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AB40-ASA1, s. 866t 21Section 866t. 25.17 (1) (cm) of the statutes is repealed.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AB40-ASA1, s. 867m 25Section 867m. 25.17 (1) (ys) of the statutes is repealed.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.
AB40-ASA1, s. 902 7Section 902. 25.50 (9) of the statutes is amended to read:
AB40-ASA1,419,98 25.50 (9) Rules. The state treasurer department of administration may
9promulgate rules to carry out the purposes of this section.
AB40-ASA1, s. 903 10Section 903. 25.50 (10) of the statutes is amended to read:
AB40-ASA1,419,1311 25.50 (10) Insurance of principal. The state treasurer department of
12administration
may obtain insurance for the safety of the principal investments of
13the fund. The insurance is a reimbursable expense under sub. (7).
AB40-ASA1, s. 903m 14Section 903m. 25.77 (8) of the statutes is amended to read:
AB40-ASA1,419,1615 25.77 (8) All moneys transferred from the appropriation under s. 20.285 (1) (iz)
16(xq).
AB40-ASA1, s. 904 17Section 904. 25.80 of the statutes is amended to read:
AB40-ASA1,419,20 1825.80 Tuition trust fund. There is established a separate nonlapsible trust
19fund designated as the tuition trust fund, consisting of all revenue from enrollment
20fees and the sale of tuition units under s. 14.63 16.64.
AB40-ASA1, s. 905 21Section 905. 25.85 of the statutes is amended to read:
AB40-ASA1,420,3 2225.85 College savings program trust fund. There is established a separate
23nonlapsible trust fund designated as the college savings program trust fund,
24consisting of all revenue from enrollment fees for and contributions to college savings
25accounts under s. 14.64 16.641 and from distributions and fees paid by the vendor

1under s. 16.255 (3) other than revenue from those sources that is deposited in the
2college savings program bank deposit trust fund or the college savings program
3credit union deposit trust fund.
AB40-ASA1, s. 906 4Section 906. 25.853 of the statutes is amended to read:
AB40-ASA1,420,14 525.853 College savings program bank deposit trust fund. There is
6established a separate nonlapsible trust fund designated as the college savings
7program bank deposit trust fund, consisting of all revenue from enrollment fees for
8and contributions to college savings accounts under s. 14.64 16.641 in which the
9investment instrument is an account held by a state or national bank, a state or
10federal savings bank, a state or federal savings and loan association, or a savings and
11trust company that has its main office or home office or a branch office in this state
12and that is insured by the Federal Deposit Insurance Corporation, and all revenue
13from distributions and fees paid by the vendors of those investment instruments
14under s. 16.255 (3).
AB40-ASA1, s. 907 15Section 907. 25.855 of the statutes is amended to read:
AB40-ASA1,420,24 1625.855 College savings program credit union deposit trust fund. There
17is established a separate nonlapsible trust fund designated as the college savings
18program credit union deposit trust fund, consisting of all revenue from enrollment
19fees for and contributions to college savings accounts under s. 14.64 16.641 in which
20the investment instrument is an account held by a state or federal credit union,
21including a corporate central credit union organized under s. 186.32, that has its
22main office or home office or a branch office located in this state and that is insured
23by the National Credit Union Administration, and all revenue from distributions
24and fees paid by the vendors of those investment instruments under s. 16.255 (3).
AB40-ASA1, s. 907m 25Section 907m. 25.86 of the statutes is created to read:
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