SB218: Bill Text

SB218,27 Section 27. 16.765 (7) (intro.) of the statutes is amended to read:

SB218,16,20 16.765 (7) (intro.) When a violation of this section has been determined by the department, the contracting agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation, the contracting agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation shall:

SB218,28 Section 28. 16.765 (7) (d) of the statutes is amended to read:

SB218,17,4 16.765 (7) (d) Direct the violating party to take immediate steps to prevent further violations of this section and to report its corrective action to the contracting agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation.

SB218,29 Section 29. 16.765 (8) of the statutes is amended to read:

SB218,17,25 16.765 (8) If further violations of this section are committed during the term of the contract, the contracting agency, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation may permit the violating party to complete the contract, after complying with this section, but thereafter the contracting agency, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation shall request the department to place the name of the party on the ineligible list for state contracts, or the contracting agency, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports and Entertainment Corporation may terminate the contract without liability for the uncompleted portion or any materials or services purchased or paid for by the contracting party for use in completing the contract.

SB218,30 Section 30. 16.85 (2) of the statutes is amended to read:

SB218,18,12 16.85 (2) To furnish engineering, architectural, project management, and other building construction services whenever requisitions therefor are presented to the department by any agency. The department may deposit moneys received from the provision of these services in the account under s. 20.505 (1) (kc) or in the general fund as general purpose revenue — earned. In this subsection, "agency" means an office, department, independent agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law, which is entitled to expend moneys appropriated by law, including the legislature and the courts, but not including an authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 233, 234, 237, 238, 239, or 279.

SB218,31 Section 31. 16.865 (8) of the statutes is amended to read:

SB218,19,3 16.865 (8) Annually in each fiscal year, allocate as a charge to each agency a proportionate share of the estimated costs attributable to programs administered by the agency to be paid from the appropriation under s. 20.505 (2) (k). The department may charge premiums to agencies to finance costs under this subsection and pay the costs from the appropriation on an actual basis. The department shall deposit all collections under this subsection in the appropriation account under s. 20.505 (2) (k). Costs assessed under this subsection may include judgments, investigative and adjustment fees, data processing and staff support costs, program administration costs, litigation costs, and the cost of insurance contracts under sub. (5). In this subsection, "agency" means an office, department, independent agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law, that is entitled to expend moneys appropriated by law, including the legislature and the courts, but not including an authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 232, 233, 234, 237, 238, 239, or 279.

SB218,32 Section 32. 19.42 (10) (t) of the statutes is created to read:

SB218,19,8 19.42 (10) (t) The executive director of the Wisconsin Venture Capital Authority, the members of the authority's board of directors who are nominated by the executive director of the investment board, and the fund manager of the Wisconsin forward jobs fund hired under s. 239.41.

SB218,33 Section 33. 19.42 (13) (p) of the statutes is created to read:

SB218,19,13 19.42 (13) (p) The executive director of the Wisconsin Venture Capital Authority, the members of the authority's board of directors who are nominated by the executive director of the investment board, and the fund manager of the Wisconsin forward jobs fund hired under s. 239.41.

SB218,34 Section 34. 20.195 of the statutes is created to read:

SB218,19,16 20.195 Wisconsin Venture Capital Authority. There is appropriated to the Wisconsin Venture Capital Authority for the following programs:

SB218,19,19 (1) Venture capital investment programs. (q) Wisconsin forward jobs fund. From the Wisconsin forward jobs fund, all moneys received under s. 16.5195 for the investments and grants under subch. II of ch. 239.

SB218,35 Section 35. 25.14 (1) (a) (intro.) of the statutes is amended to read:

SB218,19,25 25.14 (1) (a) (intro.) There is created a state investment fund under the jurisdiction and management of the board to be operated as an investment trust for the purpose of managing the securities of all funds that are required by law to be invested in the state investment fund, the Wisconsin forward jobs fund, and all of the state's funds specified in s. 25.17 (1), except all of the following:

SB218,36 Section 36. 25.90 of the statutes is created to read:

SB218,20,6 25.90 Wisconsin forward jobs fund. There is established a separate nonlapsible trust fund designated as the Wisconsin forward jobs fund. The fund shall consist of all moneys transferred to the fund under s. 16.5195, together with all donations, gifts, or bequests made to the fund, all moneys transferred to the fund from other funds, and all income or interest earned by the fund.

SB218,37 Section 37. 40.02 (54) (n) of the statutes is created to read:

SB218,20,8 40.02 (54) (n) The Wisconsin Venture Capital Authority.

SB218,38 Section 38. 70.11 (38v) of the statutes is created to read:

SB218,20,12 70.11 (38v) Wisconsin Venture Capital Authority. All property owned by the Wisconsin Venture Capital Authority, provided that use of the property is primarily related to the purposes of the Wisconsin Venture Capital Authority.

SB218,39 Section 39. 71.07 (5d) (c) 1. of the statutes is repealed.

