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 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 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.
25.186
25.186
Broker-dealers located in this state. 25.186(1)(b)
(b) "Securities trading brokerage commission" means any commission or fee paid on or for a brokered security transaction, a purchase of a security or any other kind of trade of a security.
25.186(2)(a)(a) Of the total funds that are expended by the board for securities trading brokerage commissions in any fiscal year, the board shall pay at least 5% of the total funds in securities trading brokerage commissions to broker-dealers that are licensed under
s. 551.31, that are headquartered in this state and whose principal business operations are located in this state.
25.186(2)(b)
(b) For the purpose of satisfying the requirement under
par. (a), the board may not include any securities trading brokerage commissions paid to minority financial advisers and minority investment firms under
s. 25.185.
25.186(3)
(3) Annually, no later than September 30, the board shall submit a report to the department of administration documenting the amount of moneys expended in the preceding fiscal year by the board for securities trading brokerage commissions and the amount of moneys paid in the preceding fiscal year for securities trading brokerage commissions to broker-dealers under
sub. (2) (a).
25.186 History
History: 1999 a. 9.
25.187
25.187
Operating expenditures. 25.187(1)
(1) In this section, "operating expenditures" include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does not include costs or expenses incurred under
s. 25.18 (1) (a),
(c),
(f) or
(m) or
(2) (d) or
(e) or
40.04 (3) (intro.).
25.187(2)(a)(a) Subject to
pars. (b) and
(c), on July 1 and January 1 of each year, the investment board shall estimate the amounts required for its operating expenditures for the next 6-month period and shall assess each fund for which the board has management responsibility for its share of the estimated operating expenditures in an equitable manner. The board shall pay the assessment from the current income of each fund, unless an appropriation is made for payment of the assessment, in which case the assessment shall be paid from that appropriation account.
25.187(2)(b)
(b) If the estimate of the amounts required for the board's operating expenditures for a 6-month period differs from its actual operating expenditures, the board shall adjust the estimate of the amounts required for its operating expenditures for the next 6-month period to reflect the difference between its estimated operating expenditures and actual operating expenditures for the prior 6-month period.
25.187(2)(c)1.1. Except as provided in
subd. 2., the total amount that the board may assess the funds for which the board has management responsibility for any fiscal year may not exceed the greater of $17,720,500 or 0.0275% of the total market value of the assets of the funds on April 30 of the preceding fiscal year.
25.187(2)(c)2.
2. In addition to the amount assessed under
subd. 1., the board may assess the funds for which the board has management responsibility for any fiscal year up to an additional 0.0025% of the total market value of the assets of the funds on April 30 of the preceding fiscal year if the board notifies the joint committee on finance in writing of the proposed assessment. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment within 14 working days after the date of the board's notification, the board may make the assessment. If, within 14 working days after the date of the board's notification, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment, the board may make the assessment only upon approval of the committee.
25.187(2)(c)3.
3. For the purposes of this paragraph, the board shall do all of the following:
25.187(2)(c)3.a.
a. Determine the total market value of the assets of the funds according to the methodology used to determine the market value of the fixed retirement investment trust under
s. 25.17 (14).
25.187(2)(c)3.b.
b. Annually, no later than June 15, certify to the department of administration and to the joint committee on finance the total market value of the assets of the funds on April 30.
25.187(3)
(3) The investment board shall transmit a notice of each assessment to each fund at the time that the assessment is made, and shall transmit a statement of the board's actual expenditures for management of each fund at the close of each fiscal year both to the state agency having primary responsibility for expenditure of principal or earnings of the fund and to the department of administration or, if there is no state agency, only to the department of administration.
25.187 History
History: 1999 a. 9,
185.
25.19
25.19
Treasurer; bond; deposit of securities; cash management. 25.19(1)(1) The state treasurer shall be the treasurer of the board and shall give an additional bond in the amount and with the corporate sureties 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 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 secretary of administration shall, at the direction of the depository selection board under
s. 34.045 (1) (bm), allocate bank service costs to the funds incurring those costs.
