1999 Wisconsin Act 9

24.61 (2) (a) 3. Bonds and notes of this state.

9,689fh Section 689fh. 24.61 (2) (b) of the statutes is amended to read:

24.61 (2) (b) Deposited with state treasurer. All bonds, notes and other securities so purchased under par. (a) shall be deposited with the state treasurer.

9,689j Section 689j. 24.61 (2) (c) of the statutes is created to read:

24.61 (2) (c) Delegation of investment authority to investment board. The board may delegate to the investment board the authority to invest part or all of the moneys belonging to the trust funds. If the board delegates the authority, the investment board may invest the moneys belonging to the trust funds in any manner authorized for the investment of any funds specified in s. 25.17 (1).

9,689L Section 689L. 24.62 (1) of the statutes is amended to read:

24.62 (1) Except as authorized in sub. (2), the board shall deduct its expenses incurred in administering investments and loans under s. 24.61 from the gross receipts of the fund to which the interest and income of the investment or loan will be added. If the board delegates to the investment board the authority to invest part or all of the moneys belonging to the trust funds, the investment board shall deduct its expenses incurred in administering investments under s. 24.61 from the gross receipts of the fund to which the interest and income of the investment will be added.

9,690 Section 690. 24.63 (4) of the statutes is amended to read:

24.63 (4) Repayment before due date permitted. Any borrower after March 15 and prior to August 1 of any year may repay one or more instalments of a state trust fund loan in advance of the due date, and all interest upon such advance payment shall thereupon terminate. The board may charge a borrower who repays one or more instalments of a loan a fee to cover any administrative costs incurred by the board in originating and servicing the loan.

9,691 Section 691. 24.64 of the statutes is created to read:

24.64 Reimbursements for certain administrative services. The board shall reimburse the department of administration, from the appropriation account under s. 20.507 (1) (h), for the costs of administrative services provided by the department of administration and other state agencies to the board.

9,694b Section 694b. 24.78 of the statutes is amended to read:

24.78 Distribution of the common school fund income. Under article X, section 5, of the constitution the common school fund income shall be distributed to the school districts among the several towns, villages and cities of the state for the support of common schools therein, as provided in ss. 44.72 (2) (a) and s. 43.70.

9,694c Section 694c. 25.156 (2) of the statutes is amended to read:

25.156 (2) The investment board shall employ an executive director, who shall serve outside the classified service. The executive director shall be qualified by training and prior experience to manage, administer and direct the investment of funds. The investment board shall fix the compensation of the executive director, and may award bonus compensation as authorized under sub. (6).

9,694g Section 694g. 25.156 (6) of the statutes is repealed.

9,694n Section 694n. 25.156 (7) of the statutes is repealed.

9,694r Section 694r. 25.16 (7) of the statutes is amended to read:

25.16 (7) The executive director shall fix the compensation of all employes appointed by the executive director, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service as authorized under s. 25.156 (6).

9,694s Section 694s. 25.16 (8) of the statutes is created to read:

25.16 (8) The executive director shall assign an investment professional to assist the board of commissioners of public lands in establishing and maintaining investment objectives with respect to the investment of the assets of the agricultural college fund, the common school fund, the normal school fund and the university fund. An amount equal to the cost of any services rendered to the board of commissioners of public lands under this subsection shall be deducted from the gross receipts of the fund to which the moneys invested belong and shall be credited to the appropriation account under s. 20.536 (1) (k).

9,694w Section 694w. 25.165 (1) of the statutes is amended to read:

25.165 (1) There is created in the investment board an internal audit subunit, under the supervision of the internal auditor. The internal auditor shall report directly to the board and, subject to authorization under s. 16.505, shall appoint all employes necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employes outside the classified service, except blue collar and clerical employes. The internal auditor shall fix the compensation of all employes appointed by the internal auditor, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service as authorized under s. 25.156 (6).

9,695b Section 695b. 25.17 (1) (ah) of the statutes is created to read:

25.17 (1) (ah) Agricultural college fund (s. 24.82), but subject to the terms of delegation under s. 24.61 (2) (c);

9,695g Section 695g. 25.17 (1) (ai) of the statutes is created to read:

25.17 (1) (ai) Air quality improvement fund (s. 25.97);

9,695m Section 695m. 25.17 (1) (ax) of the statutes is created to read:

25.17 (1) (ax) Common school fund (s. 24.76), but subject to the terms of delegation under s. 24.61 (2) (c);

9,697d Section 697d. 25.17 (1) (gf) of the statutes is created to read:

25.17 (1) (gf) Health insurance risk-sharing plan fund (s. 25.55);

