SB218,27 8Section 27. 16.765 (7) (intro.) of the statutes is amended to read:
SB218,16,209 16.765 (7) (intro.) When a violation of this section has been determined by the
10department, the contracting agency, the University of Wisconsin Hospitals and
11Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
12Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
13Fox River Remediation Authority, the Wisconsin Economic Development
14Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports
15and Entertainment Corporation, the contracting agency, the University of Wisconsin
16Hospitals and Clinics Authority, the Fox River Navigational System Authority, the
17Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority,
18the Lower Fox River Remediation Authority, the Wisconsin Economic Development
19Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports
20and Entertainment Corporation shall:
SB218,28 21Section 28. 16.765 (7) (d) of the statutes is amended to read:
SB218,17,422 16.765 (7) (d) Direct the violating party to take immediate steps to prevent
23further violations of this section and to report its corrective action to the contracting
24agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River
25Navigational System Authority, the Wisconsin Aerospace Authority, the Health

1Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation
2Authority, the Wisconsin Economic Development Corporation, the Wisconsin
3Venture Capital Authority,
or the Bradley Center Sports and Entertainment
4Corporation.
SB218,29 5Section 29. 16.765 (8) of the statutes is amended to read:
SB218,17,256 16.765 (8) If further violations of this section are committed during the term
7of the contract, the contracting agency, the Fox River Navigational System Authority,
8the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan
9Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic
10Development Corporation, the Wisconsin Venture Capital Authority, or the Bradley
11Center Sports and Entertainment Corporation may permit the violating party to
12complete the contract, after complying with this section, but thereafter the
13contracting agency, the Fox River Navigational System Authority, the Wisconsin
14Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
15Fox River Remediation Authority, the Wisconsin Economic Development
16Corporation, the Wisconsin Venture Capital Authority, or the Bradley Center Sports
17and Entertainment Corporation shall request the department to place the name of
18the party on the ineligible list for state contracts, or the contracting agency, the Fox
19River Navigational System Authority, the Wisconsin Aerospace Authority, the
20Health Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation
21Authority, the Wisconsin Economic Development Corporation, the Wisconsin
22Venture Capital Authority,
or the Bradley Center Sports and Entertainment
23Corporation may terminate the contract without liability for the uncompleted
24portion or any materials or services purchased or paid for by the contracting party
25for use in completing the contract.
SB218,30
1Section 30. 16.85 (2) of the statutes is amended to read:
SB218,18,122 16.85 (2) To furnish engineering, architectural, project management, and other
3building construction services whenever requisitions therefor are presented to the
4department by any agency. The department may deposit moneys received from the
5provision of these services in the account under s. 20.505 (1) (kc) or in the general
6fund as general purpose revenue — earned. In this subsection, "agency" means an
7office, department, independent agency, institution of higher education, association,
8society, or other body in state government created or authorized to be created by the
9constitution or any law, which is entitled to expend moneys appropriated by law,
10including the legislature and the courts, but not including an authority created in
11subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 233, 234, 237, 238, 239, or
12279.
SB218,31 13Section 31. 16.865 (8) of the statutes is amended to read:
SB218,19,314 16.865 (8) Annually in each fiscal year, allocate as a charge to each agency a
15proportionate share of the estimated costs attributable to programs administered by
16the agency to be paid from the appropriation under s. 20.505 (2) (k). The department
17may charge premiums to agencies to finance costs under this subsection and pay the
18costs from the appropriation on an actual basis. The department shall deposit all
19collections under this subsection in the appropriation account under s. 20.505 (2) (k).
20Costs assessed under this subsection may include judgments, investigative and
21adjustment fees, data processing and staff support costs, program administration
22costs, litigation costs, and the cost of insurance contracts under sub. (5). In this
23subsection, "agency" means an office, department, independent agency, institution
24of higher education, association, society, or other body in state government created
25or authorized to be created by the constitution or any law, that is entitled to expend

1moneys appropriated by law, including the legislature and the courts, but not
2including an authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch.
3231, 232, 233, 234, 237, 238, 239, or 279.
SB218,32 4Section 32. 19.42 (10) (t) of the statutes is created to read:
SB218,19,85 19.42 (10) (t) The executive director of the Wisconsin Venture Capital
6Authority, the members of the authority's board of directors who are nominated by
7the executive director of the investment board, and the fund manager of the
8Wisconsin forward jobs fund hired under s. 239.41.
