AB40-ASA1, s. 862p 19Section 862p. 23.1985 of the statutes is amended to read:
AB40-ASA1,408,4 2023.1985 Acquisition of certain public lands. Beginning in fiscal year
212006-07 and ending in fiscal year 2019-20, from the appropriation under s. 20.866
22(2) (ta), the department shall set aside $2,000,000 in each fiscal year that may be
23obligated only to acquire land from the board of commissioners of public lands under
24s. 24.59 (1). If the department sets aside, but does not obligate moneys in a fiscal year
25under this section, the department may obligate those nonobligated moneys in a

1subsequent fiscal year under this section in addition to the amounts the department
2is required to set aside for that subsequent fiscal year.
For purposes of s. 23.0917,
3moneys provided from the appropriation under s. 20.866 (2) (ta) shall be treated as
4moneys obligated under the subprogram under s. 23.0917 (3).
AB40-ASA1, s. 863 5Section 863. 23.27 (5) of the statutes is amended to read:
AB40-ASA1,408,216 23.27 (5) Natural areas land acquisition; commitment under the Wisconsin
7natural areas heritage program.
It is the intent of the legislature to initiate
8additional natural areas land acquisition activities with moneys available from the
9appropriations under ss. 20.370 (1) (mg) (gr) and 20.866 (2) (ta), (tt) and (tz) under
10the Wisconsin natural areas heritage program. This commitment is separate from
11and in addition to the continuing commitment under sub. (4). Moneys available from
12the appropriations under ss. 20.370 (1) (mg) (gr) and 20.866 (2) (ta), (tt) and (tz)
13under the Wisconsin natural areas heritage program may not be used to acquire land
14through condemnation. The department may not acquire land under this subsection
15unless the land is suitable for dedication under the Wisconsin natural areas heritage
16program and upon purchase or as soon after purchase as practicable the department
17shall take all necessary action to dedicate the land under the Wisconsin natural
18areas heritage program. Except as provided in s. 23.0915 (2), the department may
19not expend from the appropriation under s. 20.866 (2) (tz) more than $500,000 in
20each fiscal year for natural areas land acquisition activities under this subsection
21and for grants for this purpose under s. 23.096.
AB40-ASA1, s. 864 22Section 864. 23.27 (6) of the statutes is amended to read:
AB40-ASA1,409,423 23.27 (6) Sale; credit. Moneys received by the state from the sale of any area
24on state-owned land under the department's management or control which is
25withdrawn from the state natural areas system shall be credited to the appropriation

1under s. 20.370 (1) (mg) (gr). An amount equal to the value of any area on
2state-owned land under the department's management or control which is
3withdrawn from the state natural areas system but remains in state ownership shall
4be credited to the appropriation under s. 20.370 (1) (mg) (gr).
AB40-ASA1, s. 865 5Section 865. 23.29 (2) of the statutes is amended to read:
AB40-ASA1,409,166 23.29 (2) Contributions; state match. The department may accept
7contributions and gifts for the Wisconsin natural areas heritage program. The
8department shall convert donations of land which it determines, with the advice of
9the council, are not appropriate for the Wisconsin natural areas heritage program
10into cash. The department shall convert other noncash contributions into cash.
11These moneys shall be deposited in the general conservation fund and credited to the
12appropriation under s. 20.370 (1) (mg) (gr). These moneys shall be matched by an
13equal amount released from the appropriation under s. 20.866 (2) (ta), (tt) or (tz) or
14from any combination of these appropriations to be used for natural areas land
15acquisition activities under s. 23.27 (5). The department shall determine how the
16moneys being released are to be allocated from these appropriations.
AB40-ASA1, s. 866 17Section 866. 24.80 of the statutes is amended to read:
AB40-ASA1,410,5 1824.80 Normal school fund. The lands and moneys described in s. 24.79, not
19being granted for any other specified purpose, accrue to the school fund under article
20X, section 2, of the constitution; and having been found unnecessary for the support
21and maintenance of common schools, are appropriated to the support and
22maintenance of state universities and suitable libraries and apparatus therefor, and
23to that end are set apart and denominated the "Normal School Fund". All lands,
24moneys, loans, investments and securities set apart to the normal school fund and
25all swamp lands and income and interest received on account of the capital of that

1fund constitute a separate and perpetual fund. Except as provided in ss. 20.255 (1)
2(q) and 20.285 (1) (rm), all income and interest from the normal school fund shall be
3paid into the general fund as general purpose revenue.