9,697m Section 697m. 25.17 (1) (i) of the statutes is amended to read:

25.17 (1) (i) Information technology investment VendorNet fund (s. 25.61);

9,698 Section 698. 25.17 (1) (ka) of the statutes is created to read:

25.17 (1) (ka) Natural resources land endowment fund (s. 25.293);

9,698c Section 698c. 25.17 (1) (kd) of the statutes is created to read:

25.17 (1) (kd) Normal school fund (s. 24.80), but subject to the terms of delegation under s. 24.61 (2) (c);

9,698m Section 698m. 25.17 (1) (tc) of the statutes is created to read:

25.17 (1) (tc) Tobacco control fund (s. 25.66);

9,699g Section 699g. 25.17 (1) (xLm) of the statutes is created to read:

25.17 (1) (xLm) University fund (s. 24.81), but subject to the terms of delegation under s. 24.61 (2) (c);

9,699m Section 699m. 25.17 (1) (xm) of the statutes is created to read:

25.17 (1) (xm) Utility public benefits fund (s. 25.96);

9,699s Section 699s. 25.17 (1) (zm) of the statutes is amended to read:

25.17 (1) (zm) All other funds of the state or of any state department or institution, except funds which under article X of the constitution are controlled and invested by the board of commissioners of public lands, funds which are required by specific provision of law to be controlled and invested by any other authority, and moneys in the university University of Wisconsin trust funds, and in the trust funds of the state universities.

9,701m Section 701m. 25.186 of the statutes is created to read:

25.186 Broker-dealers located in this state. (1) In this section:

(a) "Broker-dealer" has the meaning given in s. 551.02 (3).

(b) "Securities trading brokerage commission" means any commission or fee paid on or for a brokered security transaction, a purchase of a security or any other kind of trade of a security.

(c) "Security" has the meaning given in s. 551.02 (13).

(2) (a) Of the total funds that are expended by the board for securities trading brokerage commissions in any fiscal year, the board shall pay at least 5% of the total funds in securities trading brokerage commissions to broker-dealers that are licensed under s. 551.31, that are headquartered in this state and whose principal business operations are located in this state.

(b) For the purpose of satisfying the requirement under par. (a), the board may not include any securities trading brokerage commissions paid to minority financial advisers and minority investment firms under s. 25.185.

(3) Annually, no later than September 30, the board shall submit a report to the department of administration documenting the amount of moneys expended in the preceding fiscal year by the board for securities trading brokerage commissions and the amount of moneys paid in the preceding fiscal year for securities trading brokerage commissions to broker-dealers under sub. (2) (a).

9,701p Section 701p. 25.187 of the statutes is created to read:

25.187 Operating expenditures. (1) In this section, "operating expenditures" include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does not include costs or expenses incurred under s. 25.18 (1) (a), (c), (f) or (m) or (2) (d) or (e) or 40.04 (3) (intro.).

(2) (a) Subject to pars. (b) and (c), on July 1 and January 1 of each year, the investment board shall estimate the amounts required for its operating expenditures for the next 6-month period and shall assess each fund for which the board has management responsibility for its share of the estimated operating expenditures in an equitable manner. The board shall pay the assessment from the current income of each fund, unless an appropriation is made for payment of the assessment, in which case the assessment shall be paid from that appropriation account.

(b) If the estimate of the amounts required for the board's operating expenditures for a 6-month period differs from its actual operating expenditures, the board shall adjust the estimate of the amounts required for its operating expenditures for the next 6-month period to reflect the difference between its estimated operating expenditures and actual operating expenditures for the prior 6-month period.

(c) 1. Except as provided in subd. 2., the total amount that the board may assess the funds for which the board has management responsibility for any fiscal year may not exceed the greater of $17,720,500 or 0.0275% of the total market value of the assets of the funds on April 30 of the preceding fiscal year.

2. In addition to the amount assessed under subd. 1., the board may assess the funds for which the board has management responsibility for any fiscal year up to an additional 0.0025% of the total market value of the assets of the funds on April 30 of the preceding fiscal year if the board notifies the joint committee on finance in writing of the proposed assessment. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment within 14 working days after the date of the board's notification, the board may make the assessment. If, within 14 working days after the date of the board's notification, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment, the board may make the assessment only upon approval of the committee.

3. For the purposes of this paragraph, the board shall do all of the following:

a. Determine the total market value of the assets of the funds according to the methodology used to determine the market value of the fixed retirement investment trust under s. 25.17 (14).

b. Annually, certify to the department of administration and to the joint committee on finance the total market value of the assets of the funds on April 30 no later than June 15.

