Amendment SA1-SB296

LRBa0928/1

RAC:cjs:pg

2001 - 2002 LEGISLATURE

SENATE AMENDMENT 1, TO 2001 SENATE BILL 296

November 6, 2001 - Offered by Finance.

SB296-SA1,1,1 At the locations indicated, amend the bill as follows:

SB296-SA1,1,3 1. Page 3, line 8: delete the material beginning with that line and ending with page 4, line 11, and substitute:

SB296-SA1,1,4 " Section 2m. 25.17 (71) of the statutes is created to read:

SB296-SA1,1,11 25.17 (71) (a) Before June 30, 2004, make an effort to commit to invest an amount not less than $50,000,000 in venture capital investment firms. The amount that is committed to be invested under this paragraph shall be in addition to any amount that is invested in venture capital investment firms before the effective date of this paragraph .... [revisor inserts date]. In selecting the venture capital investment firms in which to make investments, the board is subject to the standard of responsibility under s. 25.15 (2) and shall consider all of the following factors:

SB296-SA1,1,13 1. The experience of the venture capital investment firms in making investments.

SB296-SA1,2,3 2. The commitment of the venture capital investment firms to making venture capital investments in health care, biotechnology, and other technological industries.

SB296-SA1,2,5 3. The willingness of the venture capital investment firms to make at least 75% of the investments in businesses headquartered in this state.

SB296-SA1,2,7 4. Whether the venture capital investment firms have a place of business in this state.

SB296-SA1,2,9 5. The overall experience of the venture capital investment firms in making investments in businesses that are in the venture capital stage.

SB296-SA1,2,12 6. The relationships that the venture capital investment firms have with technology transfer organizations, such as the Wisconsin Alumni Research Foundation, Inc.

SB296-SA1,2,14 7. The ability of the venture capital investment firms to do lead and follow-on investments.

SB296-SA1,2,21 (b) Any venture capital investment firm in which the investment board makes an investment under par. (a) shall make an effort to invest in businesses located in the areas of Green Bay, Eau Claire, Madison, Janesville-Beloit, La Crosse, Stevens Point-Marshfield, Racine-Kenosha, Milwaukee, Sheboygan-Manitowoc, Superior, the Fox River Valley, and Wausau and within the boundaries of any federally recognized Indian reservation. The investment board shall determine the geographic boundaries of each area.

SB296-SA1,3,2 (c) Nothing in this subsection limits the authority of the board to make any other investments that are otherwise authorized by law or restricts the authority of the board or any venture capital investment firm to make investments in any area of this state.".

SB296-SA1,3,3 (End)