Normal school fund income,
4interest and revenues do not include expenses deducted from gross receipts
5permitted under ss. 24.04 (2), 24.53 and 24.62 (1).
AB40-ASA1, s. 866d 6Section 866d. 25.15 (5) of the statutes is amended to read:
AB40-ASA1,410,107 25.15 (5) Commissions. All records of commissions paid by the board for
8purchases and sales of investments are open to public inspection, except those
9relating to investments made or considered by the board in securities of entities that
10are in the venture capital stage
.
AB40-ASA1, s. 866e 11Section 866e. 25.16 (2) of the statutes is amended to read:
AB40-ASA1,410,2512 25.16 (2) Subject to authorization under s. 16.505, the The executive director
13may appoint a chief legal counsel, chief financial officer, chief risk officer and not
14more than 11 investment directors and shall appoint a chief investment officer and
15all other employees necessary to carry out the functions of the board, except that the
16board shall appoint the internal auditor and shall participate in the selection of the
17chief investment officer and investment directors and the internal auditor shall
18appoint his or her staff. The executive director shall appoint all employees outside
19the classified service, except blue collar and clerical employees. Neither the
20executive director, the internal auditor, the chief investment officer, the chief legal
21counsel, the chief financial officer, the chief risk officer, any investment director nor
22any other employee of the board shall have any financial interest, either directly or
23indirectly, in any firm engaged in the sale or marketing of real estate or investments
24of any kind, nor shall any of them render investment advice to others for
25remuneration.
AB40-ASA1, s. 866m
1Section 866m. 25.16 (7) of the statutes is amended to read:
AB40-ASA1,411,92 25.16 (7) The executive director shall fix the compensation of all employees
3appointed by the executive director, subject to restrictions set forth in the
4compensation plan under s. 230.12 or any applicable collective bargaining
5agreement in the case of employees in the classified service
but the board may
6provide for bonus compensation to employees in the unclassified service. All
7employees shall pay employee required contributions under s. 40.05 (1) (a) 1. or 2.,
8whichever is appropriate, and shall pay the employee share of health insurance
9premiums as determined under s. 40.05 (4) (ag)
.
AB40-ASA1, s. 866s 10Section 866s. 25.165 (1) of the statutes is amended to read:
AB40-ASA1,411,2011 25.165 (1) There is created in the board an internal audit subunit, under the
12supervision of the internal auditor. The internal auditor shall report directly to the
13board and, subject to authorization under s. 16.505, shall appoint all employees
14necessary to carry out the duties of the internal auditor. The internal auditor shall
15appoint all employees outside the classified service, except blue collar and clerical
16employees
. The internal auditor shall fix the compensation of all employees
17appointed by the internal auditor, subject to restrictions set forth in the
18compensation plan under s. 230.12 or any applicable collective bargaining
19agreement in the case of employees in the classified service
but the board may
20provide for bonus compensation to employees in the unclassified service.
AB40-ASA1, s. 866t 21Section 866t. 25.17 (1) (cm) of the statutes is repealed.
AB40-ASA1, s. 867 22Section 867. 25.17 (1) (nm) of the statutes is amended to read:
AB40-ASA1,411,2423 25.17 (1) (nm) Recycling and renewable energy Economic development fund (s.
2425.49);
AB40-ASA1, s. 867m 25Section 867m. 25.17 (1) (ys) of the statutes is repealed.
AB40-ASA1, s. 868
1Section 868. 25.17 (2) (f) of the statutes is amended to read:
AB40-ASA1,412,102 25.17 (2) (f) Invest the moneys belonging to the college savings program trust
3fund, the college savings program bank deposit trust fund, and the college savings
4program credit union deposit trust fund in a manner consistent with the guidelines
5established under s. 14.64 16.641 (2) (c), unless the moneys are under the
6management and control of a vendor selected under s. 16.255. In making
7investments under this paragraph, the investment board shall accept any
8reasonable terms and conditions that the college savings program board specifies
9and is relieved of any obligations relevant to prudent investment of the fund,
10including the standard of responsibility under s. 25.15 (2).
AB40-ASA1, s. 868e 11Section 868e. 25.17 (13m) of the statutes is renumbered 25.17 (13m) (intro.)
