Amendment ASA1-AB40

AB40-ASA1,410,5 24.80 Normal school fund. The lands and moneys described in s. 24.79, not being granted for any other specified purpose, accrue to the school fund under article X, section 2, of the constitution; and having been found unnecessary for the support and maintenance of common schools, are appropriated to the support and maintenance of state universities and suitable libraries and apparatus therefor, and to that end are set apart and denominated the "Normal School Fund". All lands, moneys, loans, investments and securities set apart to the normal school fund and all swamp lands and income and interest received on account of the capital of that fund constitute a separate and perpetual fund. Except as provided in ss. 20.255 (1) (q) and 20.285 (1) (rm), all income and interest from the normal school fund shall be paid into the general fund as general purpose revenue. Normal school fund income, interest and revenues do not include expenses deducted from gross receipts permitted under ss. 24.04 (2), 24.53 and 24.62 (1).

AB40-ASA1, s. 866d Section 866d. 25.15 (5) of the statutes is amended to read:

AB40-ASA1,410,10 25.15 (5) Commissions. All records of commissions paid by the board for purchases and sales of investments are open to public inspection, except those relating to investments made or considered by the board in securities of entities that are in the venture capital stage.

AB40-ASA1, s. 866e Section 866e. 25.16 (2) of the statutes is amended to read:

AB40-ASA1,410,25 25.16 (2) Subject to authorization under s. 16.505, the The executive director may appoint a chief legal counsel, chief financial officer, chief risk officer and not more than 11 investment directors and shall appoint a chief investment officer and all other employees necessary to carry out the functions of the board, except that the board shall appoint the internal auditor and shall participate in the selection of the chief investment officer and investment directors and the internal auditor shall appoint his or her staff. The executive director shall appoint all employees outside the classified service, except blue collar and clerical employees. Neither the executive director, the internal auditor, the chief investment officer, the chief legal counsel, the chief financial officer, the chief risk officer, any investment director nor any other employee of the board shall have any financial interest, either directly or indirectly, in any firm engaged in the sale or marketing of real estate or investments of any kind, nor shall any of them render investment advice to others for remuneration.

AB40-ASA1, s. 866m Section 866m. 25.16 (7) of the statutes is amended to read:

AB40-ASA1,411,9 25.16 (7) The executive director shall fix the compensation of all employees 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 employees in the classified service but the board may provide for bonus compensation to employees in the unclassified service. All employees shall pay employee required contributions under s. 40.05 (1) (a) 1. or 2., whichever is appropriate, and shall pay the employee share of health insurance premiums as determined under s. 40.05 (4) (ag).

AB40-ASA1, s. 866s Section 866s. 25.165 (1) of the statutes is amended to read:

AB40-ASA1,411,20 25.165 (1) There is created in the 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 employees necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employees outside the classified service, except blue collar and clerical employees. The internal auditor shall fix the compensation of all employees 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 employees in the classified service but the board may provide for bonus compensation to employees in the unclassified service.

AB40-ASA1, s. 866t Section 866t. 25.17 (1) (cm) of the statutes is repealed.

AB40-ASA1, s. 867 Section 867. 25.17 (1) (nm) of the statutes is amended to read:

AB40-ASA1,411,24 25.17 (1) (nm) Recycling and renewable energy Economic development fund (s. 25.49);

AB40-ASA1, s. 867m Section 867m. 25.17 (1) (ys) of the statutes is repealed.

AB40-ASA1, s. 868 Section 868. 25.17 (2) (f) of the statutes is amended to read:

AB40-ASA1,412,10 25.17 (2) (f) Invest the moneys belonging to the college savings program trust fund, the college savings program bank deposit trust fund, and the college savings program credit union deposit trust fund in a manner consistent with the guidelines established under s. 14.64 16.641 (2) (c), unless the moneys are under the management and control of a vendor selected under s. 16.255. In making investments under this paragraph, the investment board shall accept any reasonable terms and conditions that the college savings program board specifies and is relieved of any obligations relevant to prudent investment of the fund, including the standard of responsibility under s. 25.15 (2).

AB40-ASA1, s. 868e Section 868e. 25.17 (13m) of the statutes is renumbered 25.17 (13m) (intro.) and amended to read:

AB40-ASA1,412,16 25.17 (13m) (intro.) No later than 45 days after the end of each calendar quarter, submit a report to the department of administration, the cochairpersons of the joint legislative audit committee, and the cochairpersons of the joint committee on finance detailing all that identifies all of the following:

AB40-ASA1,412,20 (a) All costs and expenses charged to funds during that calendar quarter. The report shall include, including a breakdown of the amount and percentage of assets managed under each type of dedicated and commingled account or partnership, and the change in the amount and percentage from the prior calendar quarter.