25.19(4)
(4) The secretary of administration 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
ss. 25.293 and
25.295, all moneys accruing to the state for or in behalf of the department under
chs. 26,
27,
28,
29,
169, 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,
71.10 (5),
71.30 (10), and
90.21, 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 March 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 March 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 employee 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 the administration of the department when it is exercising its responsibilities that are specific to the management of the fish and wildlife resources of this state.
25.29(3m)(a)(a) The total amount that the department may expend for a given fiscal year from the fish and wildlife account of the conservation fund for administrative costs may not exceed 16% of the expenditures from that account for that fiscal year.
25.29(3m)(b)
(b) For purposes of
par. (a), administrative costs consist of the costs incurred in the administration of the department and its divisions and in providing support services for the department.
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) No moneys that accrue to the state for or in behalf of the department under
ch. 29 or
169 or
s. 90.21 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, for wildlife restoration projects and fish restoration and management projects, and for other purposes 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 grants to forestry cooperatives under
s. 36.56; 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).
25.29 History
History: 1971 c. 125;
1973 c. 90;
1977 c. 29;
1977 c. 418 ss.
244,
245,
929 (37);
1979 c. 34 ss.
707v,
2102 (39) (a);
1979 c. 221;
1979 c. 361 s.
113;
1983 a. 27 ss.
636m,
637,
2202 (38);
1985 a. 29 ss.
638g,
3202 (39);
1985 a. 135;
1987 a. 27;
1987 a. 312 s.
17;
1989 a. 31;
1991 a. 39,
269;
1995 a. 27;
1995 a. 257 s.
3;
1997 a. 1,
27,
248;
1999 a. 9;
2001 a. 16,
56,
105;
2003 a. 166.
25.293
25.293
Natural resources land endowment fund. There is established a separate nonlapsible trust fund designated as the natural resources land endowment fund, to consist of:
25.293(1)
(1) All gifts, grants or bequests made to the natural resources land endowment fund. The department of natural resources may convert any noncash gift, grant or bequest into cash for deposit into the fund.
25.293(2)
(2) All interest and other income generated from these gifts, grants and bequests.
25.293 History
History: 1999 a. 9.
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.
25.297
25.297
Wisconsin outdoor wildlife heritage trust fund. There is established a separate nonlapsible trust fund designated as the Wisconsin outdoor wildlife heritage trust fund, to consist of all gifts, grants, or bequests or other contributions made to the Wisconsin outdoor wildlife heritage trust fund.
25.297 History
History: 2001 a. 92.
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 secretary of administration, 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 for the lending of money to the mortgage loan repayment fund under
s. 45.35 (22) and for the veterans programs under
ss. 20.485 (2) (m),
(mn),
(tm),
(u),
(v),
(vo),
(vy),
(vz),
(w),
(z), and
(zm),
45.014,
45.25,
45.35 (23),
45.351 (1),
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 under s.
45.356, 1995 stats.; all moneys paid as expenses for, interest on, and repayment of veterans personal loans; the net proceeds from the sale of mortgaged properties related to veterans personal loans; all mortgages issued with the proceeds of the 1981 veterans home loan revenue bond issuance purchased with moneys in the veterans trust fund; all moneys received from the state investment board under
s. 45.356 (9) (b); all moneys received from the veterans mortgage loan repayment fund under
s. 45.79 (7) (a) and
(c); 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.
25.37
25.37
Wisconsin veterans facilities members fund. There is established a separate nonlapsible trust fund designated as the Wisconsin veterans facilities members fund. The fund shall consist of moneys belonging to persons residing in Wisconsin veterans facilities, including members of the Wisconsin Veterans Home at King, that are paid to the home and veterans facilities and that are transferred into the fund by the department of veterans affairs under
s. 45.37 (9c).
