Amendment SSA1-SB508

SB508-SSA1,11,15 (c) The person, including any affiliate, employs at least 75 percent of its employees in this state.

SB508-SSA1,11,16 (d) The person is in need of capital.

SB508-SSA1,11,20 (e) The person is developing biotechnology or bioscience or bioscience research methods, as determined by the board by rule and the person demonstrates to the board's satisfaction that the person has the potential to generate high levels of successful investment performance and to increase employment in this state.

SB508-SSA1,11,21 (h) The person meets any other conditions established by the board.

SB508-SSA1,11,23 (3) Application fee. The board may charge a fee to an applicant for certification under this section. The fee shall be deposited in the fund.

SB508-SSA1,12,4 555.04 Contracting authority. Notwithstanding ss. 16.70 to 16.78, the board may enter into any contract with the investment board as provided in s. 25.17 (72) and (73), including any contract relating to the furnishing of personnel or office space, to be paid as provided in s. 25.17 (72) and (73), may procure insurance, and may execute any other contract necessary or convenient to the performance of the board's powers and duties under this chapter.

SB508-SSA1,12,7 555.05 Annual report. Annually, by July 1, the board shall submit to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report that includes all of the following:

SB508-SSA1,12,8 (1) An accounting of the revenue received in the fund under s. 73.16 (2).

SB508-SSA1,12,10 (2) An accounting of all expenditures from the fund by the board for any purpose.

SB508-SSA1,12,12 (3) For each each certified bioscience company that received a grant, loan, or investment from the board, all of the following:

SB508-SSA1,12,13 (a) The name and address of the certified bioscience company.

SB508-SSA1,12,15 (b) A description of the nature of the business conducted by the certified bioscience company.

SB508-SSA1,12,16 (c) The amount of the grant, loan, or investment.

SB508-SSA1,12,18 (d) A description of the purposes for which the certified bioscience company used or is using the grant, loan, or investment.

SB508-SSA1,12,21 (e) A statement of the number of employees the certified bioscience company employed on January 1 of the preceding year and the number of employees the company employed on December 31 of that year.

SB508-SSA1,12,23 (4) An accounting of the internal rate of return realized by the board on its total loans to and investments in certified bioscience companies.

SB508-SSA1,12,25 (5) An accounting of the internal rate of return realized by the board on each loan to or investment in each certified bioscience company.

SB508-SSA1,13,15 555.055 Biennial review by joint committee on finance. In each odd-numbered year, when the board submits its report under s. 555.05, the board shall submit to the joint committee on finance a copy of that report and a plan for the grants, loans, and investments the board intends to make under s. 555.02 (2) during the biennium that begins on July 1 of that year. The joint committee on finance may approve, disapprove, or modify and approve the board's plan. If, within 14 working days after the date of that submittal, the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting to review the board's plan, the board may make grants, loans, and investments under s. 555.02 (2) consistent with the board's plan. If, within 14 working days after the date of that submittal, the cochairpersons of the committee notify the board that the committee has scheduled a meeting to review the board's plan, the board may make grants, loans, and investments under s. 555.02 (2) beginning on July 1 of that year only upon approval of the committee and subject to any modification of the committee to the board's plan.

SB508-SSA1,14,6 555.06 Expenditure of fund moneys for operational or administrative costs. If the board determines that the amount provided under s. 20.195 (1) (q) 1., 2., 3., or 4. is not sufficient to cover the board's actual general program operations and administrative expenses for a fiscal year, the board may notify the joint committee on finance in writing that the board proposes to exceed that amount for those purposes. That notice shall state the specific amount of additional moneys from the fund that the board proposes to use for general program operations and administrative expenses and the board's reasons supporting its determination that its expenditure of that additional amount is necessary for those purposes. If, within 14 working days after the date of that notice, the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting to review the board's proposal, the board may expend the additional amount as proposed in the board's notice. If, within 14 working days after the date of that notice, the cochairpersons of the committee notify the board that the committee has scheduled a meeting to review the board's proposal, the board may expend the additional amount only upon approval of the committee.

SB508-SSA1, s. 16 Section 16 . Nonstatutory provisions.

SB508-SSA1,14,9 (1) Definition. In subsections (2) and (3), "board" means the Wisconsin next generation reserve board.

SB508-SSA1,14,10 (2) Initial appointments.

SB508-SSA1,14,19 (a) Notwithstanding the requirement of advice and consent of the senate under section 15.07 (1) (a) of the statutes, the initial members of the board nominated by the governor may be provisionally appointed by the governor, subject to later senate confirmation. Any provisional appointment shall be in full force until withdrawn by the governor or acted upon by the senate, and if confirmed by the senate shall continue for the remainder of the unexpired term of the member and until a successor is appointed and qualifies. A provisional appointee may exercise all the powers and duties of board membership to which the person is appointed during the time in which the appointee qualifies.

SB508-SSA1,14,24 (b) A provisional appointment made under paragraph (a) that is withdrawn by the governor shall, upon withdrawal, lapse and create a vacancy for provisional appointment of another initial member of the board. Any provisional appointment made under paragraph (a) that is rejected by the senate shall, upon rejection, lapse and create a vacancy for provisional appointment of another initial board member.

SB508-SSA1,15,3 (c) Notwithstanding the lengths of terms specified in section 15.77 (2) of the statutes, as created by this act, the initial members of the board shall be appointed for the following terms:

SB508-SSA1,15,7 1. The member appointed by the governor under section 15.77 (1) (a) of the statutes, as created by this act, and one member appointed by the governor under section 15.77 (1) (b) of the statutes, as created by this act, for terms expiring on July 1, 2014.

SB508-SSA1,15,11 2. One member appointed by the governor under section 15.77 (1) (b) of the statutes, as created by this act, and the member appointed by the governor under section 15.77 (1) (c) of the statutes, as created by this act, for terms expiring on July 1, 2015.

SB508-SSA1,15,13 3. The members appointed by the governor under section 15.77 (1) (d) and (e) of the statutes, as created by this act, for terms expiring on July 1, 2016.

SB508-SSA1,15,17 4. The members appointed by the governor under section 15.77 (1) (f) and (g) of the statutes, as created by this act, and the member appointed by BioForward, Inc., under section 15.77 (1) (h) of the statutes, as created by this act, for terms expiring on July 1, 2017.

SB508-SSA1,15,21 (3) Position authorization. There is authorized for the board 1.0 FTE SEG executive director position and 1.0 FTE SEG administrative assistant position to be funded from the appropriation under section 20.195 (1) (q) of the statutes, as created by this act, or from any loan under subsection (4 ), or both.

SB508-SSA1,16,2 (4) Investment board loan. The investment board may loan money to the Wisconsin next generation reserve board for general program operations and administrative expenses of the Wisconsin next generation reserve board. All loan terms shall be specified by written agreement between the investment board and the Wisconsin next generation reserve board.

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