SB21: Bill Text

SB21,174,11 18.64 (1) (c) "Minority financial adviser" means a financial adviser certified by the department of administration under s. 16.287 203.07 (2).

SB21,439 Section 439. 18.64 (1) (d) of the statutes is amended to read:

SB21,174,14 18.64 (1) (d) "Minority investment firm" means an investment firm certified by the department of administration under s. 16.287 203.07 (2).

SB21,440 Section 440. Subchapter III (title) of chapter 18 [precedes 18.70] of the statutes is repealed.

SB21,441 Section 441. 18.70 of the statutes is repealed.

SB21,442 Section 442. 18.71 (intro.), (1d), (3), (4) and (5) of the statutes are renumbered 16.526 (1) (intro), (a), (b), (c) and (d), and 16.526 (1) (intro.), (a) 1. and 3. and (c) 1. and 2., as renumbered, are amended to read:

SB21,174,22 16.526 (1) Definitions. (intro.) In this subchapter section, unless the context requires otherwise:

SB21,174,24 (a) 1. The aggregate net payments expected to be made and received under a specified interest exchange agreement under s. 18.73 (5) (a) sub. (4) (e) 1.

SB21,175,3 3. The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.73 (5) (a) sub. (4) (e) 1. relating to those notes that are in force at the time of executing the agreement.

SB21,175,6 (c) 1. Created for the purpose of funding operating deficits of the state as determined under s. 16.405 (1) 16.526 (1m) (a), which must be repaid not later than the last day of the fiscal year during which the operating note is issued;

SB21,175,9 2. Payable from and secured solely by revenues pledged by the commission and the department pursuant to the authorizing resolution certification provided that all such pledged revenues must first be available for the payment of public debt; and

SB21,443 Section 443. 18.71 (1m) and (2) of the statutes are repealed.

SB21,444 Section 444. 18.72 of the statutes is renumbered 16.526 (2), and 16.526 (2) (a) to (c), as renumbered, are amended to read:

SB21,175,18 16.526 (2) (a) The commission department may authorize financial obligations to be incurred and evidences of operating notes to be issued therefor in an amount sufficient to fund or refund the whole or any part of any operating note issued under this subchapter section. However, no operating notes originally issued in a fiscal year may be funded or refunded by proceeds of an operating note to mature in a later fiscal year.

SB21,175,22 (b) The commission department may authorize financial obligations to be incurred and evidences of operating notes to be issued therefor to fund operating deficits as moneys are required. The requirements for moneys shall be established by the department.

SB21,175,25 (c) Each purpose specified in subs. (1) and (2) pars. (a) and (b) may include the expenses of issuance of the operating notes and reserves securing the operating notes.

SB21,445 Section 445. 18.725 of the statutes is renumbered 16.526 (3) and amended to read:

SB21,176,10 16.526 (3) Limit on amount of operating notes. The building commission department may not sell operating notes under s. 18.73 (2) sub. (4) (b) at any time if the amount of operating notes to be sold at that time plus the amount of operating notes outstanding at that time exceed 10% of the amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, as defined in s. 20.001 (2) (a), plus the amounts shown in the schedule of appropriations of program revenues, as defined in s. 20.001 (2) (b), both calculated as of that time and for that fiscal year.

SB21,446 Section 446. 18.73 (1) of the statutes is repealed.

SB21,447 Section 447. 18.73 (2), (4) and (5) (a), (b), (c), (d) (intro.), 1. and 2., (e) 1. and 3. and (f) of the statutes are renumbered 16.526 (4) (b), (d) and (e) 1., 2., 3., 4. (intro.), a. and b., 5. a. and c. and 6., and 16.526 (4) (b), (d) and (e) 1., 2., 4. (intro.), a. and b., 5. a. and 6. (intro.), as renumbered, are amended to read:

SB21,176,21 16.526 (4) (b) Sale. Operating notes may be sold at either public or private sale. The commission department may provide in an authorizing resolution certification for the refunding of operating notes, for their exchange privately, in payment and discharge of any of the outstanding operating notes being refunded. All operating notes sold at public sale shall be noticed as provided in the authorizing resolution certification. Any bids received at public sale may be rejected.

SB21,177,5 (d) Exercise of authority. Financial obligations may be incurred and evidences of operating notes issued therefor pursuant to one or more authorizing resolutions certifications, unless otherwise provided in the resolution certification or in this subchapter section, at any time and from time to time, for any combination of purposes, in any specific amounts, at any rates of interest, for any term, payable at any intervals, at any place, in any manner and having any other terms or conditions deemed necessary or useful. Unless sooner exercised or unless a shorter period is provided in the resolution, every authorizing resolution shall expire 3 months after the date of its adoption.

SB21,177,18 (e) 1. Subject to pars. (d) and (e) subd. 4. and 5., at the time of, or in anticipation of, contracting operating notes and at any time thereafter while the operating notes are outstanding, the commission department may enter into agreements and ancillary arrangements relating to the operating notes, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements, insurance policies, guaranty agreements, reimbursement agreements, indexing agreements, or interest exchange agreements. Any payment received pursuant to any such agreements or ancillary arrangements shall be deposited in, and any payments made pursuant to any such agreements or ancillary arrangements will be made from, the general fund or the operating note redemption fund, as determined by the commission department. The determination of the commission department included in an interest exchange agreement that such an agreement relates to an operating note shall be conclusive.

SB21,177,21 2. The commission department may delegate to other persons the authority and responsibility to take actions necessary and appropriate to implement agreements and ancillary arrangements under par. (a) subd. 1.

SB21,177,23 4. (intro.) With respect to any interest exchange agreement or agreements specified in par. (a) subd. 1., all of the following shall apply:

SB21,178,3 a. The commission department shall contract with an independent financial consulting firm to determine if the terms and conditions of the agreement reflect a fair market value, as of the proposed date of the execution of the agreement.

SB21,178,7 b. The interest exchange agreement must identify the note to which the agreement is related. The determination of the commission department included in an interest exchange agreement that such agreement relates to a note shall be conclusive.

SB21,178,14 5. a. Subject to subd. 2. 5. b., the terms and conditions of an interest exchange agreement under par. (a) subd. 1. shall not be structured so that, as of the trade date of the agreement, the aggregate expected debt service and net exchange payments relating to the agreement during the fiscal year in which the trade date occurs will be less than the aggregate expected debt service and net exchange payments relating to the agreement that would be payable during that fiscal year if the agreement is not executed.

SB21,178,19 6. (intro.) Semiannually, during any year in which the state is a party to an agreement entered into pursuant to par. (a) subd. 1., the department of administration shall submit a report to the commission and to the cochairpersons of the joint committee on finance listing all such agreements. The report shall include all of the following:

SB21,448 Section 448. 18.73 (5) (d) 3. (intro.) and a. to g. of the statutes are consolidated, renumbered 16.526 (4) (e) 4. c. and amended to read:

SB21,179,10 16.526 (4) (e) 4. c. The resolution certification authorizing the commission department to enter into any interest exchange agreement shall require that the terms and conditions of the agreement reflect a fair market value as of the date of execution of the agreement, as reflected by the determination of the independent financial consulting firm under subd. 1. 4. a., and shall establish guidelines for any such agreement, including the following: a. The the conditions under which the commission department may enter into the agreements. b. The; the form and content of the agreements. c. The; the aspects of risk exposure associated with the agreements. d. The; the standards and procedures for counterparty selection. e. The; the standards for the procurement of, and the setting aside of reserves, if any, in connection with, the agreements. f. The; the provisions, if any, for collateralization or other requirements for securing any counterparty's obligations under the agreements. g. A ; and a system for financial monitoring and periodic assessment of the agreements.

SB21,449 Section 449. 18.73 (5) (e) 2. (intro.), a. and b. of the statutes are consolidated, renumbered 16.526 (4) (e) 5. b. and amended to read:

SB21,179,22 16.526 (4) (e) 5. b. Subdivision 1. 5. a. shall not apply if either of the follow occurs: a. The commission the department receives a determination by the independent financial consulting firm under par. (d) 1. subd. 4. a. that the terms and conditions of the agreement reflect payments by the state that represent on-market rates as of the trade date for the particular type of agreement. b. The commission or the department provides written notice to the joint committee on finance of its intention to enter into an agreement that is reasonably expected to satisfy subd. 1. subd. 5. a., and the joint committee on finance either approves or disapproves, in writing, the commission's department's entering into the agreement within 14 days of receiving the written notice from the commission department.

SB21,450 Section 450. 18.74 of the statutes is renumbered 16.526 (5) and amended to read:

SB21,180,7 16.526 (5) Application of operating note proceeds. All moneys resulting from the contracting of operating notes or any payment to be received under an agreement or ancillary arrangement entered into under s. 18.73 (5) sub. (4) (e) with respect to any such operating notes shall be credited to the general fund, except that moneys which represent premium and accrued interest on operating notes, or moneys for purposes of funding or refunding operating notes pursuant to s. 18.72 (1) sub. (2) (a) shall be credited to the operating note redemption fund.

SB21,451 Section 451. 18.75 of the statutes is renumbered 16.526 (6), and 16.526 (6) (a), (b), (c) and (d), as renumbered, are amended to read:

SB21,180,14 16.526 (6) (a) When operating notes are authorized, there shall be established in the state treasury or with a trustee if so required in the authorizing resolution certification, an operating note redemption fund separate and distinct from every other fund, which may contain separate and distinct accounts for each particular operating note issue.

