AB908: Bill Text

AB908, s. 29 Section 29. 18.16 (5) of the statutes is amended to read:

AB908,11,17 18.16 (5) Except as provided under s. 18.06 (9) and sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of public debt, provides for a portion of sales to minority investment firms , woman-owned investment firms, and service-disabled veteran investment firms.

AB908, s. 30 Section 30. 18.16 (6) of the statutes is amended to read:

AB908,11,25 18.16 (6) The commission shall annually report to the department of administration the total amount of public indebtedness contracted with the underwriting services of minority investment firms, woman-owned investment firms, and service-disabled veteran investment firms and the total amount of moneys expended for the services of minority financial advisers, woman-owned financial advisers, and service-disabled veteran financial advisers during the preceding fiscal year.

AB908, s. 31 Section 31. 18.64 (title) of the statutes is amended to read:

AB908,12,3 18.64 (title) Minority, woman-owned, and service-disabled veteran financial advisers and investment firms.

AB908, s. 32 Section 32. 18.64 (1) of the statutes is repealed and recreated to read:

AB908,12,6 18.64 (1) (a) "Minority financial adviser" means a financial adviser certified by the department of commerce under s. 560.036 (2).

AB908,12,8 (b) "Minority investment firm" means an investment firm certified by the department of commerce under s. 560.036 (2).

AB908,12,10 (c) "Service-disabled veteran financial adviser" means a financial adviser certified by the department of commerce under s. 560.033 (2).

AB908,12,12 (d) "Service-disabled veteran investment firm" means an investment firm certified by the department of commerce under s. 560.033 (2).

AB908,12,14 (e) "Woman-owned financial adviser" means a financial adviser certified by the department of commerce under s. 560.035 (2).

AB908,12,16 (f) "Woman-owned investment firm" means an investment firm certified by the department of commerce under s. 560.035 (2).

AB908, s. 33 Section 33. 18.64 (2) of the statutes is renumbered 18.64 (2) (a) and amended to read:

AB908,12,22 18.64 (2) (a) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale, the commission shall ensure that at least 6% 8 percent of the total of revenue obligations contracted in each fiscal year is underwritten by minority investment firms.

AB908, s. 34 Section 34. 18.64 (2) (b) and (c) of the statutes are created to read:

AB908,13,2 18.64 (2) (b) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale, the commission shall ensure that at least 5 percent of the total of revenue obligations contracted in each fiscal year is underwritten by woman-owned investment firms.

AB908,13,6 (c) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale, the commission shall ensure that at least 2 percent of the total of revenue obligations contracted in each fiscal year is underwritten by service-disabled veteran investment firms.

AB908, s. 35 Section 35. 18.64 (3) of the statutes is renumbered 18.64 (3) (a) and amended to read:

AB908,13,12 18.64 (3) (a) Except as provided under sub. (7), in issuing evidences of revenue obligations by negotiated sale, the commission shall ensure that at least 6% 8 percent of the total of revenue obligations contracted in each fiscal year is underwritten by minority investment firms.

AB908, s. 36 Section 36. 18.64 (3) (b) and (c) of the statutes are created to read:

AB908,13,17 18.64 (3) (b) Except as provided under sub. (7), in issuing evidences of revenue obligations by negotiated sale, the commission shall ensure that at least 5 percent of the total of revenue obligations contracted in each fiscal year is underwritten by woman-owned investment firms.

AB908,13,21 (c) Except as provided under sub. (7), in issuing evidences of revenue obligations by negotiated sale, the commission shall ensure that at least 2 percent of the total of revenue obligations contracted in each fiscal year is underwritten by service-disabled veteran investment firms.

AB908, s. 37 Section 37. 18.64 (4) of the statutes is renumbered 18.64 (4) (a) and amended to read:

AB908,14,2 18.64 (4) (a) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale or negotiated sale, the commission shall ensure that at least 6% 8 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of minority financial advisers.

AB908, s. 38 Section 38. 18.64 (4) (b) and (c) of the statutes are created to read:

AB908,14,7 18.64 (4) (b) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale or negotiated sale, the commission shall ensure that at least 5 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of woman-owned financial advisers.

AB908,14,12 (c) Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale or negotiated sale, the commission shall ensure that at least 2 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of service-disabled veteran financial advisers.