SB218,33 9Section 33. 19.42 (13) (p) of the statutes is created to read:
SB218,19,1310 19.42 (13) (p) The executive director of the Wisconsin Venture Capital
11Authority, the members of the authority's board of directors who are nominated by
12the executive director of the investment board, and the fund manager of the
13Wisconsin forward jobs fund hired under s. 239.41.
SB218,34 14Section 34. 20.195 of the statutes is created to read:
SB218,19,16 1520.195 Wisconsin Venture Capital Authority. There is appropriated to the
16Wisconsin Venture Capital Authority for the following programs:
SB218,19,19 17(1) Venture capital investment programs. (q) Wisconsin forward jobs fund.
18From the Wisconsin forward jobs fund, all moneys received under s. 16.5195 for the
19investments and grants under subch. II of ch. 239.
SB218,35 20Section 35. 25.14 (1) (a) (intro.) of the statutes is amended to read:
SB218,19,2521 25.14 (1) (a) (intro.) There is created a state investment fund under the
22jurisdiction and management of the board to be operated as an investment trust for
23the purpose of managing the securities of all funds that are required by law to be
24invested in the state investment fund, the Wisconsin forward jobs fund, and all of the
25state's funds specified in s. 25.17 (1), except all of the following:
SB218,36
1Section 36. 25.90 of the statutes is created to read:
SB218,20,6 225.90 Wisconsin forward jobs fund. There is established a separate
3nonlapsible trust fund designated as the Wisconsin forward jobs fund. The fund
4shall consist of all moneys transferred to the fund under s. 16.5195, together with all
5donations, gifts, or bequests made to the fund, all moneys transferred to the fund
6from other funds, and all income or interest earned by the fund.
SB218,37 7Section 37. 40.02 (54) (n) of the statutes is created to read:
SB218,20,88 40.02 (54) (n) The Wisconsin Venture Capital Authority.
SB218,38 9Section 38. 70.11 (38v) of the statutes is created to read:
SB218,20,1210 70.11 (38v) Wisconsin Venture Capital Authority. All property owned by the
11Wisconsin Venture Capital Authority, provided that use of the property is primarily
12related to the purposes of the Wisconsin Venture Capital Authority.
SB218,39 13Section 39. 71.07 (5d) (c) 1. of the statutes is repealed.
SB218,40 14Section 40. 73.03 (63) of the statutes is amended to read:
SB218,20,2315 73.03 (63) Notwithstanding the amount limitations specified under s. 71.07
16(5d) (c) 1. and
s. 238.15 (3) (d) or s. 560.205 (3) (d), 2009 stats., in consultation with
17the department of commerce or the Wisconsin Economic Development Corporation,
18to carry forward to subsequent taxable years unclaimed credit amounts of the early
19stage seed investment credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638
20and the angel investment credit under s. 71.07 (5d). Annually, no later than July 1,
21the department of commerce or the Wisconsin Economic Development Corporation
22shall submit to the department of revenue its recommendations for the carry forward
23of credit amounts as provided under this subsection.
SB218,41 24Section 41. 77.54 (9a) (a) of the statutes is amended to read:
SB218,21,5
177.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
2Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Health
3Insurance Risk-Sharing Plan Authority, the Wisconsin Economic Development
4Corporation, the Wisconsin Venture Capital Authority, and the Fox River
5Navigational System Authority.
SB218,42 6Section 42. 100.45 (1) (dm) of the statutes is amended to read:
SB218,21,167 100.45 (1) (dm) "State agency" means any office, department, agency,
8institution of higher education, association, society, or other body in state
9government created or authorized to be created by the constitution or any law which
10is entitled to expend moneys appropriated by law, including the legislature and the
11courts, the Wisconsin Housing and Economic Development Authority, the Bradley
12Center Sports and Entertainment Corporation, the University of Wisconsin
13Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
14Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
15Development Corporation, the Wisconsin Venture Capital Authority, and the Fox
16River Navigational System Authority.
SB218,43 17Section 43. 230.03 (3) of the statutes is amended to read:
SB218,22,218 230.03 (3) "Agency" means any board, commission, committee, council, or
19department in state government or a unit thereof created by the constitution or
20statutes if such board, commission, committee, council, department, unit, or the
21head thereof, is authorized to appoint subordinate staff by the constitution or
22statute, except a legislative or judicial board, commission, committee, council,
23department, or unit thereof or an authority created under subch. II of ch. 114 or
24subch. III of ch. 149 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency"
25does not mean any local unit of government or body within one or more local units

1of government that is created by law or by action of one or more local units of
2government.
