AB920: Bill Text

AB920, s. 46 Section 46. 25.17 (12) (d) of the statutes is amended to read:

AB920,24,3 25.17 (12) (d) All other state boards, commissions, departments, institutions and officers in the investment of any funds which that under sub. (1) are hereafter to 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 Section 47. 25.17 (13) of the statutes is amended to read:

AB920,24,7 25.17 (13) Succeed to all of the property, documents, records and assets of the state annuity and investment board in the investment of the several funds which that 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 Section 48. 25.17 (14) (a) of the statutes is amended to read:

AB920,24,13 25.17 (14) (a) Bonds and other evidences of debt and loans secured by mortgages having a fixed term and rate shall be valued at market value, except that if the investment board determines that a market value cannot readily be determined such items for any item, the item shall be valued at the outstanding principal 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 Section 49. 25.17 (14) (c) of the statutes is amended to read:

AB920,24,17 25.17 (14) (c) Real property which that is leased to others shall be valued at market value, except that if the investment board determines that the market value cannot 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 Section 50. 25.17 (14) (d) of the statutes is amended to read:

AB920,25,3 25.17 (14) (d) Any preferred stock, bond, or mortgage which that is in arrears or in default shall be assigned a value by the investment board which that will approximate 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 Section 51. 25.17 (15) of the statutes is amended to read:

AB920,25,8 25.17 (15) For purposes of the power and authority of the investment board to make investments, the "admitted assets" of the fixed retirement investment trust or the variable retirement investment trust shall be the total valuation of the assets of such 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 Section 52. 25.17 (17) of the statutes is amended to read:

AB920,25,16 25.17 (17) No later than January 31 annually, submit a report to the joint committee on finance concerning the amount of credits generated by the investment board with brokerage firms during the preceding calendar year. The report shall contain a separate itemization of the amount of directed credits for services to be provided by the firm providing the credit and 3rd party 3rd-party credits for services to be provided by any firm. The report shall include information regarding utilization of 3rd-party credits by the board.

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

AB920, s. 53 Section 53. 25.17 (70) (a) and (b) (intro.) of the statutes are consolidated, renumbered 25.17 (70) (intro.) and amended to read:

AB920,26,5 25.17 (70) (intro.) No later than June 30 of every odd-numbered year, after receiving a report from the department of commerce under s. 560.08 (2) (m) and in consultation with the department of commerce, submit to the governor and to the presiding officer of each house of the legislature a plan for making investments in this state. The purpose of the plan is to encourage the board to make the maximum amount of investments in this state, subject to s. 25.15 and consistent with the statutory purpose of each trust or fund managed by the board. (b) The plan shall discuss potential investments to be made during the first to 5th fiscal years following submittal, 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 Section 54. 25.17 (70) (b) 1. to 4. of the statutes are renumbered 25.17 (70) (a) to (d), and 25.17 (70) (b) (intro.) and 3., as renumbered, are amended to read:

AB920,26,10 25.17 (70) (b) (intro.) Nonbinding management objectives for each fiscal year stated, as appropriate, as a dollar amount or as a percentage of the total amount of all investments made by the investment board, for the following:

AB920,26,14 3. The number and value of investments to be made annually in companies that are reasonably likely to use the moneys invested by the investment board to maintain or expand employment in this state. Such investments may include 1) loans any of the following:

AB920,26,16 a. Loans to corporations and other organizations to maintain or expand operations in this state; 2) purchases.

AB920,26,19 b. Purchases of new equity offerings by companies whose equities are not broadly traded on major exchanges, if the proceeds are to be used to maintain or expand operations in this state; 3) purchases.

AB920,26,20 c. Purchases of real estate located in this state ; 4) purchases.

AB920,26,22 d. Purchases of certificates of deposit or similar instruments issued by financial institutions with substantial operations in this state; 5) investments.

AB920,26,23 e. Investments in venture capital firms based in this state; 6) investments.

AB920,27,3 f. Investments in venture capital firms based in other states, if those investments are to be used to purchase securities in companies located in this state; 7) investments.

AB920,27,5 g. Investments in businesses headquartered in this state that have less than 500 employes; and 8) other.

AB920,27,7 h. Other investments that the investment board determines will result in maintenance 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 Section 55. 25.18 (1) (intro.) of the statutes is amended to read:

AB920,27,10 25.18 (1) (intro.) In addition to the powers and duties enumerated in s. 25.17, but 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 Section 56. 25.18 (2) (intro.) of the statutes is amended to read:

AB920,27,13 25.18 (2) (intro.) In addition to the powers set forth in sub. (1) and s. 25.17, but 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. 57 Section 57. 25.185 (2) of the statutes is amended to read:

AB920,27,18 25.185 (2) The investment board shall attempt to ensure that 5% of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services 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 Section 58. 25.185 (3) of the statutes is amended to read:

AB920,28,3 25.185 (3) The investment board shall annually report to the department of administration the total amount of moneys expended under sub. (2) for common stock and convertible bond brokerage commissions, the services of minority financial advisers and the services of minority investment firms during the preceding fiscal year.