AB40-ASA1, s. 868f Section 868f. 25.17 (13m) (b) of the statutes is created to read:

AB40-ASA1,412,22 25.17 (13m) (b) All operating expenditures during that calendar quarter.

AB40-ASA1, s. 868g Section 868g. 25.17 (13m) (c) of the statutes is created to read:

AB40-ASA1,412,25 25.17 (13m) (c) The number of full-time equivalent positions created or abolished by the board under s. 16.505 (2g) during that calendar quarter.

AB40-ASA1, s. 868j Section 868j. 25.17 (13r) of the statutes is created to read:

AB40-ASA1,413,8 25.17 (13r) Appear before the joint committee on finance, by the board's executive director or by board personnel designated by the executive director, at the committee's first quarterly meeting under s. 13.10 in each fiscal year to provide an update, for the current fiscal year and the succeeding fiscal year, of the board's completed or projected operating budget changes, position authorization changes, assessment of the funds under management, and performance of the funds under management.

AB40-ASA1, s. 869 Section 869. 25.17 (70) (intro.) of the statutes is amended to read:

AB40-ASA1,413,18 25.17 (70) (intro.) No later than December 31 of every even-numbered year, after receiving a report from the department of commerce under s. 560.08 (2) (m) and in consultation with the department of commerce, submit to the governor and to the presiding officer of each house of the legislature a plan for making investments in this state. The purpose of the plan is to encourage the board to make the maximum amount of investments in this state, subject to s. 25.15 and consistent with the statutory purpose of each trust or fund managed by the board. The plan shall discuss potential investments to be made during the succeeding 5 years beginning in the year after submittal of the plan, and shall include, but not be limited to, the following:

AB40-ASA1, s. 870 Section 870. 25.17 (70) (a) of the statutes is repealed.

AB40-ASA1, s. 871 Section 871. 25.17 (70) (d) of the statutes is amended to read:

AB40-ASA1,413,23 25.17 (70) (d) Comments solicited from the secretary of commerce chief executive officer of the Wisconsin Economic Development Corporation and received by the board on or before November 30 of the year of submittal.

AB40-ASA1, s. 871m Section 871m. 25.184 of the statutes is created to read:

AB40-ASA1,414,5 25.184 Confidentiality of venture capital investment information. Information relating to investments made or considered by the board in securities of entities that are in the venture capital stage are not subject to public inspection, copying, or disclosure under s. 19.35 unless the information has been publicly released by another person.

AB40-ASA1, s. 872 Section 872. 25.185 (1) (a) of the statutes is amended to read:

AB40-ASA1,414,9 25.185 (1) (a) "Disabled veteran-owned financial adviser" means a financial adviser certified by the department of commerce administration under s. 560.0335 16.283 (3).

AB40-ASA1, s. 873 Section 873. 25.185 (1) (b) of the statutes is amended to read:

AB40-ASA1,414,13 25.185 (1) (b) "Disabled veteran-owned investment firm" means an investment firm certified by the department of commerce administration under s. 560.0335 16.283 (3).

AB40-ASA1, s. 874 Section 874. 25.185 (1) (c) of the statutes is amended to read:

AB40-ASA1,414,16 25.185 (1) (c) "Minority financial adviser" means a financial adviser certified by the department of commerce administration under s. 560.036 16.287 (2).

AB40-ASA1, s. 875 Section 875. 25.185 (1) (d) of the statutes is amended to read:

AB40-ASA1,414,19 25.185 (1) (d) "Minority investment firm" means an investment firm certified by the department of commerce administration under s. 560.036 16.287 (2).

AB40-ASA1, s. 875e Section 875e. 25.187 (2) (a) of the statutes is amended to read:

AB40-ASA1,415,2 25.187 (2) (a) Subject to par. (c), on On September 1 of each year, the investment board shall assess each fund for which the board has management responsibility for its share of the board's operating expenditures for the current fiscal year 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.

AB40-ASA1, s. 875m Section 875m. 25.187 (2) (b) of the statutes is created to read:

AB40-ASA1,415,5 25.187 (2) (b) The investment board may establish the operating budget for operating expenditures and monitor the fiscal management of this operating budget.

AB40-ASA1, s. 875s Section 875s. 25.187 (2) (c) of the statutes is repealed.

