AB920: Bill Text

AB920,10,14 (j) With Official oaths and bonds of the members of a technical college district shall be filed with the secretary of a for the technical college district: Of all members of the district board of such district for which the member serves.

Note: Reorders text and replaces language to create grammatically correct complete sentences for improved readability and conformity with current style.

AB920, s. 14 Section 14. 20.003 (3) (b) 1. to 5. and (c) 1. to 5. of the statutes are amended to read:

AB920,10,18 20.003 (3) (b) 1. Appropriations from general purpose revenues shall be assigned paragraph letters (a) to (fz);.

AB920,10,20 2. To the extent feasible, appropriations from program revenues shall be assigned paragraph letters (g) to (jz) and (L) to (pz); .

AB920,10,22 3. To the extent feasible, appropriations from program revenue service shall be assigned paragraph letters (k) to (kz);.

AB920,11,2 4. Appropriations from segregated revenues shall be assigned paragraph letters (q) to (zz);.

AB920,11,4 5. To the extent feasible, federal program revenues shall be assigned paragraph letters (m) to (pz); and.

AB920,11,6 (c) 1. Appropriations from general purpose revenues shall be shown with a 2nd paragraph letter of "a" to "f";.

AB920,11,8 2. Appropriations from program revenues shall be shown with a 2nd paragraph letter of "g" to "j" or "L" to "p";.

AB920,11,10 3. Appropriations from program revenue-service shall be shown with a 2nd paragraph letter of "k";.

AB920,11,12 4. Appropriations from segregated revenues shall be shown with a 2nd paragraph letter of "q" to "z";.

AB920,11,14 5. Federal program revenues shall be shown with a 2nd paragraph letter of "m" to "p"; and.

Note: Replaces punctuation for internal consistency and conformity with current style.

AB920, s. 15 Section 15. 20.921 (1) (d) 2. of the statutes is amended to read:

AB920,11,22 20.921 (1) (d) 2. The trustee shall make purchases of savings bonds in the name of the officer or employe (, or other beneficiary named in the request), whenever the amount to their credit is sufficient for that purpose and transmit them to the person entitled thereto. If the officer or employe cancels the request for the purchase of savings bonds, or upon termination of the trust, the amount remaining to a person's credit is not sufficient to purchase a bond the trustee may purchase savings stamps and transmit them to the person entitled thereto or refund the amount.

Note: Replaces parentheses in greater conformity with current style.

AB920, s. 16 Section 16. 23.09 (26) (a) 2. of the statutes is renumbered 23.09 (26) (a).

Note: The designation as subdivision 2. is unnecessary. Section 23.09 (26) (a) is not divided into subdivisions.

AB920, s. 17 Section 17. 24.01 (2) of the statutes is amended to read:

AB920,12,3 24.01 (2) "Board" means the board of commissioners of public lands, except that this definition does not apply to ch. 25.

Note: Definitions in s. 24.01 apply to chs. 23 to 29. Ch. 169, Laws of 1981, renumbered all of the public lands provisions in ch. 25 to be in ch. 24 and contains a note saying, "This bill consolidates the program responsibilities of the board of commissioners of public lands into chapter 24 of the statutes." Chapter 25 now relates to the program responsibilities of the investment board. See also the creation of s. 25.01 by this bill.

AB920, s. 18 Section 18. 24.10 of the statutes is amended to read:

AB920,12,17 24.10 Procedure at sale. At the time and place specified in such the notice under s. 24.09 (1) (d) the board shall commence the sale of the lands described in the notice and thereafter continue the same from day to day (, Sundays excepted), between 9 a.m. and the setting of the sun, until all lands described in said the notice have been offered. The order of such the sale shall be to begin at the lowest number of the sections, townships and ranges in each county and proceed regularly to the highest, until all then to be sold are offered for sale. Each lot or tract of such lands shall, except such as may be Except for lands withheld as provided in from sale under s. 24.09, (2), each lot or tract of lands to be sold shall be offered separately at the minimum price fixed by law, and shall be cried at public auction long enough to enable every one present to bid; and if. If the minimum price or more be is bid, such the lot or tract shall be struck off to the highest bidder;, but if such the minimum price be is not bid the tract shall be set down unsold.

Note: Breaks up long sentences, replaces punctuation, inserts specific cross-references and references and replaces parentheses for greater conformity with current style and improved readability.

AB920, s. 19 Section 19. 24.14 (title) of the statutes is amended to read:

AB920,12,19 24.14 (title) Rights of swamp-land swampland purchasers.

Note: Inserts preferred spelling.

AB920, s. 20 Section 20. 24.61 (3) (a) 1. of the statutes is renumbered 24.61 (3) (a) 1. (intro.) and amended to read:

AB920,13,4 24.61 (3) (a) 1. (intro.) A school district by whatever name designated, to be used for the any of the following:

AB920,13,5 a. The operation and maintenance of schools, in erecting.

AB920,13,7 b. Erecting and remodeling school buildings, and teacherages, in the purchase of.

AB920,13,10 c. Purchasing teacherages, teacherage sites, schoolhouse sites, bus garage sites, transportation vehicles, bus garages, school equipment, or and school playgrounds, or in refunding.

AB920,13,12 d. Refunding any indebtedness incurred for a lawful purpose and within the constitutional limitations, and for the.

AB920,13,13 e. The purpose authorized by s. 67.04 or .

AB920,13,14 f. Any purpose otherwise authorized by law;.