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

AB920, s. 59 Section 59. 25.19 (1) of the statutes is amended to read:

AB920,28,8 25.19 (1) The state treasurer shall be the treasurer of the investment board and shall give an additional bond in such the amount and with such the corporate sureties as is required and approved by the board, the cost of which shall be borne by the board.

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

AB920, s. 60 Section 60. 25.19 (1m) of the statutes is amended to read:

AB920,28,12 25.19 (1m) Any of the securities purchased by the investment board for any of the funds whose investment is under the control of the board may be deposited by the 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 Section 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 Section 62. 25.50 (5) (intro.) of the statutes is amended to read:

AB920,29,3 25.50 (5) Investment policies. (intro.) The investment board shall formulate policies for the investment and reinvestment of moneys in the fund and the acquisition, retention, management and disposition of such investments. The board shall provide a copy of the investment policies, together with any guidelines adopted by the board to direct staff investment activity, to each local government having an investment in the fund upon the local government's request and at least annually to all investors. The board shall distribute at least annually performance information over the preceding one-year, 5-year and 10-year periods, compared with appropriate indices or benchmarks in the private sector. The investment policies shall include all of the following:

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

AB920, s. 63 Section 63. 25.50 (6) of the statutes is amended to read:

AB920,29,9 25.50 (6) Investment board Board to invest, reinvest pooled funds. In the amounts available for investment purposes and subject to the policies formulated by the investment board, the investment board shall invest and reinvest moneys in the fund and acquire, retain, manage, including the exercise of any voting rights, and dispose of investments of the fund.

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

AB920, s. 64 Section 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 Section 65. 27.01 (5) of the statutes is amended to read:

AB920,29,16 27.01 (5) Roadside parks. All areas designated as roadside parks shall be a part of the state park system. Roadside parks will consist of naturally attractive parcels of land (, 5 acres or more in size), immediately contiguous to a state trunk highway. Each such area shall carry a distinctive name and shall be managed and developed as a part of the state park system.

Note: Deletes unnecessary parentheses.

AB920, s. 66 Section 66. 27.01 (7) (c) (intro.) of the statutes is amended to read:

AB920,29,19 27.01 (7) (c) Vehicle admission receipt; exemptions. (intro.) No vehicle admission receipt is required for any of the following:

Note: Rewrites (intro.) to conform with current style.

AB920, s. 67 Section 67. 27.01 (7) (c) 1. to 8. of the statutes are amended to read:

AB920,30,2 27.01 (7) (c) 1. Any vehicle in an admission area between November 1 and March 31, except as the department provides by rule;.

AB920,30,4 2. Any vehicle operated by an employe, agent or officer of the state, the United States or a local unit of government while in the performance of official duties;.

AB920,30,5 3. Any vehicle when furnishing services or supplies; .

AB920,30,6 4. Any vehicle traveling on a public highway in a state park or state forest;.

AB920,30,8 5. Any vehicle within state parks or state park areas designated by the department;.

AB920,30,10 6. Any vehicle, except a motor bus, occupied by a person holding a senior citizen recreation card issued under s. 29.624;.

AB920,30,12 7. Any vehicle, except a motor bus, occupied by a person holding a conservation patron license issued under s. 29.235;.

AB920,30,16 8. Any vehicle towed behind or carried on another vehicle. The department may issue a special permit for a towed or carried vehicle in order to determine compliance with and facilitate enforcement of the vehicle admission receipt requirement; or.

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

AB920, s. 68 Section 68. 27.05 (intro.) of the statutes is amended to read:

AB920,31,2 27.05 Powers of commission or general manager. (intro.) The county park commission except, or the general manager in counties with a county executive or county administrator, the general manager, shall have charge and supervision of all county parks, and all lands heretofore or hereafter acquired by the county for park or reservation purposes; and. The county park commission or general manager, subject to the general supervision of the county board and to such regulations as it may prescribe prescribed by the county board, except as provided under s. 27.03 (2), may do any of the following:

Note: Reorders text to improve readability and clarity. Deletes unnecessary "heretofore or hereafter" in conformity with current style.

AB920, s. 69 Section 69. 27.05 (1) of the statutes is amended to read:

AB920,31,5 27.05 (1) Lay out, improve, maintain and govern all such county parks and open spaces; provide.

AB920,31,10 (1g) Provide by contract with sanitary districts, counties, or towns, cities or villages, subject to the approval of the county board of supervisors, or in any other manner, for the disposal of sewage arising from the use of such county parks and take all action necessary to prevent the pollution of park or parkway areas or any portion thereof by sewage emanating from upland areas; lay.

AB920,31,16 (1m) Lay out, determine and prescribe building lines along, grade, construct, improve and maintain roads, parkways, boulevards and bridges therein in county parks or connecting the same county parks with any other parks or open spaces or with any municipality in the county, using such methods and materials as that it deems considers expedient; determine and prescribe building lines along the same; and make.

AB920,31,18 (1s) Make rules for the regulation of the use and enjoyment thereof of the county parks and open spaces by the public;.

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