AB40-ASA1, s. 877 Section 877. 25.36 (1) of the statutes is amended to read:

AB40-ASA1,416,2 25.36 (1) Except as provided in sub. (2), all moneys appropriated or transferred by law shall constitute the veterans trust fund which shall be used for the lending of money to the mortgage loan repayment fund under s. 45.37 (5) (a) 12. and for the veterans programs under ss. 20.485 (2) (m), (mn), (tm), (u), (v), (vo), (vy), (w), and (z), and (zm), and (5) (mn), (v), (vo), and (zm), 45.03 (19), 45.07, 45.20, 45.21, 45.40 (1m), 45.41, 45.42, 45.43, and 45.82 and administered by the department of veterans affairs, including all moneys received from the federal government for the benefit of veterans or their dependents; all moneys paid as interest on and repayment of loans under the post-war rehabilitation fund; soldiers rehabilitation fund, veterans housing funds as they existed prior to July 1, 1961; all moneys paid as interest on and repayment of loans under this fund; all moneys paid as expenses for, interest on, and repayment of veterans trust fund stabilization loans under s. 45.356, 1995 stats.; all moneys paid as expenses for, interest on, and repayment of veterans personal loans; the net proceeds from the sale of mortgaged properties related to veterans personal loans; all mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance purchased with moneys in the veterans trust fund; all moneys received from the state investment board under s. 45.42 (8) (b); all moneys received from the veterans mortgage loan repayment fund under s. 45.37 (7) (a) and (c); and all gifts of money received by the board of veterans affairs for the purposes of this fund.

AB40-ASA1, s. 878 Section 878. 25.40 (1) (a) 3. of the statutes is amended to read:

AB40-ASA1,416,10 25.40 (1) (a) 3. Revenues collected under ss. 341.09 (2) (d), (2m) (a) 1., (4), and (7), 341.14 (2), (2m), (6) (d), (6m) (a), (6r) (b) 2., (6w), and (8), 341.145 (3), 341.16 (1) (a) and (b), (2), (2e), and (2m), 341.17 (8), 341.19 (1) (a), 341.25, 341.255 (1), (2) (a), (b), and (c), and (5), 341.26 (1), (2), (2m) (am) and (b), (3), (3m), (4), (5), and (7), 341.264 (1), 341.265 (1), 341.266 (2) (b) and (3), 341.268 (2) (b) and (3), 341.269 (2) (b), 341.30 (3), 341.305 (3), 341.307 (4) (a), 341.308 (3), 341.36 (1) and (1m), 341.51 (2), and 342.14, except s. 342.14 (1r), that are pledged to any fund created under s. 84.59 (2).

AB40-ASA1, s. 879m Section 879m. 25.40 (1) (a) 4. of the statutes is amended to read:

AB40-ASA1,416,14 25.40 (1) (a) 4. Moneys received paid to the Board of Regents of the University of Wisconsin System under s. 341.14 (6r) (b) 4. that are deposited in the general fund and credited to the appropriation under s. 20.285 (1) (jp).

AB40-ASA1, s. 880 Section 880. 25.40 (1) (a) 5m. of the statutes is repealed.

AB40-ASA1, s. 883m Section 883m. 25.42 of the statutes is repealed.

AB40-ASA1, s. 884m Section 884m. 25.421 of the statutes is repealed.

AB40-ASA1, s. 885e Section 885e. 25.425 of the statutes is amended to read:

AB40-ASA1,416,23 25.425 Election administration fund. There is established a separate nonlapsible trust fund, designated the election administration fund, consisting of all moneys received from the federal government under P.L. 107-252, all moneys received from requesters from sales of copies of the official registration list, and all moneys transferred to the fund from other funds.

AB40-ASA1, s. 886 Section 886. 25.46 (1k) of the statutes is repealed.

AB40-ASA1, s. 887b Section 887b. 25.46 (6s) of the statutes is created to read:

AB40-ASA1,417,1 25.46 (6s) The fees imposed under s. 289.645.

AB40-ASA1, s. 888 Section 888. 25.46 (19) of the statutes is repealed.

AB40-ASA1, s. 889 Section 889. 25.466 of the statutes is amended to read:

AB40-ASA1,417,7 25.466 Working lands fund. There is created a separate trust fund designated as the working lands fund, consisting of all moneys received under ss. 91.48 (2) (c) and s. 91.66 (1) (c) and all moneys received due to the sale, modification, or termination of an easement purchased under s. 93.73.

AB40-ASA1, s. 890 Section 890. 25.47 (5) of the statutes is amended to read:

AB40-ASA1,417,10 25.47 (5) The moneys transferred from the appropriation account under s. 20.143 (3) 20.165 (2) (s).