(3) The investment board shall transmit a notice of each assessment to each fund at the time that the assessment is made, and shall transmit a statement of the board's actual expenditures for management of each fund at the close of each fiscal year both to the state agency having primary responsibility for expenditure of principal or earnings of the fund and to the department of administration or, if there is no state agency, only to the department of administration.

9,702 Section 702. 25.29 (1) (a) of the statutes is amended to read:

25.29 (1) (a) Except as provided in s. ss. 25.293 and 25.295, all moneys accruing to the state for or in behalf of the department under chs. 26, 27, 28, 29 and 350, subchs. I and VI of ch. 77 and ss. 23.09 to 23.31, 23.325 to 23.42, 23.50 to 23.99, 30.50 to 30.55, 70.58 and, 71.10 (5) and 71.30 (10), including grants received from the federal government or any of its agencies except as otherwise provided by law.

9,702g Section 702g. 25.29 (3m) of the statutes is created to read:

25.29 (3m) (a) The total amount that the department may expend for a given fiscal year from the fish and wildlife account of the conservation fund for administrative costs may not exceed 16% of the expenditures from that account for that fiscal year.

(b) For purposes of par. (a), administrative costs consist of the costs incurred in the administration of the department and its divisions and bureaus, in providing support services for the department and in the issuance of licenses and other approvals by the department.

9,702m Section 702m. 25.29 (7) (intro.) of the statutes is amended to read:

25.29 (7) (intro.) All of the proceeds of the tax which is levied under s. 70.58, and all moneys paid into the state treasury as the counties' share of compensation of emergency fire wardens under s. 26.14 shall be used for acquiring, preserving and developing the forests of the state, including the acquisition of lands owned by counties by virtue of any tax deed and of other lands suitable for state forests, and for the development of lands so acquired and the conduct of forestry thereon, including the growing and planting of trees; for forest and marsh fire prevention and control; for grants to forestry cooperatives under s. 36.56; for compensation of emergency fire wardens; for maintenance, permanent property and forestry improvements; for other forestry purposes authorized by law and for the payment of aid for forests as authorized in s. 28.11 and subchs. I and VI of ch. 77.

9,703 Section 703. 25.293 of the statutes is created to read:

25.293 Natural resources land endowment fund. There is established a separate nonlapsible trust fund designated as the natural resources land endowment fund, to consist of:

(1) All gifts, grants or bequests made to the natural resources land endowment fund. The department of natural resources may convert any noncash gift, grant or bequest into cash for deposit into the fund.

(2) All interest and other income generated from these gifts, grants and bequests.

9,704 Section 704. 25.40 (1) (a) 18. of the statutes is created to read:

25.40 (1) (a) 18. Moneys received under s. 85.12 that are deposited in the general fund and credited to the appropriation account under s. 20.395 (5) (dk) or (dL).

9,704mh Section 704mh. 25.40 (1) (fm) of the statutes is created to read:

25.40 (1) (fm) All moneys received as fees under s. 101.9208 (1), except fees received under s. 101.9208 (1) (b).

9,704pd Section 704pd. 25.40 (2) (b) 19g. of the statutes is created to read:

25.40 (2) (b) 19g. Section 20.143 (3) (sa).

9,706q Section 706q. 25.43 (1) (h) of the statutes is amended to read:

25.43 (1) (h) The fees imposed under ss. 281.58 (9) (d), 281.595 (11m) and 281.60 (11m).

9,706s Section 706s. 25.43 (2) (c) of the statutes is amended to read:

25.43 (2) (c) The department of administration may establish and change accounts in the environmental improvement fund other than those under pars. (a), (ae), (am) and (b). The department of administration shall consult the department of natural resources before establishing or changing an account that is needed to administer the programs under ss. 281.58, 281.59, 281.595 and or 281.61.

9,707 Section 707. 25.43 (3) of the statutes is amended to read:

25.43 (3) Except for the purpose of investment as provided in s. 25.17 (2) (d), the environmental improvement fund may be used only for the purposes authorized under ss. 20.320 (1) (r), (s), (sm), (t), (x) and (y) and , (2) (s) and (x) and (3) (q), 20.370 (4) (mt), (mx) and (nz), (8) (mr) and (9) (mt), (mx) and (ny), 20.505 (1) (v), (x) and (y), 281.58, 281.59, 281.595, 281.60, 281.61 and 281.62.

9,708 Section 708. 25.46 (1r) of the statutes is created to read:

25.46 (1r) The moneys transferred from the Wisconsin development reserve fund under 1999 Wisconsin Act .... (this act), section 9225 (1 ).

9,711 Section 711. 25.46 (12) of the statutes is created to read: