AB920,21,237
25.17
(5) The limitations upon the percentage of the assets of any fund
which
8that are imposed by sub. (4) or any other statute shall not be applicable to
9investments made by the
investment board of funds in the variable retirement
10investment trust created under s. 40.04 (3) and
said
those investments shall be
11excluded in computing the assets to which
any such
the limitations
imposed by sub.
12(4) apply. Assets of the variable retirement investment trust shall be invested
13primarily in equity securities
which that shall include common stocks, real estate or
14other recognized forms of equities whether or not subject to indebtedness, including
15securities convertible into common stocks and securities of corporations in the
16venture capital stage. The
investment board may, however, temporarily invest
such 17assets
of the variable retirement investment trust in investments
which that are
18authorized under sub. (3), but the assets so temporarily invested shall be replaced
19by equity securities at the earliest time
deemed
considered by the board to be
20practicable considering the then existing condition of the securities market and other
21influential factors. Investments in securities of corporations
which that are in the
22venture capital stage shall not exceed 2% of the admitted assets of the variable
23retirement 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
1Section
42. 25.17 (6) of the statutes is amended to read:
AB920,22,162
25.17
(6) Notwithstanding any other statute, transfers from the variable
3retirement investment trust to the fixed retirement investment trust under s. 40.04
4(7) may be made in cash or securities or both as determined by the
investment board.
5The
investment board shall determine market values for securities in the variable
6retirement investment trust as of the close of business on the last working day
7preceding a transfer. If securities are transferred, to the extent determined feasible
8by the
investment board, a proportionate amount of all securities in even hundreds
9of shares of stock or even thousands of par value of bonds in the variable retirement
10investment trust shall be transferred. The
investment board may hold or sell the
11transferred securities as it determines appropriate considering market and
12economic conditions. Any limitation on the percentage of assets in common stocks
13or in the stock of one company does not apply to the transferred securities, except the
14investment board shall, at such time as it determines
that market, economic and
15other conditions are appropriate to the sale of the securities, sell sufficient
16transferred securities so as to comply with percentage of asset limitations.
Note: Inserts "that" to improve readability. See also the note to the creation of s.
25.01 by this bill.
AB920, s. 43
17Section
43. 25.17 (8) of the statutes is amended to read:
AB920,22,2218
25.17
(8) Accept
, when necessary to protect a mortgage loan, a quitclaim deed
19or warranty deed to the mortgaged property in full satisfaction of the mortgage debt,
20and manage, operate, lease, exchange, sell and convey, by land contract, quitclaim
21deed or warranty deed, and grant easement rights in, any real property acquired by
22said the board.
Note: Inserts comma to correct grammar. See also the note to the creation of s.
25.01 by this bill.
AB920, s. 44
1Section
44. 25.17 (9) of the statutes is amended to read:
AB920,23,122
25.17
(9) Give
such advice and assistance
as may be requested by the board of
3commissioners of public lands or the board of regents of the University of Wisconsin
4System
in concerning the investment of any moneys
which that under sub. (1) are
5excepted from the moneys to be loaned or invested by the investment board, and
6assign, sell, convey and deed to
them such the board of commissioners of public lands
7or the board of regents of the University of Wisconsin System any investments made
8by the
said investment board as may be mutually agreeable. The cost of any services
9rendered to the board of commissioners of public lands or the board of regents of the
10University of Wisconsin System
pursuant to under this section shall be charged to
11the fund to which the moneys invested belong and shall be added to
the appropriation
12to the investment board in s. 20.536.
Note: Inserts specific references and a missing "the". Deletes unnecessary
language. Replaces "which" with "that" to correct grammar. See also the note to the
creation of s. 25.01 by this bill.
AB920, s. 45
13Section
45. 25.17 (10) of the statutes is amended to read:
AB920,23,2014
25.17
(10) If a building constitutes any part of the security for a loan made by
15the
investment board under s. 25.17 (3) (bh) or 620.22 (2),
such the building shall be
16kept insured for at least the unpaid amount of the loan or
such any larger amount
17as that may be necessary to comply with any coinsurance clause inserted in or
18attached to the policy. When the full insurable value of the building is less than the
19unpaid amount of the loan,
such the building shall be kept insured for the full
20insurable value
thereof of the building.
Note: Inserts specific reference. Replaces "such" for internal consistency and to
modernize language. See also the note to the creation of s. 25.01 by this bill.
AB920, s. 46
21Section
46. 25.17 (12) (d) of the statutes is amended to read:
AB920,24,3
125.17
(12) (d) All other state boards, commissions, departments, institutions
2and officers in the investment of any funds
which
that under sub. (1) are
hereafter 3to be loaned and invested by the
investment board.
Note: Replaces incorrectly used "which". Deletes superfluous "hereafter". See also
the note to the creation of s. 25.01 by this bill.
AB920, s. 47
4Section
47. 25.17 (13) of the statutes is amended to read:
AB920,24,75
25.17
(13) Succeed to all of the property, documents, records and assets of the
6state annuity and investment board in the investment of the several funds
which 7that were under the control of
said
the state annuity and investment board.
