Passage as amended:
Ayes: 10 - Representatives Brandemuehl, Stone, Hahn, Petrowski, Suder, Townsend, Huebsch, Leibham, Kestell and Hasenohrl.
Noes: 7 - Representatives Lassa, Balow, Gronemus, Steinbrink, Turner, Young and Sherman.
To committee on Rules.
Assembly Bill 789
Relating to: the valid period of drivers' licenses issued to persons 70 years of age or older.
Passage:
Ayes: 16 - Representatives Brandemuehl, Stone, Hahn, Petrowski, Suder, Townsend, Huebsch, Leibham, Kestell, Lassa, Balow, Gronemus, Hasenohrl, Steinbrink, Turner and Sherman.
Noes: 0.
To committee on Rules.
Assembly Bill 827
Relating to: the minimum number of railroad employes required to be present in the cab of the lead control locomotive when the railroad train or locomotive is in motion.
Assembly amendment 1 adoption:
Ayes: 17 - Representatives Brandemuehl, Stone, Hahn, Petrowski, Suder, Townsend, Huebsch, Leibham, Kestell, Lassa, Balow, Gronemus, Hasenohrl, Steinbrink, Turner, Young and Sherman.
Noes: 0.
Passage as amended:
Ayes: 17 - Representatives Brandemuehl, Stone, Hahn, Petrowski, Suder, Townsend, Huebsch, Leibham, Kestell, Lassa, Balow, Gronemus, Hasenohrl, Steinbrink, Turner, Young and Sherman.
Noes: 0.
To committee on Rules.
David Brandemuehl
Chairperson
Committee on Transportation
__________________
Communications
DATE: March 22, 2000
TO: Charles Sanders
Assembly Chief Clerk
FROM: Representative John Lehman
RE: Recording of votes on various bills voted upon on March 21, 2000
On Tuesday, March 21, 2000, I was granted a leave of absence. Below is a list of how I would have voted had I been present. I hereby request that this list be included in the official record of Assembly proceedings.
The question was: Senate Bill 432 having been read three times, shall the bill be concurred in? "Aye"
The question was: Assembly Bill 822 having been read three times, shall the bill be passed? "Aye"
The question was: Assembly Bill 828 having been read three times, shall the bill be passed? "Aye"
The question was: Assembly Bill 392 having been read three times, shall the bill be passed? "Aye"
The question was: Assembly Bill 400 having been read three times, shall the bill be passed? "Aye"
A801
The question was:
Senate Bill
106 having been read three times, shall the bill be concurred in? "
Aye"
The question was: Senate Bill 12 having been read three times, shall the bill be concurred in? "Aye"
The question was: Senate Bill 136 having been read three times, shall the bill be concurred in? "Aye"
The question was: Senate Bill 309 having been read three times, shall the bill be concurred in? "Aye"
Respectfully submitted,
John Lehman
62nd Assembly District
__________________
Agency Reports
State of Wisconsin
Investment Board
Madison
March 20, 2000
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 February 3, 2000 the Board approved modifications to the Investment Policy Guidelines relating to the Real Estate and Fixed Income portfolios. Attached are the modified guidelines. Additions to the previous guidelines are shaded and deletions are the stricken material. Also attached for informational purposes is the revised Real Estate Investment Guidelines which specifically addresses the detailed operation of our real estate portfolios.
Real Estate Guideline Changes
SWIB operates an internally managed real estate portfolio with assets totalling $1.9 billion as of January 31, 2000. The underlying objective of the real estate program is to prudently invest in high quality real estate investments which serve to enhance long-term investment performance, generate attractive risk-adjusted returns, diversify SWIB's asset base and reduce the volatility of the entire SWIB investment portfolio.
The program presently has two main components: the Core portfolio and the Non-Core portfolio. Both the Core and Non-Core portfolios are direct investment portfolios, whereby SWIB is the sole or joint owner in real property. Within this structure, SWIB engages investment managers to manage individual real estate investments and pools of investments. Guideline changes were effected at the February board meeting which specifically address the Core portfolio.