SB218,40 Section 40. 73.03 (63) of the statutes is amended to read:

SB218,20,23 73.03 (63) Notwithstanding the amount limitations specified under s. 71.07 (5d) (c) 1. and s. 238.15 (3) (d) or s. 560.205 (3) (d), 2009 stats., in consultation with the department of commerce or the Wisconsin Economic Development Corporation, to carry forward to subsequent taxable years unclaimed credit amounts of the early stage seed investment credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 and the angel investment credit under s. 71.07 (5d). Annually, no later than July 1, the department of commerce or the Wisconsin Economic Development Corporation shall submit to the department of revenue its recommendations for the carry forward of credit amounts as provided under this subsection.

SB218,41 Section 41. 77.54 (9a) (a) of the statutes is amended to read:

SB218,21,5 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, and the Fox River Navigational System Authority.

SB218,42 Section 42. 100.45 (1) (dm) of the statutes is amended to read:

SB218,21,16 100.45 (1) (dm) "State agency" means any office, department, agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, and the Fox River Navigational System Authority.

SB218,43 Section 43. 230.03 (3) of the statutes is amended to read:

SB218,22,2 230.03 (3) "Agency" means any board, commission, committee, council, or department in state government or a unit thereof created by the constitution or statutes if such board, commission, committee, council, department, unit, or the head thereof, is authorized to appoint subordinate staff by the constitution or statute, except a legislative or judicial board, commission, committee, council, department, or unit thereof or an authority created under subch. II of ch. 114 or subch. III of ch. 149 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or body within one or more local units of government that is created by law or by action of one or more local units of government.

SB218,44 Section 44. 230.03 (3) of the statutes, as affected by 2011 Wisconsin Act 32 and 2013 Wisconsin Act .... (this act), is repealed and recreated to read:

SB218,22,14 230.03 (3) "Agency" means any board, commission, committee, council, or department in state government or a unit thereof created by the constitution or statutes if such board, commission, committee, council, department, unit, or the head thereof, is authorized to appoint subordinate staff by the constitution or statute, except the Board of Regents of the University of Wisconsin System, a legislative or judicial board, commission, committee, council, department, or unit thereof or an authority created under subch. II of ch. 114 or subch. III of ch. 149 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or body within one or more local units of government that is created by law or by action of one or more local units of government.

SB218,45 Section 45. Chapter 239 of the statutes is created to read:

SB218,22,18 Chapter 239 WISCONSIN VENTURE CAPITAL AUTHORITY

SB218,22,20 Subchapter I General provisions

SB218,22,21 239.01 Definitions. In this chapter:

SB218,22,22 (1) "Authority" means the Wisconsin Venture Capital Authority.

SB218,22,23 (2) "Board" means the board of directors of the authority.

SB218,23,3 239.02 Creation and organization of authority. (1) There is created a public body corporate and politic to be known as the "Wisconsin Venture Capital Authority." The members of the board shall consist of the following:

SB218,23,8 (a) A chairperson, nominated by the governor, and with the advice and consent of the senate appointed, to serve at the pleasure of the governor. The chairperson shall have at least 10 years of experience in equity investing at the time of appointment. The chairperson may not be an officer, director, or other principal of an equity investment firm.

SB218,23,10 (b) The chief executive officer of the Wisconsin Economic Development Corporation or his or her designee.

SB218,23,17 (c) Seven persons nominated by the executive director of the investment board, and with the advice and consent of the senate appointed, for 6-year terms. Six members appointed under this paragraph shall have at least 10 years of experience in equity investing at the time of appointment, and one member appointed under this paragraph shall have at least 10 years of experience in angel or early stage seed investing at the time of appointment. No member appointed under this paragraph may be an officer, director, or other principal of an equity investment firm.

SB218,23,20 (d) Two members appointed by the speaker of the assembly, consisting of one majority and one minority party representative to the assembly, appointed as are the members of standing committees in the assembly.

SB218,23,23 (e) Two members appointed by the senate majority leader, consisting of one majority and one minority party senator, appointed as are members of standing committees in the senate.

SB218,24,2 (2) A majority of the members of the board constitutes a quorum for the purpose of conducting its business and exercising its powers and for all other purposes, notwithstanding the existence of any vacancies. Action may be taken by the board upon a vote of a majority of a quorum.

SB218,24,4 (3) A vacancy on the board shall be filled in the same manner as the original appointment to the board for the remainder of the unexpired term, if any.

SB218,24,7 (4) A member of the board may not be compensated for the member's services but shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in the performance of the member's duties.

SB218,24,11 (5) No cause of action may arise against and no civil liability may be imposed upon a member of the board for any act or omission in the performance of the member's powers and duties under this chapter, unless the person asserting liability proves that the act or omission constitutes willful misconduct.

