Amendment AA6-ASA2-AB68

AB68-ASA2-AA6,114,20 238.145 Venture capital fund of funds program. (1) Definitions. In this section:

AB68-ASA2-AA6,114,22 (a) “Investment manager” means the person with whom the oversight board enters into a contract under sub. (4).

AB68-ASA2-AA6,114,23 (b) “Oversight board” means the oversight board created under sub. (2) (c).

AB68-ASA2-AA6,115,4 (2) Establishment of program. The corporation shall establish and administer a fund of funds program to invest moneys in venture capital funds that invest in businesses located in this state, subject to the requirements of this section. In establishing the program, the corporation shall do all of the following:

AB68-ASA2-AA6,115,5 (a) Create a fund of funds.

AB68-ASA2-AA6,115,6 (b) Provide that the fund of funds will continuously reinvest its assets.

AB68-ASA2-AA6,115,8 (c) Create an oversight board to conduct any activity as required by this section or as directed by the corporation.

AB68-ASA2-AA6,115,14 (3) Investments in venture capital funds. (a) The investment manager shall request from the corporation monies to make investments through the program established under sub. (2) and to pay the investment manager's management fee, and the corporation shall, subject to the approval of the secretary of the department of administration, pay the monies to the investment manager from the appropriation under s. 20.192 (1) (c).

AB68-ASA2-AA6,115,16 (b) The oversight board shall establish investment policies for the program established under sub. (2), subject to all of the following conditions:

AB68-ASA2-AA6,115,20 1. All moneys paid to the investment manager under par. (a) to make investments shall be committed for investment to venture capital funds, subject to the requirements of this section, no later than 60 months after the creation of the fund of funds under sub. (2) (a).

AB68-ASA2-AA6,115,23 2. No more than $25,000,000 of the total moneys paid to the investment manager under par. (a) to make investments may be invested in any single venture capital fund.

AB68-ASA2-AA6,115,25 3. At least 20 percent of the investments made through the program shall be directed to any combination of the following:

AB68-ASA2-AA6,116,2 a. Businesses located in parts of this state that typically do not receive significant investment from venture capital funds.

AB68-ASA2-AA6,116,5 b. Businesses that are at least 51 percent owned by one or more members of a racial minority group and the management and daily business operations of which are controlled by one or more members of a racial minority group.

AB68-ASA2-AA6,116,8 c. Businesses that are at least 51 percent owned by one or more women and the management and daily business operations of which are controlled by one or more women.

AB68-ASA2-AA6,116,9 (c) No investment may be made through the program in a lobbying or law firm.

AB68-ASA2-AA6,116,14 (4) Investment manager. The oversight board shall contract with an investment manager who meets the qualifications established by the corporation. The contract shall establish the investment manager's compensation, including any management fee. A management fee may not annually exceed 1 percent of the total assets under management in the program established under sub. (2).

AB68-ASA2-AA6,116,18 (5) Venture capital fund requirements. The investment manager shall contract with each venture capital fund that receives moneys through the program established under sub. (2). Each contract shall require the venture capital fund to do all of the following:

AB68-ASA2-AA6,116,21 (a) Make new investments in an amount equal to the amount of moneys it receives through the program in one or more businesses who are headquartered in this state and whose operations are primarily in this state.

AB68-ASA2-AA6,117,3 (b) At least match any moneys it receives through the program and invests in a business described in par. (a) with an investment in that business of moneys the venture capital fund has raised from sources other than the program. The investment manager shall ensure that, on average, for every $1 a venture capital fund receives through the program and invests in a business described in par. (a), the venture capital fund invests $2 in that business from sources other than the program.

AB68-ASA2-AA6,117,5 (c) Provide to the investment manager the information necessary for the investment manager to complete the reports under sub. (6) (a) and (c).

AB68-ASA2-AA6,117,9 (6) Reports of the investment manager; public disclosures. (a) Annually, no later than 120 days after the end of the investment manager's fiscal year, the investment manager shall submit to the corporation a report for that fiscal year that includes all of the following:

AB68-ASA2-AA6,117,11 1. An audit of the investment manager's financial statements performed by an independent certified public accountant.

