AB920,12,32 24.01 (2) "Board" means the board of commissioners of public lands, except that
3this 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 4Section 18. 24.10 of the statutes is amended to read:
AB920,12,17 524.10 Procedure at sale. At the time and place specified in such the notice
6under s. 24.09 (1) (d) the board shall commence the sale of the lands described in the
7notice
and thereafter continue the same from day to day (, Sundays excepted),
8between 9 a.m. and the setting of the sun, until all lands described in said the notice
9have been offered. The order of such the sale shall be to begin at the lowest number
10of the sections, townships and ranges in each county and proceed regularly to the
11highest, until all then to be sold are offered for sale. Each lot or tract of such lands
12shall, except such as may be
Except for lands withheld as provided in from sale under
13s. 24.09, (2), each lot or tract of lands to be sold shall be offered separately at the
14minimum price fixed by law, and shall be cried at public auction long enough to
15enable every one present to bid; and if. If the minimum price or more be is bid, such
16the lot or tract shall be struck off to the highest bidder;, but if such the minimum price
17be 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 18Section 19. 24.14 (title) of the statutes is amended to read:
AB920,12,19 1924.14 (title) Rights of swamp-land swampland purchasers.

Note: Inserts preferred spelling.
AB920, s. 20 1Section 20. 24.61 (3) (a) 1. of the statutes is renumbered 24.61 (3) (a) 1. (intro.)
2and amended to read:
AB920,13,43 24.61 (3) (a) 1. (intro.) A school district by whatever name designated, to be
4used for the any of the following:
AB920,13,5 5a. The operation and maintenance of schools, in erecting.
AB920,13,7 6b. Erecting and remodeling school buildings, and teacherages, in the purchase
7of
.
AB920,13,10 8c. Purchasing teacherages, teacherage sites, schoolhouse sites, bus garage
9sites, transportation vehicles, bus garages, school equipment, or and school
10playgrounds, or in refunding.
AB920,13,12 11d. Refunding any indebtedness incurred for a lawful purpose and within the
12constitutional limitations, and for the.
AB920,13,13 13e. The purpose authorized by s. 67.04 or .
AB920,13,14 14f. 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 15Section 21. 24.61 (3) (a) 2. of the statutes is amended to read:
AB920,13,1716 24.61 (3) (a) 2. A town, village, city or county as provided under s. 67.04 or
17otherwise authorized by law; or.
AB920, s. 22 18Section 22. 24.79 (title) of the statutes is amended to read:
AB920,13,19 1924.79 (title) Swamp land Swampland grants.
AB920, s. 23 20Section 23. 25.01 of the statutes is created to read:
AB920,13,22 2125.01 Definition. In this chapter, unless the context requires otherwise,
22"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 1Section 24. 25.14 (1) of the statutes is renumbered 25.14 (1) (a) (intro.) and
2amended to read:
AB920,14,73 25.14 (1) (a) (intro.) There is created a state investment fund under the
4jurisdiction and management of the investment board (hereinafter referred to as
5"board")
to be operated as an investment trust for the purpose of managing the
6securities of all of the state's funds consisting of the funds specified in s. 25.17 (1),
7except the all of the following:
AB920,14,8 81. The state life fund,.
AB920,14,9 92. The fixed retirement investment trust, .
AB920,14,10 103. The variable retirement investment trust,.
AB920,14,11 114. The capital improvement fund,.
AB920,14,12 125. The bond security and redemption fund, .
AB920,14,13 136. The state building trust fund, the .
AB920,14,14 147. The state housing authority reserve fund, the.
AB920,14,15 158. The children's trust fund, the.
AB920,14,16 169. The patients compensation fund, the.
AB920,14,17 1710. The tuition trust fund, funds which .
AB920,14,19 1811. Funds that under article X of the constitution are controlled and invested
19by the board of commissioners of public lands, funds which.
AB920,15,2
112. Funds that are required by specific provision of law to be controlled and
2invested by any other authority, the.
AB920,15,3 313. The university trust funds and the.
AB920,15,4 414. The trust funds of the state universities except that the.
AB920,15,8 5(b) The respective authorities controlling the investment of any such excluded
6fund excluded under par. (a) may authorize the transfer of any temporary cash assets
7of any such excluded fund excluded under par. (a) to the state investment fund in
8accordance 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 9Section 25. 25.14 (3) of the statutes is amended to read:
AB920,15,2010 25.14 (3) The department of administration, upon consultation with the
11investment board, shall distribute all earnings, profits or losses of the state
12investment fund to each participating fund in the same ratio as each such
13participating fund's average daily balance within the state investment fund bears to
14the total average daily balance of all participating funds, except as provided in s.