Prior to the guideline modifications, SWIB staff had the discretion to invest, without prior Board approval, in properties meeting specific criteria. SWIB staff was given this authority with a spending limit of up to $50 million. After $50 million in properties were acquired, SWIB staff could not make new discretionary investments until the Board was provided with a detailed retrospective review of the investments made.
The guideline changes were effected to provide SWIB staff with enhanced discretionary authority when potential investments fall within stipulated criteria. The revised program was designed to be ongoing and continually funded so that attractive, core properties could be acquired as available in the market. To accomplish this goal, the $50 million discretionary funding cap was removed and a policy of monthly reporting was adopted.
The new investment guidelines include revised criteria for investments that qualify for the discretionary Core Portfolio. Generally, these changes simplify and clarify the criteria, while keeping the emphasis on stable, institutional quality, equity investments. Qualifying investments still must afford SWIB control of the investment and be one of the four major property types (office, industrial, apartments or retail). Under this plan, incentive fees for external managers are not permitted.
The newly adopted real estate investment policies strengthen the real estate program by expediting the investment process and allowing SWIB staff and investment managers the opportunity to move rapidly when the market offers attractive opportunities.
Public Fixed Income Guideline Changes
SWIB's internal staff manages in excess of $6.6 billion in domestic public bond investments. Prior to the guideline changes adopted at the February board meeting, these investments were held in three separately managed portfolios: the Intermediate Duration portfolio (IDP), the Core Public Bonds portfolio (Core), and the Market Evaluation portfolio (MEP).
The recent guideline changes restructured the above portfolios into two portfolios: the Long Government/Corporate portfolio (LGC) and the Intermediate Government/Corporate portfolio (IGC). These changes were adopted as a result of a comprehensive asset allocation review completed in January. The effect of this change will be to align our portfolios with the broader bond market and will focus more expertise on specific areas of the market. The LGC's mandate is long-term, primarily focusing on maturities 10 years and longer. The IGC portfolio is concentrated on the intermediate bond market, primarily focusing on maturities 10 years and shorter. These changes also address existing staffing constraints and considerations for succession planning. Additional information regarding this change was provided in our annual Goals and Performance report to the Legislature in January.
Please contact me if you have any questions about this report.
Sincerely,
Patricia Lipton
Executive Director
__________________
A802
Representative Vrakas asked unanimous consent that the Assembly stand recessed. Granted.
The Assembly stood recessed.
11:00 A.M.
__________________
2:05 P.M.
The Assembly reconvened.
Speaker Pro Tempore Freese in the chair.
__________________
Representative Handrick asked unanimous consent to be withdrawn as a coauthor of Assembly Bill
879. Granted.
Assembly Bill 99
Relating to: sex offender registration requirements for persons who are on probation, parole or extended supervision and providing a penalty.
The question was: Shall Senate amendment 1 to Assembly Bill 99 be concurred in?
Motion carried.
Representative Ladwig asked unanimous consent that the rules be suspended and that the Assembly's action on Assembly Bill 99 be immediately messaged to the Senate. Granted.
Assembly Joint Resolution 30
Relating to: memorializing Congress to correct the dual-income inequity without reducing the benefits of any current or future Social Security recipients.
The question was: Shall Assembly Joint Resolution
30 be adopted?
Motion carried.
Representative Ladwig asked unanimous consent that the rules be suspended and that Assembly Joint Resolution 30 be immediately messaged to the Senate. Granted.
Assembly Joint Resolution 92
Relating to: establishment of a rotating regional presidential primary system.
The question was: Shall Assembly amendment 1 to Assembly Joint Resolution 92 be adopted?
Motion carried.
Assembly amendment 2 to Assembly Joint Resolution 92 offered by Representatives Walker and Bock.
The question was: Shall Assembly amendment 2 to Assembly Joint Resolution 92 be adopted?
Motion carried.
The question was: Shall Assembly Joint Resolution
92 be adopted?
Motion carried.
