25.183(1)(a)
(a) "Derivative" means any financial contract or other instrument that derives its value from the value or performance of any security, currency exchange rate or interest rate or of any index or group of any securities, currency exchange rates or interest rates, but does not include any of the following:
25.183(1)(a)1.
1. Any security that is traded on a national securities exchange or on an automated interdealer quotation system sponsored by a securities association registered under
15 USC 78o-3, et seq.
25.183(1)(a)2.
2. Any forward contract which has a maturity at the time of issuance not exceeding 270 days.
25.183(1)(a)3.
3. Any contract of sale of a commodity, as defined under
7 USC 2, for future delivery, or any option on such a contract, traded or executed on a designated contract market and subject to regulation under
7 USC 1 to
26.
25.183(1)(a)4.
4. Any security of an open-end management investment company or investment trust, if the investment company or investment trust is registered under
15 USC 80a-1 to
80a-64.
25.183(1)(a)6e.
6e. Any collateralized mortgage obligation or other asset-backed security which either has one of the 2 highest ratings given by a nationally recognized rating service or is backed or collateralized by insured instruments, guarantees or pledges of the federal government, this state or an agency of the federal government or this state.
25.183(1)(a)6m.
6m. Any transaction permitted under
s. 25.18 (1) (n), if all of the following conditions are met at the time the transaction is entered into:
25.183(1)(a)6m.a.
a. The counterparty to the transaction is rated in, or has outstanding long-term debt which is rated in, one of the 2 highest ratings given by a nationally recognized rating service.
25.183(1)(a)6m.b.
b. The transaction is used only for specified hedging or interest rate risk reduction purposes.
25.183(1)(a)6m.c.
c. All of the board's payment obligations under the transaction are fully backed by distinctly identified assets held in the state investment fund.
25.183(1)(a)7.
7. Any financial contract or instrument that the board determines, by rule, is not a derivative.
25.183(1)(b)
(b) "Reverse repurchase agreement" means an agreement for the sale of securities by the board under which the board will repurchase those securities on or before a specified date and for a specified amount.
25.183(2)
(2) Derivative investments. After May 7, 1996, the board may not purchase or acquire any derivative in the state investment fund except in accordance with rules promulgated by the board. Rules promulgated under this subsection may not permit the purchase or acquisition of derivatives in the state investment fund unless the purchase or acquisition is made for the purpose of reducing risk of price changes or of interest rate or currency exchange rate fluctuations with respect to investments held or to be held by the board.
25.183(3)
(3) Reverse repurchase agreements. After May 7, 1996, the board may not enter into any reverse repurchase agreement unless the repurchase of securities under the agreement is required to occur no later than the next business day.
25.183 History
History: 1995 a. 274.
25.185
25.185
Minority financial advisers and investment firms. 25.185(1)(1) In this section, "minority financial adviser" and "minority investment firm" mean a financial adviser and investment firm, respectively, certified by the department of commerce under
s. 560.036 (2).
25.185(2)
(2) The investment board shall attempt to ensure that 5% of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of minority financial advisers or minority investment firms.
25.185(3)
(3) The investment board shall annually report to the department of administration the total amount of moneys expended under
sub. (2) for common stock and convertible bond brokerage commissions, the services of minority financial advisers and the services of minority investment firms during the preceding fiscal year.
25.185 History
History: 1987 a. 27;
1995 a. 27 s.
9116 (5).
25.19
25.19
Treasurer; bond; deposit of securities; cash management. 25.19(1)(1) The state treasurer shall be the treasurer of the investment board and shall give an additional bond in such amount and with such corporate sureties as is required and approved by the board, the cost of which shall be borne by the board.
25.19(1m)
(1m) Any of the securities purchased by the investment board for any of the funds whose investment is under the control of the board may be deposited by the board in vaults or other safe depositories either in or outside of this state.
25.19(3)
(3) The state treasurer shall, at the direction of the depository selection board under
s. 34.045 (1) (b), allocate bank service costs to the funds incurring those costs.
25.19(4)
(4) The state treasurer shall provide advice to state agencies concerning efficient cash management practices.
25.20
25.20
General fund. All moneys in the state treasury not specifically designated in any statute as belonging to any other funds constitute the general fund.
