Wednesday, January 21, 2009
Ninety-Ninth Regular Session
Senate Journal
The Chief Clerk makes the following entries under the above date.
Chief Clerk's Entries
chief clerk's report
The Chief Clerk records:
Senate Joint Resolution 1
Deposited in the office of the Secretary of State on 1-21-2009.
Introduction, First Reading, and
Reference of Proposals
Read first time and referred:
Senate Bill 7
Relating to: the filing of certain forms related to tax incremental financing district number ten in the city of Chippewa Falls.
By Senator Kreitlow ; cosponsored by Representatives Dexter, Wood and Suder.
To committee on Health, Health Insurance, Privacy, Property Tax Relief, and Revenue.
Senate Bill 8
Relating to: state procurement of contractual services.
By Senators Wirch, Coggs, Hansen, Lassa, Lehman, Miller, Robson and Sullivan; cosponsored by Representatives Pocan, Zigmunt, Barca, Benedict, Berceau, Bernard Schaber, Black, Clark, Danou, Fields, Grigsby, Hraychuck, Hubler, Jorgensen, Krusick, Mason, Molepske, Jr., Nelson, Parisi, Pasch, Pope-Roberts, Radcliffe, Richards, Roys, Seidel, Sheridan, Shilling, Sinicki, Smith, Van Akkeren, A. Williams and Young.
To committee on Small Business, Emergency Preparedness, Technical Colleges, and Consumer Protection.
Senate Bill 9
Relating to: a tort action for intentional misrepresentation in a residential real estate transaction.
By Senators Erpenbach, Hansen, Taylor, Lehman, Lassa, Wirch, Sullivan, Olsen, Schultz and Cowles; cosponsored by Representatives Radcliffe, Hebl, Colon, Soletski, Roys, Richards, Berceau, Shilling, Parisi, Hraychuck, Molepske, Jr., A. Ott and Van Roy.
To committee on Judiciary, Corrections, Insurance, Campaign Finance Reform, and Housing.
Senate Bill 10
Relating to: the income and franchise tax credit that supplements the federal historic rehabilitation tax credit.
By Senators Lassa, Lehman, Hopper, Risser, Harsdorf, Coggs, Erpenbach, Schultz, Hansen, Kedzie and Plale; cosponsored by Representatives Shilling, Richards, Davis, Roys, Strachota, Molepske, Jr., Ballweg, Roth, Barca, Petrowski, Vruwink, Nygren, Spanbauer, Berceau, Stone, Suder, Gunderson and A. Ott.
To committee on Health, Health Insurance, Privacy, Property Tax Relief, and Revenue.
Senate Bill 11
Relating to: a requirement that all employers in this state grant a paid leave of absence on Veterans Day to employees who are veterans.
By Senators Hansen and Erpenbach; cosponsored by Representatives Turner, Sinicki, Berceau, Grigsby, Hilgenberg and Young.
To committee on Labor, Elections and Urban Affairs.
Senate Bill 12
Relating to: the operation of motorboats, other than personal watercraft, at slow-no-wake speed within a given distance of the shoreline of a lake.
By Senators Jauch, Holperin, Lehman, Miller and Risser; cosponsored by Representatives Sherman, Berceau, Black, Clark, Hilgenberg, Knodl, Milroy, Molepske, Jr., Pasch, Richards, Roys and Turner.
To committee on Environment.
Petitions and Communications
State of Wisconsin
Office of the Senate President
January 21 , 2009
The Honorable, the Senate:
Pursuant to Senate Rule 46 (2)(c), I am writing to inform you that I have directed the following proposal(s) to be withdrawn from committee and rereferred. I have obtained the consent of the appropriate standing committee chairperson and the chairperson of the committee on Senate Organization.
Senate Bill 6 , relating to designating a portion of the Brunsweiler River as a wild river, withdrawn from committee on Transportation, Tourism, Forestry, and Natural Resources and rereferred to committee on Environment .
Senate President
S27 Pursuant to Senate Rule 17 (5), Senator Taylor added as a coauthor of Senate Bill 3 .
Pursuant to Senate Rule 17 (5), Senator Taylor added as a coauthor of Senate Bill 4 .
Pursuant to Senate Rule 17 (5), Senator Taylor added as a coauthor of Senate Bill 6 .
State of Wisconsin
Investment Board
January 7, 2008
The Honorable, The Legislature:
Pursuant to s. 25.17 (14r), Stats., I want to advise you of revisions to SWIB's "Investment Policies, Objectives and Guidelines" approved by the Board of Trustees during the last six months of 2008. These guidelines apply to SWIB's internally managed portfolios. I am sending you electronic copies of the revised guidelines plus a red-lined copy that show the language added or deleted.
Many of these changes were made as a result of the prudent investor language that was enacted in 2007 Wisconsin Act 212. These changes:
Replace references to the limitations on external management with a discussion of how SWIB will determine the optimal structure for externally managed assets. The statutes previously restricted external management in separate accounts to 20% of the assets, which limited the Board's ability to manage the funds in the most prudent way.
Remove limitations on derivatives, which had previously been imposed by reference to the insurance statutes, and allow expanded authority for the Global Fixed Income Portfolio. This expanded authority allows the portfolio manager to use derivatives, within established limits, to manage credit and currency risk as well as the opportunity to short certain currencies. The guidelines also make it clear that all investments, including derivatives, are subject to risk measurement and monitoring. The Investment Committee must review all derivative strategies before they are implemented.
Authorize trading of equity options on exchanges in developed countries other than the United States.
Establish an internally managed currency overlay strategy for the internal and external international equity portfolios. This will allow active management of the currency risks in these portfolios and thereby separate the currency risk from the risk associated with asset allocation or security selection. The guidelines make a distinction between the positions permitted for major currencies and the remaining currencies in the index and include risk parameters for the aggregate overlay program.