SB218,24,16 (6) The board may hire an executive director. The board may delegate to the executive director or any other employee of the authority any powers or duties the board considers proper. All powers and duties assigned to the authority under this chapter shall be exercised or carried out by the board, unless the board delegates the power or duty to an employee of the authority.

SB218,24,20 239.03 Powers of authority. The authority shall have all the powers necessary or convenient to carry out the purposes and provisions of this chapter. In addition to all other powers granted the authority under this chapter, the authority may specifically:

SB218,24,22 (1) Adopt, amend, and repeal any bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business.

SB218,24,23 (2) Have a seal and alter the seal at pleasure.

SB218,24,24 (3) Maintain an office.

SB218,24,25 (4) Sue and be sued.

SB218,25,2 (5) Accept gifts, grants, loans, or other contributions from private or public sources.

SB218,25,4 (6) Establish the annual budget of the authority and monitor its fiscal management.

SB218,25,7 (7) Execute contracts and other instruments required for the operation of the authority, including any contract with the investment board under s. 25.17 (72) or (73).

SB218,25,9 (8) Employ any officers, agents, and employees that it may require and determine their qualifications, duties, and compensation.

SB218,25,10 (9) Issue notes, bonds, and any other obligations.

SB218,25,11 (10) Make loans.

SB218,25,12 (11) Incur debt.

SB218,25,13 (12) Procure liability insurance.

SB218,25,19 239.04 Liability limited. Neither the state nor any political subdivision of the state, nor any officer, employee, or agent of the state or a political subdivision of the state who is acting within the scope of employment or agency, is liable for any debt, obligation, act, or omission of the authority. A debt of the authority is not a debt of the state, and the authority may not create a debt of the state. Each note, bond, or other obligation of the authority shall contain on its face a statement to that effect.

SB218,25,21 subchapter II Wisconsin forward jobs fund

SB218,25,22 239.40 Definitions. In this subchapter:

SB218,25,25 (1) "Angel investor network" means a person or group of persons that reviews new businesses or proposed new businesses for the potential investment in those businesses of moneys owned by that person or group.

SB218,26,1 (2) "Fund" means the Wisconsin forward jobs fund established under s. 25.90.

SB218,26,2 (3) "Fund capital" means moneys in or received from the fund.

SB218,26,3 (4) "Fund manager" means the person hired by the authority under s. 239.41.

SB218,26,5 (5) "Qualified business development organization" means a person approved by the authority under s. 239.437.

SB218,26,7 (6) "Qualified investment capital fund" means a person approved by the authority under s. 239.42 (2).

SB218,26,9 239.41 Wisconsin forward jobs fund manager. (1) Subject to sub. (3), the authority shall hire a fund manager to administer the fund.

SB218,26,12 (2) The authority shall delegate to the fund manager the powers necessary or convenient for the fund manager to carry out the authority's duties under this subchapter.

SB218,26,18 (3) (a) The executive director of the investment board shall appoint a committee that consists of 3 members who shall select a candidate for fund manager. The executive director shall appoint the members of the selection committee based on a member's experience and leadership in capital investment. Members of the selection committee shall serve without compensation, but may be reimbursed for their actual and necessary expenses incurred in the performance of their duties.

SB218,27,2 (b) 1. The selection committee appointed under par. (a) shall select a candidate for fund manager to recommend to the authority. In choosing that candidate, the selection committee shall consider an applicant's experience evaluating start-up companies, relationships with regional and national investment capital funds that may make investments in this state, experience managing publicly funded investment funds, performance managing existing portfolio funds and syndication partnerships, and experience gathering and making reports concerning investment fund performance data.

SB218,27,4 2. The authority may reject a candidate for fund manager that the selection committee recommends under subd. 1.

SB218,27,7 3. If the authority rejects a candidate for fund manager under subd. 2., the selection committee shall make another recommendation to the authority, subject to the requirements under subd. 1.

SB218,27,9 (c) The authority shall staff the selection committee and pay the selection committee's administrative or other costs.

SB218,27,13 239.42 Qualified capital funds. (1) Application. Any person may apply to the authority on a form prescribed by the authority for approval under this section. The application shall include the name, address, and tax identification number of the applicant and any other information the authority requires.

SB218,27,16 (2) Approval for investments. The authority may approve an applicant under sub. (1) to receive fund capital. In determining whether to approve an applicant, the authority shall consider all of the following:

SB218,27,17 (a) The applicant's investment experience.

SB218,27,18 (b) The past performance of any investment managed by the applicant.

SB218,27,20 (c) The applicant's commitment to investing in businesses within this state and maintaining an office in this state.

SB218,27,23 (d) The applicant's commitment to making investments that are diverse with respect to the geographic location within this state and industry classification of the businesses in which the applicant invests.

SB218,28,2 239.43 Investments of fund capital in qualified investment capital funds; requirements. (1) Fund investments. (a) From the appropriation under s. 20.195 (1) (q), the authority shall invest a total of at least $180,000,000 in qualified investment capital funds over the life of the fund.