Note: Replaces "which" with "that" to correct grammar. See also the note to the
creation of s. 25.01 by this bill.
AB920, s. 48
8Section
48. 25.17 (14) (a) of the statutes is amended to read:
AB920,24,139
25.17
(14) (a) Bonds and other evidences of debt and loans secured by
10mortgages having a fixed term and rate shall be valued at market value, except that
11if the
investment board determines that a market value cannot readily be
12determined
such items for any item, the item shall be valued at the outstanding
13principal balance.
Note: Replaces plural form of word with singular for sentence agreement and
inserts comma to correct grammar. See also the note to the creation of s. 25.01 by this
bill.
AB920, s. 49
14Section
49. 25.17 (14) (c) of the statutes is amended to read:
AB920,24,1715
25.17
(14) (c) Real property
which
that is leased to others shall be valued at
16market value, except that if the
investment board determines that
the market value
17cannot readily be assigned
such, the real property shall be valued at cost.
Note: Replaces "which" with "that" to correct grammar. Inserts "the" and comma
to improve readability and grammar. See also the note to the creation of s. 25.01 by this
bill.
AB920, s. 50
18Section
50. 25.17 (14) (d) of the statutes is amended to read:
AB920,25,3
125.17
(14) (d) Any preferred stock, bond, or mortgage
which that is in arrears
2or in default shall be assigned a value by the
investment board
which that will
3approximate what the board in its sole discretion feels the asset is worth.
Note: Replaces "which" with "that" to correct grammar. See also the note to the
creation of s. 25.01 by this bill.
AB920, s. 51
4Section
51. 25.17 (15) of the statutes is amended to read:
AB920,25,85
25.17
(15) For purposes of the power and authority of the
investment board to
6make investments, the "admitted assets" of the fixed retirement investment trust or
7the variable retirement investment trust shall be the total valuation of the assets of
8such trust as set forth in the last report made
pursuant to under sub. (14).
Note: Inserts preferred term. See also the note to the creation of s. 25.01 by this
bill.
AB920, s. 52
9Section
52. 25.17 (17) of the statutes is amended to read:
AB920,25,1610
25.17
(17) No later than January 31 annually, submit a report to the joint
11committee on finance concerning the amount of credits generated by the
investment 12board with brokerage firms during the preceding calendar year. The report shall
13contain a separate itemization of the amount of directed credits for services to be
14provided by the firm providing the credit and
3rd party 3rd-party credits for services
15to be provided by any firm. The report shall include information regarding
16utilization of 3rd-party credits by the board.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 53
17Section
53. 25.17 (70) (a) and (b) (intro.) of the statutes are consolidated,
18renumbered 25.17 (70) (intro.) and amended to read:
AB920,26,519
25.17
(70) (intro.) No later than June 30 of every odd-numbered year, after
20receiving a report from the department of commerce under s. 560.08 (2) (m) and in
21consultation with the department of commerce, submit to the governor and to the
22presiding officer of each house of the legislature a plan for making investments in
1this state. The purpose of the plan is to encourage the board to make the maximum
2amount of investments in this state, subject to s. 25.15 and consistent with the
3statutory purpose of each trust or fund managed by the board.
(b) The plan shall
4discuss potential investments to be made during the first to 5th fiscal years following
5submittal, and shall include, but not be limited to, the following:
Note: Accommodates the renumbering of this subsection in accordance with
current style to allow proper citation and computer searching. See the next section of this
bill.
AB920, s. 54
6Section
54. 25.17 (70) (b) 1. to 4. of the statutes are renumbered 25.17 (70) (a)
7to (d), and 25.17 (70) (b) (intro.) and 3., as renumbered, are amended to read:
AB920,26,108
25.17
(70) (b) (intro.) Nonbinding management objectives for each fiscal year
9stated, as appropriate, as a dollar amount or as a percentage of the total amount of
10all investments made by the
investment board, for the following:
AB920,26,1411
3. The number and value of investments to be made annually in companies that
12are reasonably likely to use the moneys invested by the
investment board to
13maintain or expand employment in this state. Such investments may include
1)
14loans any of the following:
AB920,26,16
15a. Loans to corporations and other organizations to maintain or expand
16operations in this state
; 2) purchases.
AB920,26,19
17b. Purchases of new equity offerings by companies whose equities are not
18broadly traded on major exchanges, if the proceeds are to be used to maintain or
19expand operations in this state
; 3) purchases.
AB920,26,20
20c. Purchases of real estate located in this state
; 4) purchases.
AB920,26,22
21d. Purchases of certificates of deposit or similar instruments issued by financial
22institutions with substantial operations in this state
; 5) investments.
AB920,26,23
23e. Investments in venture capital firms based in this state
; 6) investments.
AB920,27,3
1f. Investments in venture capital firms based in other states, if those
2investments are to be used to purchase securities in companies located in this state
;
37) investments.
AB920,27,5
4g. Investments in businesses headquartered in this state that have less than
5500 employes
; and 8) other.
