarification purposes.