12and amended to read:
AB40-ASA1,412,1613 25.17 (13m) (intro.) No later than 45 days after the end of each calendar
14quarter, submit a report to the department of administration, the cochairpersons of
15the joint legislative audit committee, and the cochairpersons of the joint committee
16on finance detailing all that identifies all of the following:
AB40-ASA1,412,20 17(a) All costs and expenses charged to funds during that calendar quarter. The
18report shall include
, including a breakdown of the amount and percentage of assets
19managed under each type of dedicated and commingled account or partnership, and
20the change in the amount and percentage from the prior calendar quarter.
AB40-ASA1, s. 868f 21Section 868f. 25.17 (13m) (b) of the statutes is created to read:
AB40-ASA1,412,2222 25.17 (13m) (b) All operating expenditures during that calendar quarter.
AB40-ASA1, s. 868g 23Section 868g. 25.17 (13m) (c) of the statutes is created to read:
AB40-ASA1,412,2524 25.17 (13m) (c) The number of full-time equivalent positions created or
25abolished by the board under s. 16.505 (2g) during that calendar quarter.
AB40-ASA1, s. 868j
1Section 868j. 25.17 (13r) of the statutes is created to read:
AB40-ASA1,413,82 25.17 (13r) Appear before the joint committee on finance, by the board's
3executive director or by board personnel designated by the executive director, at the
4committee's first quarterly meeting under s. 13.10 in each fiscal year to provide an
5update, for the current fiscal year and the succeeding fiscal year, of the board's
6completed or projected operating budget changes, position authorization changes,
7assessment of the funds under management, and performance of the funds under
8management.
AB40-ASA1, s. 869 9Section 869. 25.17 (70) (intro.) of the statutes is amended to read:
AB40-ASA1,413,1810 25.17 (70) (intro.) No later than December 31 of every even-numbered year,
11after receiving a report from the department of commerce under s. 560.08 (2) (m) and
12in consultation with the department of commerce
, submit to the governor and to the
13presiding officer of each house of the legislature a plan for making investments in
14this state. The purpose of the plan is to encourage the board to make the maximum
15amount of investments in this state, subject to s. 25.15 and consistent with the
16statutory purpose of each trust or fund managed by the board. The plan shall discuss
17potential investments to be made during the succeeding 5 years beginning in the
18year after submittal of the plan, and shall include, but not be limited to, the following:
AB40-ASA1, s. 870 19Section 870. 25.17 (70) (a) of the statutes is repealed.
AB40-ASA1, s. 871 20Section 871. 25.17 (70) (d) of the statutes is amended to read:
AB40-ASA1,413,2321 25.17 (70) (d) Comments solicited from the secretary of commerce chief
22executive officer of the Wisconsin Economic Development Corporation
and received
23by the board on or before November 30 of the year of submittal.
AB40-ASA1, s. 871m 24Section 871m. 25.184 of the statutes is created to read:
AB40-ASA1,414,5
125.184 Confidentiality of venture capital investment information.
2Information relating to investments made or considered by the board in securities
3of entities that are in the venture capital stage are not subject to public inspection,
4copying, or disclosure under s. 19.35 unless the information has been publicly
5released by another person.
AB40-ASA1, s. 872 6Section 872. 25.185 (1) (a) of the statutes is amended to read:
AB40-ASA1,414,97 25.185 (1) (a) "Disabled veteran-owned financial adviser" means a financial
8adviser certified by the department of commerce administration under s. 560.0335
916.283 (3).
AB40-ASA1, s. 873 10Section 873. 25.185 (1) (b) of the statutes is amended to read:
AB40-ASA1,414,1311 25.185 (1) (b) "Disabled veteran-owned investment firm" means an
12investment firm certified by the department of commerce administration under s.
13560.0335 16.283 (3).
AB40-ASA1, s. 874 14Section 874. 25.185 (1) (c) of the statutes is amended to read:
AB40-ASA1,414,1615 25.185 (1) (c) "Minority financial adviser" means a financial adviser certified
16by the department of commerce administration under s. 560.036 16.287 (2).
AB40-ASA1, s. 875 17Section 875. 25.185 (1) (d) of the statutes is amended to read:
AB40-ASA1,414,1918 25.185 (1) (d) "Minority investment firm" means an investment firm certified
19by the department of commerce administration under s. 560.036 16.287 (2).
AB40-ASA1, s. 875e 20Section 875e. 25.187 (2) (a) of the statutes is amended to read:
AB40-ASA1,415,221 25.187 (2) (a) Subject to par. (c), on On September 1 of each year, the investment
22board shall assess each fund for which the board has management responsibility for
23its share of the board's operating expenditures for the current fiscal year in an
24equitable manner. The board shall pay the assessment from the current income of

1each fund, unless an appropriation is made for payment of the assessment, in which
2case the assessment shall be paid from that appropriation account.
AB40-ASA1, s. 875m 3Section 875m. 25.187 (2) (b) of the statutes is created to read:
AB40-ASA1,415,54 25.187 (2) (b) The investment board may establish the operating budget for
5operating expenditures and monitor the fiscal management of this operating budget.
AB40-ASA1, s. 875s 6Section 875s. 25.187 (2) (c) of the statutes is repealed.
AB40-ASA1, s. 877 7Section 877. 25.36 (1) of the statutes is amended to read:
AB40-ASA1,416,28 25.36 (1) Except as provided in sub. (2), all moneys appropriated or transferred
9by law shall constitute the veterans trust fund which shall be used for the lending
10of money to the mortgage loan repayment fund under s. 45.37 (5) (a) 12. and for the
11veterans programs under ss. 20.485 (2) (m), (mn), (tm), (u), (v), (vo), (vy), (w), and (z),
12and (zm),
and (5) (mn), (v), (vo), and (zm), 45.03 (19), 45.07, 45.20, 45.21, 45.40 (1m),
1345.41, 45.42, 45.43, and 45.82 and administered by the department of veterans
14affairs, including all moneys received from the federal government for the benefit of
15veterans or their dependents; all moneys paid as interest on and repayment of loans
16under the post-war rehabilitation fund; soldiers rehabilitation fund, veterans
17housing funds as they existed prior to July 1, 1961; all moneys paid as interest on
18and repayment of loans under this fund; all moneys paid as expenses for, interest on,
19and repayment of veterans trust fund stabilization loans under s. 45.356, 1995 stats.;
20all moneys paid as expenses for, interest on, and repayment of veterans personal
21loans; the net proceeds from the sale of mortgaged properties related to veterans
22personal loans; all mortgages issued with the proceeds of the 1981 veterans home
23loan revenue bond issuance purchased with moneys in the veterans trust fund; all
24moneys received from the state investment board under s. 45.42 (8) (b); all moneys
25received from the veterans mortgage loan repayment fund under s. 45.37 (7) (a) and

1(c); and all gifts of money received by the board of veterans affairs for the purposes
2of this fund.
AB40-ASA1, s. 878 3Section 878. 25.40 (1) (a) 3. of the statutes is amended to read:
AB40-ASA1,416,104 25.40 (1) (a) 3. Revenues collected under ss. 341.09 (2) (d), (2m) (a) 1., (4), and
5(7), 341.14 (2), (2m), (6) (d), (6m) (a), (6r) (b) 2., (6w), and (8), 341.145 (3), 341.16 (1)
6(a) and (b), (2), (2e), and (2m), 341.17 (8), 341.19 (1) (a), 341.25, 341.255 (1), (2) (a),
7(b), and (c), and (5), 341.26 (1), (2), (2m) (am) and (b), (3), (3m), (4), (5), and (7), 341.264
8(1), 341.265 (1), 341.266 (2) (b) and (3), 341.268 (2) (b) and (3), 341.269 (2) (b), 341.30
9(3), 341.305 (3), 341.307 (4) (a), 341.308 (3), 341.36 (1) and (1m), 341.51 (2), and
10342.14, except s. 342.14 (1r), that are pledged to any fund created under s. 84.59 (2).
AB40-ASA1, s. 879m 11Section 879m. 25.40 (1) (a) 4. of the statutes is amended to read:
AB40-ASA1,416,1412 25.40 (1) (a) 4. Moneys received paid to the Board of Regents of the University
13of Wisconsin System
under s. 341.14 (6r) (b) 4. that are deposited in the general fund
14and credited to the appropriation under s. 20.285 (1) (jp).
AB40-ASA1, s. 880 15Section 880. 25.40 (1) (a) 5m. of the statutes is repealed.
AB40-ASA1, s. 883m 16Section 883m. 25.42 of the statutes is repealed.
AB40-ASA1, s. 884m 17Section 884m. 25.421 of the statutes is repealed.
AB40-ASA1, s. 885e 18Section 885e. 25.425 of the statutes is amended to read:
AB40-ASA1,416,23 1925.425 Election administration fund. There is established a separate
20nonlapsible trust fund, designated the election administration fund, consisting of all
21moneys received from the federal government under P.L. 107-252, all moneys
22received from requesters from sales of copies of the official registration list,
and all
23moneys transferred to the fund from other funds.
AB40-ASA1, s. 886 24Section 886. 25.46 (1k) of the statutes is repealed.
AB40-ASA1, s. 887b 25Section 887b. 25.46 (6s) of the statutes is created to read:
AB40-ASA1,417,1
125.46 (6s) The fees imposed under s. 289.645.
AB40-ASA1, s. 888 2Section 888. 25.46 (19) of the statutes is repealed.
AB40-ASA1, s. 889 3Section 889. 25.466 of the statutes is amended to read:
AB40-ASA1,417,7 425.466 Working lands fund. There is created a separate trust fund
5designated as the working lands fund, consisting of all moneys received under ss.
691.48 (2) (c) and
s. 91.66 (1) (c) and all moneys received due to the sale, modification,
7or termination of an easement purchased under s. 93.73.
AB40-ASA1, s. 890 8Section 890. 25.47 (5) of the statutes is amended to read:
AB40-ASA1,417,109 25.47 (5) The moneys transferred from the appropriation account under s.
1020.143 (3) 20.165 (2) (s).
AB40-ASA1, s. 891 11Section 891. 25.49 (intro.) of the statutes is amended to read:
AB40-ASA1,417,14 1225.49 Recycling and renewable energy Economic development fund.
13(intro.) There is established a separate nonlapsible trust fund designated as the
14recycling and renewable energy economic development fund, to consist of:
AB40-ASA1, s. 892 15Section 892. 25.49 (1m) of the statutes is renumbered 25.46 (5k).
AB40-ASA1, s. 893 16Section 893. 25.49 (2) of the statutes is renumbered 25.46 (5L).
AB40-ASA1, s. 894b 17Section 894b. 25.49 (3) of the statutes is repealed.
AB40-ASA1, s. 896 18Section 896. 25.50 (3) (a) of the statutes is amended to read:
AB40-ASA1,417,2119 25.50 (3) (a) With the consent of the governing body, a local official may transfer
20local funds to the state treasurer department of administration for deposit in the
21fund.
AB40-ASA1, s. 896d 22Section 896d. 25.50 (3) (b) of the statutes is amended to read:
AB40-ASA1,418,423 25.50 (3) (b) On the dates specified and to the extent to which they are
24available, subject to s. 16.53 (10), funds payable to local governments under ss. 79.03
2579.035, 79.04, 79.05, 79.058, 79.06, 79.08, and 79.10 shall be considered local funds

1and, pursuant to the instructions of local officials, may be paid into the separate
2accounts of all local governments established in the local government
3pooled-investment fund and, pursuant to the instructions of local officials, to the
4extent to which they are available, be disbursed or invested.
AB40-ASA1, s. 898 5Section 898. 25.50 (4) of the statutes is amended to read:
AB40-ASA1,418,96 25.50 (4) Period of investments; withdrawal of funds. Subject to the right of
7the local government to specify the period in which its funds may be held in the fund,
8the state treasurer department of administration shall prescribe the mechanisms
9and procedures for deposits and withdrawals.
AB40-ASA1, s. 899 10Section 899. 25.50 (5m) (a) of the statutes is amended to read:
AB40-ASA1,418,1911 25.50 (5m) (a) The board, in cooperation with the department of
12administration, shall provide information necessary for the state treasurer to
13provide
a monthly report to each local government having an investment in the fund.
14The board shall use all reasonable efforts to provide the information to the state
15treasurer in time to allow the treasurer to mail or electronically transmit
the report
16to the local government no later than 6 business days after the end of the month
17covered by the report. The report shall include information on the fund's earnings
18for the month, with comparison to appropriate indexes or benchmarks in the private
19sector.
AB40-ASA1, s. 900 20Section 900. 25.50 (7) of the statutes is amended to read:
AB40-ASA1,419,221 25.50 (7) Reimbursement of expenses. The state treasurer department of
22administration
shall deduct monthly from the earnings of the fund during the
23preceding calendar month an amount sufficient to cover all actual and necessary
24expenses incurred by the state in administering the fund in the preceding calendar
25month, except that in no fiscal year may the state treasurer department of

1administration
deduct an amount exceeding the amount appropriated under s.
220.585 20.505 (1) (g) (gc) for that fiscal year.
AB40-ASA1, s. 901 3Section 901. 25.50 (8) (b) of the statutes is amended to read:
AB40-ASA1,419,64 25.50 (8) (b) The state treasurer department of administration shall report
5monthly to each local official the deposits and withdrawals of the preceding month
6and any other activity within the account.
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