25.28
25.28
Badger fund; badger board duties. 25.28(2)
(2) Fifty percent of the interest from the moneys in the badger fund shall be granted by the badger board to cities, towns, villages and counties that apply for such funds. Grants may be made for capital costs, but not operating or maintenance costs, for recreational facilities that include, but are not limited to, picnic and camping grounds, hiking trails, trail-side campsites and shelters, cross-country ski trails, bridle trails, nature trails, snowmobile trails and areas, beaches and bath houses, toilets, shelters, wells and pumps, fireplaces, tennis courts, softball diamonds, baseball diamonds, soccer fields, playgrounds and playground equipment and for purchases of land for any of these purposes. The badger board shall promulgate rules establishing the criteria under which grants may be made from the interest on the fund under this section. The board may not promulgate rules that, for the purpose of making grants, take into account the equalized valuation of, or any income data relative to, the city, village, town or county that applies for the grant. The badger board does not have any powers of condemnation.
25.28(3)
(3) Fifty percent of the interest from the moneys in the badger fund shall be appropriated under
s. 20.255 (2) (t).
25.29
25.29
Conservation fund. 25.29(1)(1) There is established a separate nonlapsible trust fund designated as the conservation fund to consist of:
25.29(1)(c)
(c) For fiscal year 1992-93, and for each fiscal year thereafter, an amount equal to the estimated motorboat gas tax payment multiplied by 1.4. The estimated motorboat gas tax payment is calculated by multiplying the number of motorboats registered under
s. 30.52 on January 1 of the previous fiscal year by 50 gallons and multiplying that product by the excise tax imposed under
s. 78.01 (1) on April 1 of the previous fiscal year.
25.29(1)(d)
(d) An amount equal to the estimated snowmobile gas tax payment. The estimated snowmobile gas tax payment is the sum of the following amounts:
25.29(1)(d)1.
1. An amount calculated by multiplying the number of snowmobiles registered under
s. 350.12 on the last day of February of the previous fiscal year by 50 gallons and multiplying that product by the excise tax imposed under
s. 78.01 (1) on the last day of February of the previous fiscal year.
25.29(1)(d)2.
2. An amount equal to 40% of the amount calculated under
subd. 1.
25.29(1)(dm)
(dm) For fiscal year 1991-92 and for each fiscal year thereafter, an amount equal to the estimated all-terrain vehicle gas tax payment. The estimated all-terrain vehicle gas tax payment is calculated by multiplying the sum of the number of all-terrain vehicles registered for public use under
s. 23.33 (2) (c) and the number of reflectorized plates issued under
s. 23.33 (2) (dm) on the last day of February of the previous fiscal year by 25 gallons and multiplying that product by the excise tax imposed under
s. 78.01 (1) on the last day of February of the previous fiscal year.
25.29(1m)
(1m) There is established in the conservation fund a separate account that is designated the snowmobile account and that consists of the moneys paid into the conservation fund under
s. 20.855 (4) (t) and the moneys collected under
s. 350.12.
25.29(2)
(2) License fees and other state moneys collected by each field employe of the department shall be remitted to the department within one month after receipt together with a report of the number of licenses issued and details covering the type and the amount of money remitted.
25.29(3)
(3) Funds accruing to the conservation fund from license fees paid by hunters and from sport and recreation fishing license fees shall not be diverted for any other purpose than those provided by the department, except:
25.29(3)(a)
(a) As necessary to carry out civil disorder responsibilities under
s. 166.04.
25.29(4)
(4) No money shall be expended or paid from the conservation fund except in pursuance of an appropriation by law.
25.29(4m)
(4m) Notwithstanding
sub. (3), no moneys that accrue to the state for or in behalf of the department under
ch. 29 may be expended or paid for the enforcement of the treaty-based, off-reservation rights to fish held by members of federally recognized American Indian tribes or bands domiciled in Wisconsin.
25.29(5)
(5) A gift or bequest shall be used in accordance with the directions of the donor.
25.29(6)
(6) All moneys received from the United States for fire prevention and control, forest planting and other forestry activities, and for wildlife restoration projects and for other purposes, and as provided in
s. 29.174 (13), shall be devoted to the purposes for which these moneys are received.
25.29(7)
(7) All of the proceeds of the tax which is levied under
s. 70.58, and all moneys paid into the state treasury as the counties' share of compensation of emergency fire wardens under
s. 26.14 shall be used for acquiring, preserving and developing the forests of the state, including the acquisition of lands owned by counties by virtue of any tax deed and of other lands suitable for state forests, and for the development of lands so acquired and the conduct of forestry thereon, including the growing and planting of trees; for forest and marsh fire prevention and control; for compensation of emergency fire wardens; for maintenance, permanent property and forestry improvements; for other forestry purposes authorized by law and for the payment of aid for forests as authorized in
s. 28.11 and
subchs. I and
VI of ch. 77.
25.29(7)(a)
(a) Eight percent of the tax levied under
s. 70.58 or of the funds provided for in lieu of the levy shall be used to acquire and develop forests of the state for the purposes or capable of providing the benefits described under
s. 28.04 (2) within areas approved by the department and the governor and located within the region composed of Manitowoc, Calumet, Winnebago, Sheboygan, Fond du Lac, Ozaukee, Washington, Dodge, Milwaukee, Waukesha, Jefferson, Racine, Kenosha, Walworth, Rock and Outagamie counties.
25.29(7)(b)
(b) An additional 4% of the tax levied under
s. 70.58 or of the funds provided in lieu of the levy shall be used to purchase forests for the state for the purposes or capable of providing the benefits described under
s. 28.04 (2) within areas approved by the department and the governor and located within the region specified under
par. (a).
25.295
25.295
Heritage state parks and forests trust fund. 25.295(1)(1) There is established a separate nonlapsible trust fund designated as the heritage state parks and forests trust fund, to consist of:
25.295(1)(a)
(a) All gifts, grants or bequests or other contributions made to the heritage state parks and forests trust fund. The department of natural resources may convert any noncash gift, grant, bequest or other contribution into cash.
25.295 History
History: 1995 a. 27.
25.30
25.30
State building trust fund. The state building trust fund consists of all appropriations or transfers made thereto by the legislature, together with all donations, gifts, bequests or contributions of money or other property, all restored advances and all investment income.
25.30 History
History: 1979 c. 221.
25.31
25.31
Benevolent fund. The benevolent fund, amounting to the principal sum of $13,500, transferred to the state by
chapter 636, laws of 1917, constitutes a separate trust fund and shall be conserved and applied as follows:
25.31(1)
(1) First: The principal of said trust fund shall be held by the state treasurer, and be invested and reinvested as provided in this chapter.
25.31(2)
(2) Second: The income of said trust fund shall be used and expended exclusively for the benefit of girls committed to the Wisconsin school for girls, or such other institutions as the state may hereafter establish and maintain for the care, custody and education of girls of the classes now or hereafter authorized by law to be committed to said institution, in providing healthful and instructive recreation and amusements, furnishing advance educational facilities for such of them as show special fitness therefor, providing needed medical or surgical care in exceptional cases, and other similar purposes; but no part of said income shall be used for defraying any of the ordinary expenses of any such institution.
25.31(3)
(3) Third: The income shall be disbursed from the state treasury only upon warrants issued on certifications by the department of corrections upon the recommendation of the superintendent or other managing officer of such school or other institution.
25.35
25.35
State capitol restoration fund. There is established a separate nonlapsible trust fund designated as the state capitol restoration fund, to consist of all monetary public and private gifts, grants and bequests received by the state capitol and executive residence board under
s. 16.83 (2) (e).
25.35 History
History: 1993 a. 477.
25.36
25.36
Veterans trust fund. 25.36(1)(1) Except as provided in
sub. (2), all moneys appropriated or transferred by law shall constitute the veterans trust fund which shall be used exclusively for the purchase of mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance in an amount sufficient to retire that bond issue or for the veterans programs under
ss. 20.485 (2) (m),
(mn),
(tm),
(u),
(v),
(vo),
(w),
(z) and
(zm),
45.01,
45.25,
45.351 (1) and
(2),
45.353,
45.356,
45.357,
45.396,
45.397 and
45.43 (7) 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; all mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance purchased with moneys in the veterans trust fund; and all gifts of money received by the board of veterans affairs for the purposes of this fund.
25.36(2)
(2) Any moneys appropriated or transferred by law for programs other than those listed under
sub. (1) after April 23, 1994, shall be repaid from the state general fund with interest at a rate of 5% per year computed from the date of the appropriation or transfer to the date of repayment.
25.36 History
History: 1993 a. 16,
254;
1995 a. 27,
255.
25.37
25.37
Wisconsin veterans home members fund. There is established a separate nonlapsible trust fund designated as the Wisconsin veterans home members fund. The fund shall consist of moneys belonging to members of the Wisconsin veterans home that are paid to the home and that are transferred into the fund by the department of veterans affairs under
s. 45.37 (9c).
25.37 History
History: 1991 a. 39.
25.40
25.40
Transportation fund. 25.40(1)(1) The separate nonlapsible trust fund designated as the transportation fund shall consist of the following:
25.40(1)(a)
(a) All collections of the department of transportation and all moneys transferred under
s. 84.59 (3) except all of the following:
25.40(1)(a)2.
2. Other revenues specified in
ch. 218 derived from the issuance of licenses under the authority of the division of banking which shall be paid into the general fund.
Effective date note
NOTE: Subd. 5. is repealed eff. 6-30-97 by
1995 Wis. Act 27.
25.40(1)(a)6.
6. Amounts payable to the state treasurer under
s. 85.14 (1) (b) in conjunction with the collection of fees paid by credit card.