SB21,180,20 (b) The operating note redemption fund shall be expended and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on operating notes giving rise to it and premium, if any, due upon refunding or early redemption of such operating notes, and for the payment due, if any, under an agreement or ancillary arrangement entered into under s. 18.73 (5) sub. (4) (e) with respect to such operating notes.

SB21,181,2 (c) Moneys of the operating note redemption fund may be commingled only for the purpose of investment with other public funds, but they may be invested only as provided in the authorizing resolution certification. All such reinvestments shall be the exclusive property of such fund and all earnings on or income from such investments shall be used in meeting principal and interest payments on operating notes issued.

SB21,181,17 (d) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient for the payment of the principal, interest and premium due, if any, and for the payment due, if any, under an agreement or ancillary arrangement entered into pursuant to s. 18.73 (5) sub. (4) (e) with respect to operating notes giving rise to it as the same falls due. Such transfers shall be so timed that there is at all times on hand in the fund an amount not less than the amount to be paid out of it during the ensuing 30 days or such other period if so provided for in the authorizing resolution certification. The commission department may pledge the deposit of additional amounts at periodic intervals and the secretary of the department may impound moneys of the general fund, including moneys temporarily reallocated from other funds under s. 20.002 (11), in accordance with the pledge of revenues in the authorizing resolution certification, and all such impoundments are deemed to be payments for purposes of s. 16.53 (10), but no such impoundment may be made until the amounts to be paid into the bond security and redemption fund under s. 18.09 during the ensuing 30 days have been deposited in the bond security and redemption fund.

SB21,452 Section 452. 18.76 of the statutes is renumbered 16.526 (7).

SB21,453 Section 453. 18.77 of the statutes is repealed.

SB21,454 Section 454. 19.36 (14) of the statutes is created to read:

SB21,182,2 19.36 (14) University of Wisconsin System Authority. Any authority may withhold from access under s. 19.35 (1) information in a record that is produced or collected by or for the faculty or staff employed by the University of Wisconsin System Authority in the conduct of, or as a result of, study or research on a commercial, scientific, or technical subject, whether sponsored by the University of Wisconsin System Authority alone or in conjunction with an authority or a private person, until that information is publicly disseminated or patented.

SB21,455 Section 455. 19.42 (5) of the statutes is amended to read:

SB21,182,10 19.42 (5) "Department" means the legislature, the University of Wisconsin System, any authority or public corporation created and regulated by an act of the legislature and any office, department, independent agency or legislative service agency created under ch. 13, 14 or 15, any technical college district or any constitutional office other than a judicial office. In the case of a district attorney, "department" means the department of administration unless the context otherwise requires.

SB21,456 Section 456. 19.42 (10) (h) of the statutes is amended to read:

SB21,182,14 19.42 (10) (h) The members of the board of directors and employees of the Forward Wisconsin Housing and Economic Development Authority, except clerical employees.

SB21,457 Section 457. 19.42 (10) (m) of the statutes is created to read:

SB21,182,17 19.42 (10) (m) The president and members of the Board of Regents of the University of Wisconsin System Authority.

SB21,458 Section 458. 19.42 (10) (sm) of the statutes is repealed.

SB21,459 Section 459. 19.42 (13) (b) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB21,182,22 19.42 (13) (b) The positions of associate and assistant vice presidents of the University of Wisconsin System Authority.

SB21,460 Section 460. 19.42 (13) (cm) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB21,183,4 19.42 (13) (cm) The president and vice presidents of the University of Wisconsin System Authority and the chancellors and vice chancellors of all University of Wisconsin System institutions, the University of Wisconsin Colleges, and the University of Wisconsin-Extension.

SB21,461 Section 461. 19.42 (13) (g) of the statutes is amended to read:

SB21,183,8 19.42 (13) (g) The members of the board of directors and employees of the Forward Wisconsin Housing and Economic Development Authority, except clerical employees.

SB21,462 Section 462. 19.42 (13) (om) of the statutes is repealed.

SB21,463 Section 463. 19.45 (11) (intro.) of the statutes is amended to read:

SB21,183,14 19.45 (11) (intro.) The legislature recognizes that all state public officials and employees and all employees of the University of Wisconsin Hospitals and Clinics Authority and the University of Wisconsin System Authority should be guided by a code of ethics and thus:

SB21,464 Section 464. 19.45 (11) (a) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB21,183,22 19.45 (11) (a) The administrator of the division director of the bureau of merit recruitment and selection in the office of state employment relations department of administration shall, with the board's advice, promulgate rules to implement a code of ethics for classified and unclassified state employees except state public officials subject to this subchapter, personnel in the University of Wisconsin System, and officers and employees of the judicial branch.

SB21,465 Section 465 . 19.45 (11) (a) of the statutes, as affected by 2015 Wisconsin Act .... (this act), is amended to read:

SB21,184,5 19.45 (11) (a) The director of the bureau of merit recruitment and selection in the department of administration shall, with the board's advice, promulgate rules to implement a code of ethics for classified and unclassified state employees except state public officials subject to this subchapter, personnel in the University of Wisconsin System, and officers and employees of the judicial branch.

SB21,466 Section 466. 19.45 (11) (b) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB21,184,10 19.45 (11) (b) The board of regents of the University of Wisconsin System Authority shall establish a code of ethics for personnel in that system who are not subject to this subchapter.

SB21,467 Section 467. 19.56 (2) (b) 6. of the statutes is amended to read:

SB21,184,14 19.56 (2) (b) 6. Is made available to the official by the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority or the department of tourism in accordance with sub. (3) (e), (em) or (f).

SB21,468 Section 468. 19.56 (3) (e) (intro.) of the statutes is amended to read:

SB21,184,19 19.56 (3) (e) (intro.) A state public official who is an officer or employee of the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority may solicit, receive and retain on behalf of the state anything of value for the purpose of any of the following:

SB21,469 Section 469. 19.56 (3) (e) 1. of the statutes is amended to read:

SB21,185,2 19.56 (3) (e) 1. The sponsorship by the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority of a trip to a foreign country primarily to promote trade between that country and this state that the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority can demonstrate through clear and convincing evidence is primarily for the benefit of this state.

SB21,470 Section 470. 19.56 (3) (f) of the statutes is amended to read:

SB21,185,9 19.56 (3) (f) A state public official may receive and retain from the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority anything of value which the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority is authorized to provide under par. (e) and may receive and retain from the department of tourism anything of value which the department of tourism is authorized to provide under par. (em).

SB21,471 Section 471. 19.57 of the statutes is amended to read:

SB21,185,18 19.57 Conferences, visits and economic development activities. The Wisconsin Economic Development Corporation Forward Wisconsin Development Authority shall file a report with the board no later than April 30 annually, specifying the source and amount of anything of value received by the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority during the preceding calendar year for a purpose specified in s. 19.56 (3) (e), and the program or activity in connection with which the thing is received, together with the location and date of that program or activity.

SB21,472 Section 472. 19.58 (1) (a) of the statutes is amended to read:

SB21,185,23 19.58 (1) (a) Any person who intentionally violates any provision of this subchapter except s. 19.45 (13) or 19.59 (1) (br), or a code of ethics adopted or established under s. 19.45 (11) (a) or (b), shall be fined not less than $100 nor more than $5,000 or imprisoned not more than one year in the county jail or both.

SB21,473 Section 473. 19.82 (1) of the statutes is amended to read:

SB21,186,9 19.82 (1) "Governmental body" means a state or local agency, board, commission, committee, council, department or public body corporate and politic created by constitution, statute, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a long-term care district under s. 46.2895; or a formally constituted subunit of any of the foregoing, but excludes any such body or committee or subunit of such body which is formed for or meeting for the purpose of collective bargaining under subch. I, IV, or V of ch. 111.

SB21,474 Section 474. 20.001 (7) of the statutes is created to read:

SB21,186,12 20.001 (7) Certain appropriations of the department of financial institutions and professional standards. In s. 20.142 (2):

SB21,186,16 (a) "Banking functions" means the functions conducted by the department of financial institutions and professional standards under chs. 34, 138, 202, 214, 215, 216, 217, 218, 219, 220, 221, 222, 223, 224, 421, 422, 423, 424, 425, 426, 427, 428, and 429.

SB21,186,17 (b) "Financial services functions" means all of the following:

SB21,186,19 1. The functions conducted by the department of financial institutions and professional standards specified in par. (a).

SB21,186,25 2. The functions conducted by the department of financial institutions and professional standards under chs. 132, 137, 157, 178, 179, 180, 181, 182, 183, 184, 185, 187, 188, 190, 191, 193, 401, 402, 403, 404, 405, 407, 408, 409, 410, 411, 551, 552, and 553 and under ss. 50.05 (15), 66.0420, 71.80 (12), 88.05 (6), 96.17 (6), 100.23, 101.955, 102.17, 109.09, 111.07, 231.13 (2), 279.08 (2), 443.10 (6), 703.23, 704.22, 779.87 (3), 779.97, and 995.12 (3).

SB21,187,1 3. All functions conducted by the office of credit unions.