1514.58 (19) and except that the department of administration shall credit to the
16appropriation account under s. 20.585 (1) (jt) an amount equal to the amount
17assessed under s. 25.19 (3) from the earnings or profits of the funds against which
18an assessment is made. Such distribution Distributions under this section shall be
19made at such times as the department of administration may determine, but must
20be 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 21Section 26. 25.15 (5) of the statutes is amended to read:
AB920,16,2
125.15 (5) Commissions. All records of commissions paid by the investment
2board 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 3Section 27. 25.156 (1) of the statutes is amended to read:
AB920,16,64 25.156 (1) The members of the board shall be the governing body of the
5investment board and shall promulgate rules and formulate policies deemed
6considered 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 7Section 28. 25.156 (2) of the statutes, as affected by 1999 Wisconsin Act 9, is
8amended to read:
AB920,16,139 25.156 (2) The investment board shall employ an executive director, who shall
10serve outside the classified service. The executive director shall be qualified by
11training and prior experience to manage, administer and direct the investment of
12funds. The investment board shall fix the compensation of the executive director,
13and may award bonus compensation.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 29 14Section 29. 25.156 (2m) of the statutes is amended to read:
AB920,16,1715 25.156 (2m) The investment board shall employ an internal auditor, who shall
16serve outside the classified service. The board shall fix the compensation of the
17internal auditor.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 30 18Section 30. 25.156 (8) of the statutes is amended to read:
AB920,16,1919 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 20Section 31. 25.156 (9) of the statutes is amended to read:
AB920,17,3
125.156 (9) The chairperson of the investment board shall appear at least
2annually before any committee established in the senate, whose jurisdiction includes
3financial institutions, if that committee so requests.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 32 4Section 32. 25.16 (1) of the statutes is amended to read:
AB920,17,105 25.16 (1) The executive and administrative functions of the investment board,
6except for the functions performed by the internal auditor under s. 25.165 (2), shall
7be vested in an executive director, who shall perform the functions of executive
8director in conformity with the requirements of the members of the board and in
9accordance with policies, principles and directives determined by the members of the
10board.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 33 11Section 33. 25.16 (2) of the statutes is amended to read:
AB920,18,212 25.16 (2) Subject to authorization under s. 16.505, the executive director may
13appoint a chief legal counsel, chief financial officer, chief risk officer and not more
14than 11 investment directors and shall appoint a chief investment officer and all
15other employes necessary to carry out the functions of the investment board, except
16that the investment board shall appoint the internal auditor and shall participate
17in the selection of the chief investment officer and investment directors and the
18internal auditor shall appoint his or her staff. The executive director shall appoint
19all employes outside the classified service, except blue collar and clerical employes.
20Neither the executive director, the internal auditor, the chief investment officer, the
21chief legal counsel, the chief financial officer, the chief risk officer, any investment
22director nor any other employe of the board shall have any financial interest, either
23directly or indirectly, in any firm engaged in the sale or marketing of real estate or

1investments of any kind, nor shall any of them render investment advice to others
2for remuneration.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 34 3Section 34. 25.16 (7) of the statutes, as affected by 1999 Wisconsin Act 9, is
4amended to read:
AB920,18,95 25.16 (7) The executive director shall fix the compensation of all employes
6appointed by the executive director, subject to restrictions set forth in the
7compensation plan under s. 230.12 or any applicable collective bargaining
8agreement in the case of employes in the classified service, but the investment board
9may 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 10Section 35. 25.165 (1) of the statutes, as affected by 1999 Wisconsin Act 9, is
11amended to read:
AB920,18,2112 25.165 (1) There is created in the investment board an internal audit subunit,
13under the supervision of the internal auditor. The internal auditor shall report
14directly to the board and, subject to authorization under s. 16.505, shall appoint all
15employes necessary to carry out the duties of the internal auditor. The internal
16auditor shall appoint all employes outside the classified service, except blue collar
17and clerical employes. The internal auditor shall fix the compensation of all
18employes appointed by the internal auditor, subject to restrictions set forth in the
19compensation plan under s. 230.12 or any applicable collective bargaining
20agreement in the case of employes in the classified service, but the investment board
21may 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 22Section 36. 25.17 (1) (pg) of the statutes is amended to read:
AB920,19,5
125.17 (1) (pg) State building trust fund (s. 25.30), except for the purpose and
2extent of loans to the Wisconsin state public building corporation State Public
3Building Corporation
, the Wisconsin university building corporation University
4Building Corporation
, and the Wisconsin state colleges building corporation State
5Colleges 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 6Section 37. 25.17 (2) (a) of the statutes is amended to read:
AB920,19,207 25.17 (2) (a) Invest any of the funds specified in sub. (1), except operating funds,
8the capital improvement fund and the bond security and redemption fund, in loans
9to the Wisconsin university building corporation, state colleges building corporation
10University Building Corporation, the Wisconsin State Colleges Building
11Corporation
or the Wisconsin state public building corporation State Public Building
12Corporation
, but only if such the loans are secured by mortgages upon property
13owned by the respective corporations producing sufficient income to retire the
14mortgage over the term of the loan or are secured by the pledge of rentals sufficient
15in amount to retire the indebtedness. The investment board shall make no loans to
16any building corporation described in this subsection except under the conditions
17herein prescribed in this paragraph, or except as otherwise provided in par. (b).
18These loans shall be made only when in the judgment of the investment board it is
19to the interest of the funds to do so, except that loans made under par. (b) shall be
20made 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 21Section 38. 25.17 (2) (b) of the statutes is amended to read:
AB920,20,11
125.17 (2) (b) Invest the state building trust fund in loans to the Wisconsin state
2public building corporation
State Public Building Corporation, to the Wisconsin
3university building corporation University Building Corporation, and to the
4Wisconsin state colleges building corporation State Colleges Building Corporation.
5Except for interim loans for construction, or other temporary financing for the
6purchase of lands, planning (, including both engineering and financing), and all
7other expenses incidental to any of the foregoing, such loans under this paragraph
8shall be secured by a pledge and assignment of net revenues derived from the
9operation of buildings by said corporations the borrowing corporation on lands leased
10or conveyed to said corporations the corporation. Any such loan under this
11paragraph
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 12Section 39. 25.17 (2) (d) of the statutes is amended to read:
AB920,20,1913 25.17 (2) (d) Invest the environmental improvement fund, and collect the
14principal and interest of all moneys loaned or invested from the environmental
15improvement fund, as directed by the department of administration under s. 281.59
16(2m). In making such investment investments under this paragraph, the investment
17board shall accept any reasonable terms and conditions that the department of
18administration specifies and is relieved of any obligations relevant to prudent
19investment 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 20Section 40. 25.17 (2) (e) of the statutes is amended to read:
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