SB218,44 3Section 44. 230.03 (3) of the statutes, as affected by 2011 Wisconsin Act 32 and
42013 Wisconsin Act .... (this act), is repealed and recreated to read:
SB218,22,145 230.03 (3) "Agency" means any board, commission, committee, council, or
6department in state government or a unit thereof created by the constitution or
7statutes if such board, commission, committee, council, department, unit, or the
8head thereof, is authorized to appoint subordinate staff by the constitution or
9statute, except the Board of Regents of the University of Wisconsin System, a
10legislative or judicial board, commission, committee, council, department, or unit
11thereof or an authority created under subch. II of ch. 114 or subch. III of ch. 149 or
12under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency" does not mean any local
13unit of government or body within one or more local units of government that is
14created by law or by action of one or more local units of government.
SB218,45 15Section 45. Chapter 239 of the statutes is created to read:
SB218,22,1816 Chapter 239
17 WISCONSIN VENTURE CAPITAL
18 AUTHORITY
SB218,22,2019 Subchapter I
20 General provisions
SB218,22,21 21239.01 Definitions. In this chapter:
SB218,22,22 22(1) "Authority" means the Wisconsin Venture Capital Authority.
SB218,22,23 23(2) "Board" means the board of directors of the authority.
SB218,23,3
1239.02 Creation and organization of authority. (1) There is created a
2public body corporate and politic to be known as the "Wisconsin Venture Capital
3Authority." The members of the board shall consist of the following:
SB218,23,84 (a) A chairperson, nominated by the governor, and with the advice and consent
5of the senate appointed, to serve at the pleasure of the governor. The chairperson
6shall have at least 10 years of experience in equity investing at the time of
7appointment. The chairperson may not be an officer, director, or other principal of
8an equity investment firm.
SB218,23,109 (b) The chief executive officer of the Wisconsin Economic Development
10Corporation or his or her designee.
SB218,23,1711 (c) Seven persons nominated by the executive director of the investment board,
12and with the advice and consent of the senate appointed, for 6-year terms. Six
13members appointed under this paragraph shall have at least 10 years of experience
14in equity investing at the time of appointment, and one member appointed under this
15paragraph shall have at least 10 years of experience in angel or early stage seed
16investing at the time of appointment. No member appointed under this paragraph
17may be an officer, director, or other principal of an equity investment firm.
SB218,23,2018 (d) Two members appointed by the speaker of the assembly, consisting of one
19majority and one minority party representative to the assembly, appointed as are the
20members of standing committees in the assembly.
SB218,23,2321 (e) Two members appointed by the senate majority leader, consisting of one
22majority and one minority party senator, appointed as are members of standing
23committees in the senate.
SB218,24,2 24(2) A majority of the members of the board constitutes a quorum for the purpose
25of conducting its business and exercising its powers and for all other purposes,

1notwithstanding the existence of any vacancies. Action may be taken by the board
2upon a vote of a majority of a quorum.
SB218,24,4 3(3) A vacancy on the board shall be filled in the same manner as the original
4appointment to the board for the remainder of the unexpired term, if any.
SB218,24,7 5(4) A member of the board may not be compensated for the member's services
6but shall be reimbursed for actual and necessary expenses, including travel
7expenses, incurred in the performance of the member's duties.
SB218,24,11 8(5) No cause of action may arise against and no civil liability may be imposed
9upon a member of the board for any act or omission in the performance of the
10member's powers and duties under this chapter, unless the person asserting liability
11proves that the act or omission constitutes willful misconduct.
SB218,24,16 12(6) The board may hire an executive director. The board may delegate to the
13executive director or any other employee of the authority any powers or duties the
14board considers proper. All powers and duties assigned to the authority under this
15chapter shall be exercised or carried out by the board, unless the board delegates the
16power or duty to an employee of the authority.
SB218,24,20 17239.03 Powers of authority. The authority shall have all the powers
18necessary or convenient to carry out the purposes and provisions of this chapter. In
19addition to all other powers granted the authority under this chapter, the authority
20may specifically:
SB218,24,22 21(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
22regulation of its affairs and the conduct of its business.
SB218,24,23 23(2) Have a seal and alter the seal at pleasure.
SB218,24,24 24(3) Maintain an office.
SB218,24,25 25(4) Sue and be sued.
SB218,25,2
1(5) Accept gifts, grants, loans, or other contributions from private or public
2sources.