AB920,27,7
6h. Other investments that the
investment board determines will result in
7maintenance or expansion of employment in this state.
Note: Renumbers provision in accordance with current style. See the previous
section of this bill. See also the note to the creation of s. 25.01 by this bill.
AB920, s. 55
8Section
55. 25.18 (1) (intro.) of the statutes is amended to read:
AB920,27,109
25.18
(1) (intro.) In addition to the powers and duties enumerated in s. 25.17,
10but subject to s. 25.183, the
investment board may:
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 56
11Section
56. 25.18 (2) (intro.) of the statutes is amended to read:
AB920,27,1312
25.18
(2) (intro.) In addition to the powers set forth in sub. (1) and s. 25.17, but
13subject to s. 25.183, the
investment board may:
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 57
14Section
57. 25.185 (2) of the statutes is amended to read:
AB920,27,1815
25.185
(2) The
investment board shall attempt to ensure that 5% of the total
16funds expended for financial and investment analysis and for common stock and
17convertible bond brokerage commissions in each fiscal year is expended for the
18services of minority financial advisers or minority investment firms.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 58
19Section
58. 25.185 (3) of the statutes is amended to read:
AB920,28,320
25.185
(3) The
investment board shall annually report to the department of
21administration the total amount of moneys expended under sub. (2) for common
1stock and convertible bond brokerage commissions, the services of minority financial
2advisers and the services of minority investment firms during the preceding fiscal
3year.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 59
4Section
59. 25.19 (1) of the statutes is amended to read:
AB920,28,85
25.19
(1) The state treasurer shall be the treasurer of the
investment board and
6shall give an additional bond in
such the amount and with
such the corporate
7sureties
as is required and approved by the board, the cost of which shall be borne
8by the board.
Note: Inserts preferred terminology. See also the note to the creation of s. 25.01
by this bill.
AB920, s. 60
9Section
60. 25.19 (1m) of the statutes is amended to read:
AB920,28,1210
25.19
(1m) Any of the securities purchased by the
investment board for any of
11the funds whose investment is under the control of the board may be deposited by
12the board in vaults or other safe depositories either in or outside of this state.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 61
13Section
61. 25.50 (1) (a) of the statutes is repealed.
Note: This provision defined "board" as meaning the investment board for purpose
of s. 25.50. With the creation of s. 25.01 by this bill, this provision is unnecessary.
AB920, s. 62
14Section
62. 25.50 (5) (intro.) of the statutes is amended to read:
AB920,29,315
25.50
(5) Investment policies. (intro.) The
investment board shall formulate
16policies for the investment and reinvestment of moneys in the fund and the
17acquisition, retention, management and disposition of such investments. The board
18shall provide a copy of the investment policies, together with any guidelines adopted
19by the board to direct staff investment activity, to each local government having an
20investment in the fund upon the local government's request and at least annually to
21all investors. The board shall distribute at least annually performance information
1over the preceding one-year, 5-year and 10-year periods, compared with
2appropriate indices or benchmarks in the private sector. The investment policies
3shall include all of the following:
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 63
4Section
63. 25.50 (6) of the statutes is amended to read:
AB920,29,95
25.50
(6) Investment board
Board to invest, reinvest pooled funds. In the
6amounts available for investment purposes and subject to the policies formulated by
7the
investment board, the
investment board shall invest and reinvest moneys in the
8fund and acquire, retain, manage, including the exercise of any voting rights, and
9dispose of investments of the fund.
Note: See the note to the creation of s. 25.01 by this bill.
AB920, s. 64
10Section
64. 25.65 (1) (a) of the statutes is repealed.
Note: This provision defined "board" as meaning the investment board for purpose
of s. 25.65. With the creation of s. 25.01 by this bill, this provision is unnecessary.
AB920, s. 65
11Section
65. 27.01 (5) of the statutes is amended to read:
AB920,29,1612
27.01
(5) Roadside parks. All areas designated as roadside parks shall be a part
13of the state park system. Roadside parks will consist of naturally attractive parcels
14of land
(, 5 acres or more in size
), immediately contiguous to a state trunk highway.
15Each such area shall carry a distinctive name and shall be managed and developed
16as a part of the state park system.
Note: Deletes unnecessary parentheses.
AB920, s. 66
17Section
66. 27.01 (7) (c) (intro.) of the statutes is amended to read:
AB920,29,1918
27.01
(7) (c)
Vehicle admission receipt; exemptions. (intro.) No vehicle
19admission receipt is required for
any of the following:
Note: Rewrites (intro.) to conform with current style.
AB920, s. 67
20Section
67. 27.01 (7) (c) 1. to 8. of the statutes are amended to read:
AB920,30,2
127.01
(7) (c) 1. Any vehicle in an admission area between November 1 and
2March 31, except as the department provides by rule
;.
AB920,30,43
2. Any vehicle operated by an employe, agent or officer of the state, the United
4States or a local unit of government while in the performance of official duties
;.
AB920,30,55
3. Any vehicle when furnishing services or supplies
;
.
AB920,30,66
4. Any vehicle traveling on a public highway in a state park or state forest
;.