AB68-ASA2-AA6,117,13 2. The investment manager's internal rate of return from investments made through the program established under sub. (2).

AB68-ASA2-AA6,117,15 3. For each venture capital fund that contracts with the investment manager under sub. (5), all of the following:

AB68-ASA2-AA6,117,16 a. The name and address of the venture capital fund.

AB68-ASA2-AA6,117,18 b. The amounts invested in the venture capital fund through the program established under sub. (2).

AB68-ASA2-AA6,117,20 c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.

AB68-ASA2-AA6,117,22 d. The venture capital fund's average internal rate of return on its investments of the moneys it received through the program established under sub. (2).

AB68-ASA2-AA6,117,24 4. For each business in which a venture capital fund held an investment of moneys received through the program established under sub. (2), all of the following:

AB68-ASA2-AA6,117,25 a. The name and address of the business.

AB68-ASA2-AA6,118,1 b. A description of the nature of the business.

AB68-ASA2-AA6,118,2 c. The identification of the venture capital fund.

AB68-ASA2-AA6,118,4 d. The amount of the investment and the amount invested by the venture capital fund from funding sources other than the program.

AB68-ASA2-AA6,118,6 e. The internal rate of return realized by the venture capital fund upon the venture capital fund's exit from the investment in the business.

AB68-ASA2-AA6,118,10 f. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the program and the number of employees the business employed on the first day and last day of the investment manager's fiscal year.

AB68-ASA2-AA6,118,13 (b) No later than 10 days after it receives the investment manager's report under par. (a), the corporation shall submit the report to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2).

AB68-ASA2-AA6,118,15 (c) Quarterly, the investment manager shall submit to the oversight board a report for the preceding quarter that includes all of the following:

AB68-ASA2-AA6,118,17 1. An identification of each venture capital fund under contract with the investment manager under sub. (5).

AB68-ASA2-AA6,118,20 2. An identification of each business in which a venture capital fund held an investment of moneys received through the program established under sub. (2) and a statement of the amount of the investment in each business.

AB68-ASA2-AA6,118,24 3. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the program established under sub. (2) and the number of employees the business employed on the last day of the quarter.

AB68-ASA2-AA6,119,2 (d) The oversight board shall make the reports under par. (c) readily accessible to the public on the corporation's Internet site.

AB68-ASA2-AA6,119,4 (7) Policies and procedures. The corporation shall establish policies and procedures to administer this section.”.

AB68-ASA2-AA6,119,5 81. Page 340, line 17: after that line insert:

AB68-ASA2-AA6,119,6 “ Section 364r. 238.29 of the statutes is created to read:

AB68-ASA2-AA6,119,9 238.29 Tribal economic development. The corporation shall establish and administer economic development programs to promote small business economic development benefitting American Indian tribes or bands in this state.”.

AB68-ASA2-AA6,119,10 82. Page 355, line 11: after that line insert:

AB68-ASA2-AA6,119,11 “ Section 416h. 946.15 of the statutes is created to read:

AB68-ASA2-AA6,120,2 946.15 Public construction contracts at less than full rate. (1) Any employer, or any agent or employee of an employer, who induces any individual who seeks to be or is employed pursuant to a public contract, as defined in s. 66.0901 (1) (c), or who seeks to be or is employed on a project on which a prevailing wage rate determination has been issued by the department of workforce development under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) to give up, waive, or return any part of the compensation to which that individual is entitled under his or her contract of employment or under the prevailing wage rate determination issued by the department, or who reduces the hourly basic rate of pay normally paid to an employee for work on a project on which a prevailing wage rate determination has not been issued under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) during a week in which the employee works both on a project on which a prevailing wage rate determination has been issued and on a project on which a prevailing wage rate determination has not been issued, is guilty of a Class I felony.

AB68-ASA2-AA6,120,15 (2) Any individual employed pursuant to a public contract, as defined in s. 66.0901 (1) (c), or employed on a project on which a prevailing wage rate determination has been issued by the department of workforce development under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) who gives up, waives, or returns to the employer or agent of the employer any part of the compensation to which the employee is entitled under his or her contract of employment or under the prevailing wage determination issued by the department, or who gives up any part of the compensation to which he or she is normally entitled for work on a project on which a prevailing wage rate determination has not been issued under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) during a week in which the individual works part-time on a project on which a prevailing wage rate determination has been issued and part-time on a project on which a prevailing wage rate determination has not been issued, is guilty of a Class C misdemeanor.

AB68-ASA2-AA6,120,24 (3) Any employer or labor organization, or any agent or employee of an employer or labor organization, who induces any individual who seeks to be or is employed on a project on which a prevailing wage rate determination has been issued by the department of workforce development under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) to allow any part of the wages to which that individual is entitled under the prevailing wage rate determination issued by the department or local governmental unit to be deducted from the individual's pay is guilty of a Class I felony, unless the deduction would be allowed under 29 CFR 3.5 or 3.6 from an individual who is working on a project that is subject to 40 USC 3142.

AB68-ASA2-AA6,121,8 (4) Any individual employed on a project on which a prevailing wage rate determination has been issued by the department of workforce development under s. 66.0903 (3), 103.49 (3), 103.50 (3), or 229.8275 (3) who allows any part of the wages to which that individual is entitled under the prevailing wage rate determination issued by the department or local governmental unit to be deducted from his or her pay is guilty of a Class C misdemeanor, unless the deduction would be allowed under 29 CFR 3.5 or 3.6 from an individual who is working on a project that is subject to 40 USC 3142.”.

AB68-ASA2-AA6,121,9 83. Page 355, line 11: after that line insert:

AB68-ASA2-AA6,121,10 “ Section 416m. 947.20 of the statutes is repealed.” .

AB68-ASA2-AA6,121,11 84. Page 355, line 20: after that line insert:

AB68-ASA2-AA6,121,12 “ Section 417m. 978.05 (6) (a) of the statutes is amended to read:

AB68-ASA2-AA6,122,2 978.05 (6) (a) Institute, commence, or appear in all civil actions or special proceedings under and perform the duties set forth for the district attorney under ch. 980 and ss. 17.14, 30.03 (2), 48.09 (5), 59.55 (1), 59.64 (1), 70.36, 89.08, 103.50 (8), 103.92 (4), 109.09, 343.305 (9) (a), 806.05, 938.09, 938.18, 938.355 (6) (b) and (6g) (a), 946.86, 946.87, 961.55 (5), 971.14 and 973.075 to 973.077, perform any duties in connection with court proceedings in a court assigned to exercise jurisdiction under chs. 48 and 938 as the judge may request and perform all appropriate duties and appear if the district attorney is designated in specific statutes, including matters within chs. 782, 976 and 979 and ss. 51.81 to 51.85. Nothing in this paragraph limits the authority of the county board to designate, under s. 48.09 (5), that the corporation counsel provide representation as specified in s. 48.09 (5) or to designate, under s. 48.09 (6) or 938.09 (6), the district attorney as an appropriate person to represent the interests of the public under s. 48.14 or 938.14.”.

AB68-ASA2-AA6,122,4 85. Page 358, line 16: delete the material beginning with that line and ending on page 379, line 1, and substitute:

AB68-ASA2-AA6,122,7 “(1) Authorized State Building Program. For the fiscal years beginning on July 1, 2021, and ending on June 30, 2023, the Authorized State Building Program is as follows: - See PDF for table

AB68-ASA2-AA6,144,2 (2) Programs previously authorized. In addition to the projects and financing”.

AB68-ASA2-AA6,144,3 86. Page 382, line 1: delete “1. a." and substitute “1. b.".

AB68-ASA2-AA6,144,4 87. Page 382, line 14: delete “1. d. and 2. b." and substitute “1. g. and 2. d.".

AB68-ASA2-AA6,144,5 88. Page 382, line 25: after that line insert:

AB68-ASA2-AA6,144,7 “(7r) University of Wisconsin System instructional space projects program; Groups 1 and 2 projects.