AB908, s. 39 Section 39. 18.64 (5) of the statutes is amended to read:

AB908,14,18 18.64 (5) Except as provided under sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of a revenue obligation, provides for a portion of sales to minority investment firms, woman-owned investment firms, and service-disabled veteran investment firms.

AB908, s. 40 Section 40. 18.64 (6) of the statutes is amended to read:

AB908,15,2 18.64 (6) The commission shall annually report to the department of administration the total amount of revenue obligations contracted with the underwriting services of minority investment firms, woman-owned investment firms, and service-disabled veteran investment firms and the total amount of moneys expended for the services of minority financial advisers, woman-owned financial advisers, and service-disabled veteran financial advisers during the preceding fiscal year.

AB908, s. 41 Section 41. 18.77 (title) of the statutes is amended to read:

AB908,15,5 18.77 (title) Minority, woman-owned, and service-disabled veteran financial advisers and investment firms.

AB908, s. 42 Section 42. 18.77 (1) of the statutes is repealed and recreated to read:

AB908,15,8 18.77 (1) (a) "Minority financial adviser" means a financial adviser certified by the department of commerce under s. 560.036 (2).

AB908,15,10 (b) "Minority investment firm" means an investment firm certified by the department of commerce under s. 560.036 (2).

AB908,15,12 (c) "Service-disabled veteran financial adviser" means a financial adviser certified by the department of commerce under s. 560.033 (2).

AB908,15,14 (d) "Service-disabled veteran investment firm" means an investment firm certified by the department of commerce under s. 560.033 (2).

AB908,15,16 (e) "Woman-owned financial adviser" means a financial adviser certified by the department of commerce under s. 560.035 (2).

AB908,15,18 (f) "Woman-owned investment firm" means an investment firm certified by the department of commerce under s. 560.035 (2).

AB908, s. 43 Section 43. 18.77 (2) of the statutes is renumbered 18.77 (2) (a) and amended to read:

AB908,15,24 18.77 (2) (a) Except as provided under sub. (7), in contracting operating notes by competitive sale, the commission shall ensure that at least 6% 8 percent of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.

AB908, s. 44 Section 44. 18.77 (2) (b) and (c) of the statutes are created to read:

AB908,16,4 18.77 (2) (b) Except as provided under sub. (7), in contracting operating notes by competitive sale, the commission shall ensure that at least 5 percent of total operating note indebtedness contracted in each fiscal year is underwritten by woman-owned investment firms.

AB908,16,8 (c) Except as provided under sub. (7), in contracting operating notes by competitive sale, the commission shall ensure that at least 2 percent of total operating note indebtedness contracted in each fiscal year is underwritten by service-disabled veteran investment firms.

AB908, s. 45 Section 45. 18.77 (3) of the statutes is renumbered 18.77 (3) (a) and amended to read:

AB908,16,14 18.77 (3) (a) Except as provided under sub. (7), in contracting operating notes by negotiated sale, the commission shall ensure that at least 6% 8 percent of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.

AB908, s. 46 Section 46. 18.77 (3) (b) and (c) of the statutes are created to read:

AB908,16,19 18.77 (3) (b) Except as provided under sub. (7), in contracting operating notes by negotiated sale, the commission shall ensure that at least 5 percent of total operating note indebtedness contracted in each fiscal year is underwritten by woman-owned investment firms.

AB908,16,23 (c) Except as provided under sub. (7), in contracting operating notes by negotiated sale, the commission shall ensure that at least 2 percent of total operating note indebtedness contracted in each fiscal year is underwritten by service-disabled veteran investment firms.

AB908, s. 47 Section 47. 18.77 (4) of the statutes is renumbered 18.77 (4) (a) and amended to read:

AB908,17,4 18.77 (4) (a) Except as provided under sub. (7), in contracting operating notes by competitive sale or negotiated sale, the commission shall ensure that at least 6% 8 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of minority financial advisers.

AB908, s. 48 Section 48. 18.77 (4) (b) and (c) of the statutes are created to read:

AB908,17,9 18.77 (4) (b) Except as provided under sub. (7), in contracting operating notes by competitive sale or negotiated sale, the commission shall ensure that at least 5 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of woman-owned financial advisers.

AB908,17,13 (c) Except as provided under sub. (7), in contracting operating notes by competitive sale or negotiated sale, the commission shall ensure that at least 2 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of service-disabled veteran financial advisers.

AB908, s. 49 Section 49. 18.77 (5) of the statutes is amended to read:

AB908,17,19 18.77 (5) Except as provided under sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of an operating note, provides for a portion of sales to minority investment firms, woman-owned investment firms, and service-disabled veteran investment firms.

AB908, s. 50 Section 50. 18.77 (6) of the statutes is amended to read:

AB908,18,2 18.77 (6) The commission shall annually report to the department of administration the total amount of operating note indebtedness contracted with the underwriting services of minority investment firms and the total amount of moneys expended for the services of minority financial advisers, woman-owned financial advisers, and service-disabled veteran financial advisers during the preceding fiscal year.

AB908, s. 51 Section 51. 23.41 (1) (c) of the statutes is created to read:

AB908,18,5 23.41 (1) (c) "Minority business" means a business certified by the department of commerce under s. 560.036 (2).

AB908, s. 52 Section 52. 23.41 (1) (d) of the statutes is created to read:

AB908,18,8 23.41 (1) (d) "Service-disabled veteran-owned business" means a business certified by the department of commerce under s. 560.033 (2).

AB908, s. 53 Section 53. 23.41 (1) (e) of the statutes is created to read:

AB908,18,11 23.41 (1) (e) "Woman-owned business" means a business certified by the department of commerce under s. 560.035 (2).

AB908, s. 54 Section 54. 23.41 (6) of the statutes is renumbered 23.41 (6) (a) and amended to read:

AB908,18,16 23.41 (6) (a) The department shall attempt to ensure that at least 5% 8 percent of the total amount expended under this section in each fiscal year is paid to minority businesses, as defined in s. 16.75 (3m) (a) 1.

AB908, s. 55 Section 55. 23.41 (6) (b) of the statutes is created to read:

AB908,18,20 23.41 (6) (b) The department shall attempt to ensure that at least 5 percent of the total amount expended under this section in each fiscal year is paid to woman-owned businesses.

AB908, s. 56 Section 56. 23.41 (6) (c) of the statutes is created to read:

AB908,18,24 23.41 (6) (c) The department shall attempt to ensure that at least 2 percent of the total amount expended under this section in each fiscal year is paid to service-disabled veteran-owned businesses.

AB908, s. 57 Section 57. 25.185 (title) of the statutes is amended to read:

AB908,19,2 25.185 (title) Minority, woman-owned, and service-disabled veteran financial advisers and investment firms.

AB908, s. 58 Section 58. 25.185 (1) of the statutes is repealed and recreated to read:

AB908,19,4 25.185 (1) In this section:

AB908,19,6 (a) "Minority financial adviser" means a financial adviser certified by the department of commerce under s. 560.036 (2).

AB908,19,8 (b) "Minority investment firm" means an investment firm certified by the department of commerce under s. 560.036 (2).

AB908,19,10 (c) "Service-disabled veteran financial adviser" means a financial adviser certified by the department of commerce under s. 560.033 (2).

AB908,19,12 (d) "Service-disabled veteran investment firm" means an investment firm certified by the department of commerce under s. 560.033 (2).

AB908,19,14 (e) "Woman-owned financial adviser" means a financial adviser certified by the department of commerce under s. 560.035 (2).

AB908,19,16 (f) "Woman-owned investment firm" means an investment firm certified by the department of commerce under s. 560.035 (2).

AB908, s. 59 Section 59. 25.185 (2) of the statutes is renumbered 25.185 (2) (a) and amended to read:

AB908,19,22 25.185 (2) (a) The board shall attempt to ensure that 5% 8 percent 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.

AB908, s. 60 Section 60. 25.185 (2) (b) of the statutes is created to read:

AB908,20,2 25.185 (2) (b) The board shall attempt to ensure that 5 percent 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 woman-owned financial advisers or woman-owned investment firms.

AB908, s. 61 Section 61. 25.185 (2) (c) of the statutes is created to read:

AB908,20,8 25.185 (2) (c) The board shall attempt to ensure that 2 percent 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 service-disabled veteran financial advisers or service-disabled veteran investment firms.

AB908, s. 62 Section 62. 25.185 (3) of the statutes is amended to read: