AB908: Bill Text

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:

AB908,20,15 25.185 (3) The 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, woman-owned, and service-disabled veteran financial advisers and the services of minority, woman-owned, and service-disabled veteran investment firms during the preceding fiscal year.

AB908, s. 63 Section 63. 84.075 (title) of the statutes is amended to read:

AB908,20,18 84.075 (title) Contracting with minority , woman-owned, and service-disabled veteran-owned businesses.

AB908, s. 64 Section 64. 84.075 (1) of the statutes is renumbered 84.075 (1m) (a) and amended to read:

AB908,21,2 84.075 (1m) (a) In purchasing services under s. 84.01 (13), in awarding construction contracts under s. 84.06 and in contracting with private contractors and agencies under s. 84.07, the department shall attempt to ensure that 5% 8 percent of the total amount expended in each fiscal year is paid to contractors, subcontractors, and vendors which are minority businesses, as defined under s. 560.036 (1) (e) 1.

AB908,21,6 (d) In attempting to meet this goal the goals under this subsection, the department may award any contract to a minority business, woman-owned business, or service-disabled veteran-owned business that submits a qualified responsible bid that is no more than 5% higher than the low bid.

AB908, s. 65 Section 65. 84.075 (1c) of the statutes is created to read:

AB908,21,9 84.075 (1c) (a) "Minority business" means a business certified by the department of commerce under s. 560.036 (2).

AB908,21,11 (b) "Service-disabled veteran-owned business" means a business certified by the department of commerce under s. 560.033 (2).

AB908,21,13 (c) "Woman-owned business" means a business certified by the department of commerce under s. 560.035 (2).

AB908, s. 66 Section 66. 84.075 (1m) (b) of the statutes is created to read:

AB908,21,19 84.075 (1m) (b) In purchasing services under s. 84.01 (13), in awarding construction contracts under s. 84.06 and in contracting with private contractors and agencies under s. 84.07, the department shall attempt to ensure that 5 percent of the total amount expended in each fiscal year is paid to contractors, subcontractors, and vendors that are woman-owned businesses.

AB908, s. 67 Section 67. 84.075 (1m) (c) of the statutes is created to read:

AB908,21,25 84.075 (1m) (c) In purchasing services under s. 84.01 (13), in awarding construction contracts under s. 84.06 and in contracting with private contractors and agencies under s. 84.07, the department shall attempt to ensure that 2 percent of the total amount expended in each fiscal year is paid to contractors, subcontractors, and vendors that are service-disabled veteran-owned businesses.

AB908, s. 68 Section 68. 84.075 (2) of the statutes is amended to read:

AB908,22,4 84.075 (2) The contractor shall report to the department any amount of the contract paid to subcontractors and vendors which are minority businesses, woman-owned businesses, or service-disabled veteran-owned businesses.

AB908, s. 69 Section 69. 84.075 (3) of the statutes is amended to read:

AB908,22,14 84.075 (3) The department shall at least semiannually, or more often if required by the department of administration, report to the department of administration the total amount of money it has paid to contractors, subcontractors, and vendors which are minority businesses, woman-owned businesses, or service-disabled veteran-owned businesses under ss. 84.01 (13), 84.06, and 84.07 and the number of contacts with minority businesses in connection with proposed purchases and contracts. In its reports, the department shall include only amounts paid to businesses certified by the department as minority businesses , woman-owned businesses, or service-disabled veteran-owned businesses.

AB908, s. 70 Section 70. 200.57 (title) of the statutes is amended to read:

AB908,22,17 200.57 (title) Minority, woman-owned, and service-disabled veteran financial advisers and investment firms.

AB908, s. 71 Section 71. 200.57 (1) of the statutes is repealed and recreated to read:

AB908,22,20 200.57 (1) (a) "Minority financial adviser" means a financial adviser certified by the department of commerce under s. 560.036 (2).

AB908,22,22 (b) "Minority investment firm" mean an investment firm certified by the department of commerce under s. 560.036 (2).

AB908,22,24 (c) "Service-disabled veteran financial adviser" means a financial adviser certified by the department of commerce under s. 560.033 (2).

AB908,23,2 (d) "Service-disabled veteran investment firm" means an investment firm certified by the department of commerce under s. 560.033 (2).

AB908,23,4 (e) "Woman-owned financial adviser" means a financial adviser certified by the department of commerce under s. 560.035 (2).

AB908,23,6 (f) " Woman-owned investment firm" means an investment firm certified by the department of commerce under s. 560.035 (2).

AB908, s. 72 Section 72. 200.57 (2) of the statutes is renumbered 200.57 (2) (a) and amended to read:

AB908,23,12 200.57 (2) (a) The commission 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. 73 Section 73. 200.57 (2) (b) of the statutes is created to read:

AB908,23,17 200.57 (2) (b) The commission 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. 74 Section 74. 200.57 (2) (c) of the statutes is created to read:

AB908,23,23 200.57 (2) (c) The commission 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. 75 Section 75. 560.033 of the statutes is created to read:

AB908,24,2 560.033 Service-disabled veteran-owned businesses. (1) Definitions. In this section:

AB908,24,4 (a) "Service-disabled veteran" means a veteran, as defined in 38 USC 101 (2), with a disability that is service-connected, as defined in 38 USC 101 (16).

AB908,24,6 (b) "Service-disabled veteran-owned business" means a business that satisfies all of the following criteria:

AB908,24,8 1. At least 51 percent of the business is owned by one or more service-disabled veterans.

AB908,24,10 2. One or more service-disabled veterans control the management and daily operations of the business.

AB908,24,16 (2) Service-disabled veteran-owned business database and certification. (a) The department shall develop, maintain, and keep current a computer database of service-disabled veteran-owned businesses in the state, containing demographic statistics and information on the types of industries represented, sales volume and growth rates, generation of jobs by both new and existing businesses, and any other relevant characteristics.

AB908,24,20 (b) The department shall establish and periodically update a list of certified service-disabled veteran-owned businesses. Any business may apply to the department for certification. For purposes of this paragraph, a "business" includes a financial adviser or investment firm.

AB908,24,24 (c) The department shall certify a business incorporated under ch. 180 or having its principal place of business in this state if the department, after conducting an investigation, determines that the business qualifies as a service-disabled veteran-owned business under sub. (1) and any rules promulgated under sub. (3).

AB908,25,7 (d) The department, without investigation, may certify a business incorporated in this state or having its principal place of business in this state if the business is certified or otherwise classified as a service-disabled veteran-owned business by an agency of this or another state or the federal government, or by a private business with expertise in certifying service-disabled veteran-owned businesses if the private business uses substantially the same procedures as those used by the department in making a determination under par. (c).

AB908,25,15 (e) If the business applying for certification is not incorporated under ch. 180 or does not have its principal place of business in this state, the department may certify it if it meets the conditions specified under par. (c) or (d) and if the state in which the business is incorporated or has its principal place of business has a statutory service-disabled veteran-owned business procurement program and the business qualifies for participation in that program under a procedure substantially equivalent to the procedure used by the department in making a determination under par. (c).

AB908,25,18 (f) The department may charge each business applying for certification under par. (e) a fee to cover the department's expenses in making the certification determination.

AB908,25,24 (g) If a business refuses to provide the department with sufficient information to enable it to conduct an investigation or if the business does not qualify for certification under par. (c), (d), or (e), the department shall deny the application. A business whose application is denied may, within 30 days after the date of the denial, appeal in writing to the secretary. The secretary shall enter his or her final decision within 30 days after receiving the appeal.

AB908,26,6 (h) The department may, at the request of any state agency, or at its own discretion, examine any business certified under this subsection to verify that it qualifies for certification. The business shall provide the department with any records or information necessary to complete the examination. If the business fails to comply with a reasonable request for records or information, the department shall decertify it.