Note: Subdivides provision and modifies paragraph's punctuation for conformity with current style and internal consistency.

AB920, s. 21 Section 21. 24.61 (3) (a) 2. of the statutes is amended to read:

AB920,13,17 24.61 (3) (a) 2. A town, village, city or county as provided under s. 67.04 or otherwise authorized by law; or.

AB920, s. 22 Section 22. 24.79 (title) of the statutes is amended to read:

AB920,13,19 24.79 (title) Swamp land Swampland grants.

AB920, s. 23 Section 23. 25.01 of the statutes is created to read:

AB920,13,22 25.01 Definition. In this chapter, unless the context requires otherwise, "board" means the investment board.

Note: Under s. 24.01 (2), in chs. 23 to 29, "board" means the board of commissioners of public lands. Ch. 169, Laws of 1981, renumbered all of the public lands provisions in ch. 25 to be in ch. 24 and contains a note saying "This bill consolidates the program responsibilities of the board of commissioners of public lands into chapter 24 of the statutes." Chapter 25 now relates to the program responsibilities of the investment board.

This bill excepts the applicability of the s. 24.01 (2) definition to ch. 25 and defines "board" as the investment board for purposes of ch. 25. Currently in ch. 25, the investment board is referred to as both "the board" and the "investment board". Except in provisions that contain references to other boards as well the investment board, this bill replaces "the investment board" with "the board". See also the treatment of s. 24.01 (2) by this bill.

AB920, s. 24 Section 24. 25.14 (1) of the statutes is renumbered 25.14 (1) (a) (intro.) and amended to read:

AB920,14,7 25.14 (1) (a) (intro.) There is created a state investment fund under the jurisdiction and management of the investment board (hereinafter referred to as "board") to be operated as an investment trust for the purpose of managing the securities of all of the state's funds consisting of the funds specified in s. 25.17 (1), except the all of the following:

AB920,14,8 1. The state life fund,.

AB920,14,9 2. The fixed retirement investment trust, .

AB920,14,10 3. The variable retirement investment trust,.

AB920,14,11 4. The capital improvement fund,.

AB920,14,12 5. The bond security and redemption fund, .

AB920,14,13 6. The state building trust fund, the .

AB920,14,14 7. The state housing authority reserve fund, the.

AB920,14,15 8. The children's trust fund, the.

AB920,14,16 9. The patients compensation fund, the.

AB920,14,17 10. The tuition trust fund, funds which .

AB920,14,19 11. Funds that under article X of the constitution are controlled and invested by the board of commissioners of public lands, funds which.

AB920,15,2 12. Funds that are required by specific provision of law to be controlled and invested by any other authority, the.

AB920,15,3 13. The university trust funds and the.

AB920,15,4 14. The trust funds of the state universities except that the.

AB920,15,8 (b) The respective authorities controlling the investment of any such excluded fund excluded under par. (a) may authorize the transfer of any temporary cash assets of any such excluded fund excluded under par. (a) to the state investment fund in accordance with subs. (2) and (3).

Note: Renumbers provision for improved readability and conformity with current style. The stricken language in par. (a) (intro.) is unnecessary after the creation of the definition of "board" as s. 25.01 by this bill. Replaces "which" with "that" to correct grammar.

AB920, s. 25 Section 25. 25.14 (3) of the statutes is amended to read:

AB920,15,20 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 participating 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) 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 Distributions under this section 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: Insert specific references. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 26 Section 26. 25.15 (5) of the statutes is amended to read:

AB920,16,2 25.15 (5) Commissions. All records of commissions paid by the investment board for purchases and sales of investments are open to public inspection.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 27 Section 27. 25.156 (1) of the statutes is amended to read:

AB920,16,6 25.156 (1) The members of the board shall be the governing body of the investment board and shall promulgate rules and formulate policies deemed considered necessary and appropriate to carry out its functions.

Note: Replaces disfavored term. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 28 Section 28. 25.156 (2) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

AB920,16,13 25.156 (2) The investment board shall employ an executive director, who shall serve outside the classified service. The executive director shall be qualified by training and prior experience to manage, administer and direct the investment of funds. The investment board shall fix the compensation of the executive director, and may award bonus compensation.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 29 Section 29. 25.156 (2m) of the statutes is amended to read:

AB920,16,17 25.156 (2m) The investment board shall employ an internal auditor, who shall serve outside the classified service. The board shall fix the compensation of the internal auditor.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 30 Section 30. 25.156 (8) of the statutes is amended to read:

AB920,16,19 25.156 (8) The investment board shall keep full minutes of its proceedings.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 31 Section 31. 25.156 (9) of the statutes is amended to read:

AB920,17,3 25.156 (9) The chairperson of the investment board shall appear at least annually before any committee established in the senate, whose jurisdiction includes financial institutions, if that committee so requests.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 32 Section 32. 25.16 (1) of the statutes is amended to read:

AB920,17,10 25.16 (1) The executive and administrative functions of the investment board, except for the functions performed by the internal auditor under s. 25.165 (2), shall be vested in an executive director, who shall perform the functions of executive director in conformity with the requirements of the members of the board and in accordance with policies, principles and directives determined by the members of the board.

Note: See the note to the creation of s. 25.01 by this bill.

AB920, s. 33 Section 33. 25.16 (2) of the statutes is amended to read:

AB920,18,2 25.16 (2) Subject to authorization under s. 16.505, the executive director may appoint 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.