AB40-ASA1, s. 891 Section 891. 25.49 (intro.) of the statutes is amended to read:

AB40-ASA1,417,14 25.49 Recycling and renewable energy Economic development fund. (intro.) There is established a separate nonlapsible trust fund designated as the recycling and renewable energy economic development fund, to consist of:

AB40-ASA1, s. 892 Section 892. 25.49 (1m) of the statutes is renumbered 25.46 (5k).

AB40-ASA1, s. 893 Section 893. 25.49 (2) of the statutes is renumbered 25.46 (5L).

AB40-ASA1, s. 894b Section 894b. 25.49 (3) of the statutes is repealed.

AB40-ASA1, s. 896 Section 896. 25.50 (3) (a) of the statutes is amended to read:

AB40-ASA1,417,21 25.50 (3) (a) With the consent of the governing body, a local official may transfer local funds to the state treasurer department of administration for deposit in the fund.

AB40-ASA1, s. 896d Section 896d. 25.50 (3) (b) of the statutes is amended to read:

AB40-ASA1,418,4 25.50 (3) (b) On the dates specified and to the extent to which they are available, subject to s. 16.53 (10), funds payable to local governments under ss. 79.03 79.035, 79.04, 79.05, 79.058, 79.06, 79.08, and 79.10 shall be considered local funds and, pursuant to the instructions of local officials, may be paid into the separate accounts of all local governments established in the local government pooled-investment fund and, pursuant to the instructions of local officials, to the extent to which they are available, be disbursed or invested.

AB40-ASA1, s. 898 Section 898. 25.50 (4) of the statutes is amended to read:

AB40-ASA1,418,9 25.50 (4) Period of investments; withdrawal of funds. Subject to the right of the local government to specify the period in which its funds may be held in the fund, the state treasurer department of administration shall prescribe the mechanisms and procedures for deposits and withdrawals.

AB40-ASA1, s. 899 Section 899. 25.50 (5m) (a) of the statutes is amended to read:

AB40-ASA1,418,19 25.50 (5m) (a) The board, in cooperation with the department of administration, shall provide information necessary for the state treasurer to provide a monthly report to each local government having an investment in the fund. The board shall use all reasonable efforts to provide the information to the state treasurer in time to allow the treasurer to mail or electronically transmit the report to the local government no later than 6 business days after the end of the month covered by the report. The report shall include information on the fund's earnings for the month, with comparison to appropriate indexes or benchmarks in the private sector.

AB40-ASA1, s. 900 Section 900. 25.50 (7) of the statutes is amended to read:

AB40-ASA1,419,2 25.50 (7) Reimbursement of expenses. The state treasurer department of administration shall deduct monthly from the earnings of the fund during the preceding calendar month an amount sufficient to cover all actual and necessary expenses incurred by the state in administering the fund in the preceding calendar month, except that in no fiscal year may the state treasurer department of administration deduct an amount exceeding the amount appropriated under s. 20.585 20.505 (1) (g) (gc) for that fiscal year.

AB40-ASA1, s. 901 Section 901. 25.50 (8) (b) of the statutes is amended to read:

AB40-ASA1,419,6 25.50 (8) (b) The state treasurer department of administration shall report monthly to each local official the deposits and withdrawals of the preceding month and any other activity within the account.

AB40-ASA1, s. 902 Section 902. 25.50 (9) of the statutes is amended to read:

AB40-ASA1,419,9 25.50 (9) Rules. The state treasurer department of administration may promulgate rules to carry out the purposes of this section.

AB40-ASA1, s. 903 Section 903. 25.50 (10) of the statutes is amended to read:

AB40-ASA1,419,13 25.50 (10) Insurance of principal. The state treasurer department of administration may obtain insurance for the safety of the principal investments of the fund. The insurance is a reimbursable expense under sub. (7).

AB40-ASA1, s. 903m Section 903m. 25.77 (8) of the statutes is amended to read:

AB40-ASA1,419,16 25.77 (8) All moneys transferred from the appropriation under s. 20.285 (1) (iz) (xq).

AB40-ASA1, s. 904 Section 904. 25.80 of the statutes is amended to read:

AB40-ASA1,419,20 25.80 Tuition trust fund. There is established a separate nonlapsible trust fund designated as the tuition trust fund, consisting of all revenue from enrollment fees and the sale of tuition units under s. 14.63 16.64.

AB40-ASA1, s. 905 Section 905. 25.85 of the statutes is amended to read: