25.18(1)(f)
(f) Maintain and repair any building or other structure or premises which it owns in fee or in which it owns the beneficial interest and, notwithstanding
subch. IV or
V of ch. 16, it shall have exclusive authority to make such agreements and enter into such contracts as it deems necessary for such purpose. All noncapital costs under this paragraph shall be charged to the current income accounts of the funds having an interest in the building, structure or premises.
25.18(1)(g)
(g) Engage in financial transactions whereby bearer securities issued or guaranteed by the federal government or any of its agencies, which are owned by the board, are delivered to reputable and financially responsible dealers in the securities under an agreement which provides:
25.18(1)(g)1.
1. For the replacement of the securities with securities of the same kind and amount upon demand by the board;
25.18(1)(g)2.
2. For the payment to the board by the dealer of a commission, based upon the amount of the securities, for the period of time between the delivery of the securities to the dealer and the dealer's replacement of the securities; and
25.18(1)(g)3.
3. For the pledge and delivery by the dealer to the board of other securities issued or guaranteed by the federal government or any of its agencies, having a market value at the time of the pledge equal to at least the market value of the delivered securities, to guarantee the replacement of the securities.
25.18(1)(h)
(h) Sell stock, debentures or other securities which it has the right to acquire upon the exercise of conversion rights then owned by it.
25.18(1)(i)
(i) Engage in financial transactions whereby securities owned by the board, are delivered to reputable and financially responsible dealers under an agreement satisfactory to the board which provides for cash equal to the full current market value of the security as adjusted from time to time to changes in the market, and for replacement thereof with securities of the kind and amount upon demand by the board.
25.18(1)(j)
(j) Engage in financial transactions whereby securities owned by the board are delivered to reputable and financially responsible dealers under an agreement satisfactory to the board which provides for delivery to the board of other securities as collateral of at least equal value to the current market value of the security as adjusted from time to time to changes in the market, and for replacement of the original securities of the same kind and amount upon demand by the board.
25.18(1)(k)
(k) Engage in financial transactions whereby securities are purchased by the board under an agreement providing for the resale of such securities by the board to the original seller at a stated price together with a payment to the board of interest for the period the board holds the securities.
25.18(1)(m)
(m) Notwithstanding
subchs. IV and
V of ch. 16, employ professionals, contractors or other agents necessary to evaluate or operate any property if a fund managed by the board has an interest in, or is considering purchasing or lending money based upon the value of, that property. Costs under this paragraph shall be paid by the fund and charged to the appropriate current income account under
s. 40.04 (3).
25.18(1)(n)
(n) For the purpose of protecting an investment or group of assets aggregated for investment purposes against a risk, to meet nonspeculative objectives relating to rates of return or cash flow requirements or for similar purposes, enter into a contract with any person whom the board considers to be creditworthy to exchange the nature of payments or assets due to be given or received between the parties.
25.18(2)
(2) In addition to the powers set forth in
sub. (1) and
s. 25.17, but subject to
s. 25.183, the investment board may:
25.18(2)(a)
(a) Nominate employes, members, agents or other representatives of the board to serve as directors of corporations, companies, associations or any other legal entities and allow them to serve as such representing the board. Notwithstanding
ss. 19.56 and
25.16 (2), members, agents or other representatives of the board, except employes, may retain any compensation paid to them as directors. An employe of the board who receives compensation for serving as a director shall deposit the compensation with the board.
25.18(2)(b)
(b) Have its employes, agents or other representatives represent the board in meetings of shareholders, limited liability companies, partnerships or associations.
25.18(2)(c)
(c) Have any of its employes serve as an officer of a corporation in which it owns voting stock, or have any of its employes serve as an officer of a company, joint venture or association, or as a manager of a limited liability company, in which it owns an interest.
25.18(2)(d)
(d) Insure against from the current income of any fund or trust, or pay out of current income of any fund or trust, amounts arising from any acts of employes, members or agents of the board acting as officers or directors of a company in which the board has invested the moneys in the fund or trust.
25.18(2)(e)
(e) Contract with and delegate to investment advisers the management and control over assets from any fund or trust delivered to such investment advisers for investment in real estate, mortgages, equities, debt of foreign corporations and debt of foreign governments, and pay such advisers fees from the current income of the fund or trust being invested. No more than 15% of the total assets of the fixed retirement investment trust or 15% of the total assets of the variable retirement investment trust may be delivered to investment advisers. The board shall set performance standards for such investment advisers, monitor such investments to determine if performance standards are being met and if an investment adviser does not consistently meet the performance standards then terminate the contract with such investment adviser.
25.183
25.183
Certain investments prohibited. 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.
25.29
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)(a)
(a) Except as provided in
s. 25.295, all moneys accruing to the state for or in behalf of the department under
chs. 26,
27,
28,
29 and
350,
subchs. I and
VI of ch. 77 and
ss. 23.09 to
23.31,
23.325 to
23.42,
23.50 to
23.99,
30.50 to
30.55,
70.58 and
71.10 (5), including grants received from the federal government or any of its agencies except as otherwise provided by law.
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 or
350.122 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) or
(2g) 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. 29.037, 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.
25.32
25.32
Computer escrow fund. There is established a separate nonlapsible fund, denominated the computer escrow fund, consisting of moneys transferred under
1997 Wisconsin Act 237, section 9242 (12).
25.32 History
History: 1997 a. 237.
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).