SB218,25,4 3(6) Establish the annual budget of the authority and monitor its fiscal
4management.
SB218,25,7 5(7) Execute contracts and other instruments required for the operation of the
6authority, including any contract with the investment board under s. 25.17 (72) or
7(73).
SB218,25,9 8(8) Employ any officers, agents, and employees that it may require and
9determine their qualifications, duties, and compensation.
SB218,25,10 10(9) Issue notes, bonds, and any other obligations.
SB218,25,11 11(10) Make loans.
SB218,25,12 12(11) Incur debt.
SB218,25,13 13(12) Procure liability insurance.
SB218,25,19 14239.04 Liability limited. Neither the state nor any political subdivision of
15the state, nor any officer, employee, or agent of the state or a political subdivision of
16the state who is acting within the scope of employment or agency, is liable for any
17debt, obligation, act, or omission of the authority. A debt of the authority is not a debt
18of the state, and the authority may not create a debt of the state. Each note, bond,
19or other obligation of the authority shall contain on its face a statement to that effect.
SB218,25,2120 subchapter II
21 Wisconsin forward jobs fund
SB218,25,22 22239.40 Definitions. In this subchapter:
SB218,25,25 23(1) "Angel investor network" means a person or group of persons that reviews
24new businesses or proposed new businesses for the potential investment in those
25businesses of moneys owned by that person or group.
SB218,26,1
1(2) "Fund" means the Wisconsin forward jobs fund established under s. 25.90.
SB218,26,2 2(3) "Fund capital" means moneys in or received from the fund.
SB218,26,3 3(4) "Fund manager" means the person hired by the authority under s. 239.41.
SB218,26,5 4(5) "Qualified business development organization" means a person approved
5by the authority under s. 239.437.
SB218,26,7 6(6) "Qualified investment capital fund" means a person approved by the
7authority under s. 239.42 (2).
SB218,26,9 8239.41 Wisconsin forward jobs fund manager. (1) Subject to sub. (3), the
9authority shall hire a fund manager to administer the fund.
SB218,26,12 10(2) The authority shall delegate to the fund manager the powers necessary or
11convenient for the fund manager to carry out the authority's duties under this
12subchapter.
SB218,26,18 13(3) (a) The executive director of the investment board shall appoint a
14committee that consists of 3 members who shall select a candidate for fund manager.
15The executive director shall appoint the members of the selection committee based
16on a member's experience and leadership in capital investment. Members of the
17selection committee shall serve without compensation, but may be reimbursed for
18their actual and necessary expenses incurred in the performance of their duties.
SB218,27,219 (b) 1. The selection committee appointed under par. (a) shall select a candidate
20for fund manager to recommend to the authority. In choosing that candidate, the
21selection committee shall consider an applicant's experience evaluating start-up
22companies, relationships with regional and national investment capital funds that
23may make investments in this state, experience managing publicly funded
24investment funds, performance managing existing portfolio funds and syndication

1partnerships, and experience gathering and making reports concerning investment
2fund performance data.
SB218,27,43 2. The authority may reject a candidate for fund manager that the selection
4committee recommends under subd. 1.
SB218,27,75 3. If the authority rejects a candidate for fund manager under subd. 2., the
6selection committee shall make another recommendation to the authority, subject to
7the requirements under subd. 1.
SB218,27,98 (c) The authority shall staff the selection committee and pay the selection
9committee's administrative or other costs.
SB218,27,13 10239.42 Qualified capital funds. (1) Application. Any person may apply to
11the authority on a form prescribed by the authority for approval under this section.
12The application shall include the name, address, and tax identification number of the
13applicant and any other information the authority requires.
SB218,27,16 14(2) Approval for investments. The authority may approve an applicant under
15sub. (1) to receive fund capital. In determining whether to approve an applicant, the
16authority shall consider all of the following:
SB218,27,1717 (a) The applicant's investment experience.
SB218,27,1818 (b) The past performance of any investment managed by the applicant.
SB218,27,2019 (c) The applicant's commitment to investing in businesses within this state and
20maintaining an office in this state.
SB218,27,2321 (d) The applicant's commitment to making investments that are diverse with
22respect to the geographic location within this state and industry classification of the
23businesses in which the applicant invests.
SB218,28,2 24239.43 Investments of fund capital in qualified investment capital
25funds; requirements.
(1) Fund investments. (a) From the appropriation under

1s. 20.195 (1) (q), the authority shall invest a total of at least $180,000,000 in qualified
2investment capital funds over the life of the fund.
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