AB68-ASA2-AA6,144,9 (a) Group 1. The amounts specified under sub. (1) (h) 1. a. shall be expended for the following projects:

AB68-ASA2-AA6,144,10 1. UW–Eau Claire — Haas Fine Arts art and design studio renovation.

AB68-ASA2-AA6,144,11 2. UW–Green Bay — studio arts visual arts laboratory renovation.

AB68-ASA2-AA6,144,13 3. UW–River Falls — Agricultural Science Plant and Earth Science Laboratory renovation.

AB68-ASA2-AA6,145,1 4. UW–Whitewater — Center of the Arts Metals Laboratory renovation.

AB68-ASA2-AA6,145,3 5. UW–La Crosse — Wing Technology Center computer science laboratory renovation.

AB68-ASA2-AA6,145,4 6. UW–Oshkosh — Arts and Communication Center Music Hall renovation.

AB68-ASA2-AA6,145,6 7. UW–Milwaukee — Engelmann Hall hybrid active learning/lecture hall renovation.

AB68-ASA2-AA6,145,8 (b) Group 2. The amounts specified under sub. (1) (h) 1. f. shall be expended for the following projects:

AB68-ASA2-AA6,145,9 1. UW–Parkside — Greenquist Hall Laboratory 363/365 renovation.

AB68-ASA2-AA6,145,10 2. UW–Whitewater — Center of the Arts 3D Design Laboratory renovation.

AB68-ASA2-AA6,145,11 3. UW–Madison — Van Hise Hall first floor classroom renovations.

AB68-ASA2-AA6,145,12 4. UW–Madison — Brogden Psychology Lecture Hall 105 renovation.

AB68-ASA2-AA6,145,13 5. UW–Madison — Animal Science Lecture Hall 212 renovation.

AB68-ASA2-AA6,145,15 6. UW–Green Bay — Mary Ann Cofrin Hall/Wood Hall health care skills and simulation laboratory renovation.

AB68-ASA2-AA6,145,17 7. UW–Stevens Point — Science Building D-Wing Clinical Laboratory science and medical technology renovation.

AB68-ASA2-AA6,145,21 (7s) State historical society headquarters; phase II. From the appropriation under s. 20.867 (2) (r), the building commission shall allocate $4,000,000 to develop preliminary plans and specifications for phase II of the renovation of the state historical society headquarters in the city of Madison.”.

AB68-ASA2-AA6,145,22 89. Page 386, line 15: after that line insert:

AB68-ASA2-AA6,146,6 “(14r) Kenosha STEM innovation center. Notwithstanding s. 13.48 (33v) (b), the building commission may not make a grant to the city of Kenosha for the construction of the science, technology, engineering, and mathematics innovation center, as enumerated in sub. (1) (im), under s. 13.48 (33v), unless the department of administration has reviewed and approved plans for the project. Notwithstanding ss. 16.85 (1) and 16.855 (1m), the department of administration may not supervise any services or work or let any contract for the project. Section 16.87 does not apply to the project.”.

AB68-ASA2-AA6,146,7 90. Page 386, line 22: after that line insert:

AB68-ASA2-AA6,146,8 “(2a) Internet assistance program.

AB68-ASA2-AA6,146,15 (a) Using the procedure under s. 227.24, the department of children and families may promulgate the rules authorized under s. 49.168 (2) as emergency rules. Notwithstanding s. 227.24 (1) (a) and (3), the department of children and families is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.

AB68-ASA2-AA6,146,19 (b) The authorized FTE positions for the department of children and families are increased by 0.5 GPR positions to be funded from the appropriation under s. 20.437 (2) (eg) for the purpose of administering the Internet assistance program under s. 49.168.”.

AB68-ASA2-AA6,146,20 91. Page 386, line 22: after that line insert:

AB68-ASA2-AA6,147,3 “(2u) Child care quality improvement program. Using the procedure under s. 227.24, the department of children and families may promulgate the rules authorized under s. 49.133 (2) as emergency rules. Notwithstanding s. 227.24 (1) (a) and (3), the department of children and families is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.” .