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;.
AB920,30,87 5. Any vehicle within state parks or state park areas designated by the
8department;.
AB920,30,109 6. Any vehicle, except a motor bus, occupied by a person holding a senior citizen
10recreation card issued under s. 29.624;.
AB920,30,1211 7. Any vehicle, except a motor bus, occupied by a person holding a conservation
12patron license issued under s. 29.235;.
AB920,30,1613 8. Any vehicle towed behind or carried on another vehicle. The department
14may issue a special permit for a towed or carried vehicle in order to determine
15compliance with and facilitate enforcement of the vehicle admission receipt
16requirement; or.
Note: Replaces punctuation for conformity with current style and internal
consistency.
AB920, s. 68 17Section 68. 27.05 (intro.) of the statutes is amended to read:
AB920,31,2 1827.05 Powers of commission or general manager. (intro.) The county
19park commission except, or the general manager in counties with a county executive
20or county administrator, the general manager, shall have charge and supervision of
21all county parks, and all lands heretofore or hereafter acquired by the county for park
22or reservation purposes; and. The county park commission or general manager,
23subject to the general supervision of the county board and to such regulations as it

1may prescribe
prescribed by the county board, except as provided under s. 27.03 (2),
2may 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 3Section 69. 27.05 (1) of the statutes is amended to read:
AB920,31,54 27.05 (1) Lay out, improve, maintain and govern all such county parks and
5open spaces; provide.
AB920,31,10 6(1g) Provide by contract with sanitary districts, counties, or towns, cities or
7villages, subject to the approval of the county board of supervisors, or in any other
8manner, for the disposal of sewage arising from the use of such county parks and take
9all action necessary to prevent the pollution of park or parkway areas or any portion
10thereof by sewage emanating from upland areas; lay.
AB920,31,16 11(1m) Lay out, determine and prescribe building lines along, grade, construct,
12improve and maintain roads, parkways, boulevards and bridges therein in county
13parks
or connecting the same county parks with any other parks or open spaces or
14with any municipality in the county, using such methods and materials as that it
15deems considers expedient; determine and prescribe building lines along the same;
16and make
.
AB920,31,18 17(1s) Make rules for the regulation of the use and enjoyment thereof of the
18county parks and open spaces
by the public;.
Note: Subdivides provision and modifies punctuation for conformity with current
style and internal consistency.
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