AB920: Bill Text

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.

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

AB920, s. 34 Section 34. 25.16 (7) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

AB920,18,9 25.16 (7) The executive director shall fix the compensation of all employes appointed by the executive director, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service.

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

AB920, s. 35 Section 35. 25.165 (1) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

AB920,18,21 25.165 (1) There is created in the investment board an internal audit subunit, under the supervision of the internal auditor. The internal auditor shall report directly to the board and, subject to authorization under s. 16.505, shall appoint all employes necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employes outside the classified service, except blue collar and clerical employes. The internal auditor shall fix the compensation of all employes appointed by the internal auditor, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service.

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

AB920, s. 36 Section 36. 25.17 (1) (pg) of the statutes is amended to read:

AB920,19,5 25.17 (1) (pg) State building trust fund (s. 25.30), except for the purpose and extent of loans to the Wisconsin state public building corporation State Public Building Corporation, the Wisconsin university building corporation University Building Corporation, and the Wisconsin state colleges building corporation State Colleges Building Corporation, which are subject to sub. (2) (b); and

Note: Deletes unnecessary "and" and capitalizes corporate titles consistent with current style.

AB920, s. 37 Section 37. 25.17 (2) (a) of the statutes is amended to read:

AB920,19,20 25.17 (2) (a) Invest any of the funds specified in sub. (1), except operating funds, the capital improvement fund and the bond security and redemption fund, in loans to the Wisconsin university building corporation, state colleges building corporation University Building Corporation, the Wisconsin State Colleges Building Corporation or the Wisconsin state public building corporation State Public Building Corporation, but only if such the loans are secured by mortgages upon property owned by the respective corporations producing sufficient income to retire the mortgage over the term of the loan or are secured by the pledge of rentals sufficient in amount to retire the indebtedness. The investment board shall make no loans to any building corporation described in this subsection except under the conditions herein prescribed in this paragraph, or except as otherwise provided in par. (b). These loans shall be made only when in the judgment of the investment board it is to the interest of the funds to do so, except that loans made under par. (b) shall be made at the direction of the building commission.

Note: Capitalizes corporate titles consistent with current style and inserts specific references. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 38 Section 38. 25.17 (2) (b) of the statutes is amended to read:

AB920,20,11 25.17 (2) (b) Invest the state building trust fund in loans to the Wisconsin state public building corporation State Public Building Corporation, to the Wisconsin university building corporation University Building Corporation, and to the Wisconsin state colleges building corporation State Colleges Building Corporation. Except for interim loans for construction, or other temporary financing for the purchase of lands, planning (, including both engineering and financing), and all other expenses incidental to any of the foregoing, such loans under this paragraph shall be secured by a pledge and assignment of net revenues derived from the operation of buildings by said corporations the borrowing corporation on lands leased or conveyed to said corporations the corporation. Any such loan under this paragraph shall be made upon the direction of the building commission.

Note: Capitalizes corporate titles consistent with current style and inserts specific references. Replaces parentheses in conformity with current style.

AB920, s. 39 Section 39. 25.17 (2) (d) of the statutes is amended to read:

AB920,20,19 25.17 (2) (d) Invest the environmental improvement fund, and collect the principal and interest of all moneys loaned or invested from the environmental improvement fund, as directed by the department of administration under s. 281.59 (2m). In making such investment investments under this paragraph, 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.

Note: Inserts specific references. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 40 Section 40. 25.17 (2) (e) of the statutes is amended to read:

AB920,21,5 25.17 (2) (e) Invest the transportation infrastructure loan fund, and collect the principal and interest of all moneys loaned or invested from the transportation infrastructure loan fund, as directed by the department of administration under s. 85.52 (4m). In making such investment investments under this paragraph, 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.

Note: Inserts specific references. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 41 Section 41. 25.17 (5) of the statutes is amended to read:

AB920,21,23 25.17 (5) The limitations upon the percentage of the assets of any fund which that are imposed by sub. (4) or any other statute shall not be applicable to investments made by the investment board of funds in the variable retirement investment trust created under s. 40.04 (3) and said those investments shall be excluded in computing the assets to which any such the limitations imposed by sub. (4) apply. Assets of the variable retirement investment trust shall be invested primarily in equity securities which that shall include common stocks, real estate or other recognized forms of equities whether or not subject to indebtedness, including securities convertible into common stocks and securities of corporations in the venture capital stage. The investment board may, however, temporarily invest such assets of the variable retirement investment trust in investments which that are authorized under sub. (3), but the assets so temporarily invested shall be replaced by equity securities at the earliest time deemed considered by the board to be practicable considering the then existing condition of the securities market and other influential factors. Investments in securities of corporations which that are in the venture capital stage shall not exceed 2% of the admitted assets of the variable retirement investment trust.

Note: Replaces disfavored terms, inserts specific references and replaces "which" with "that" to correct grammar. See also the note to the creation of s. 25.01 by this bill.

AB920, s. 42 Section 42. 25.17 (6) of the statutes is amended to read: