SB1106: Bill Text

SB1106,,311 239.06 Board of advisors. (1) (a) At its quarterly meetings, the board of advisors shall review the activities of the Public Bank of Wisconsin. Notwithstanding any provision in ch. 19, the board of advisors shall provide public notice of its meetings at least 30 days before the meeting. The chairperson of the board of advisors may attend all meetings of the Bank’s board and be recognized to speak, except those meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,312 (b) The board of advisors shall maintain a website for the board of advisors and shall ensure that the public has an opportunity to provide input to the board of advisors on an ongoing basis through an Internet-based comments portal. The board of advisors shall make the establishment of the comments portal its first order of business and shall provide the Bank’s board, as well as the chief executive officer and staff of the Bank, full access to the portal. The chairperson of the board of advisors is responsible for managing the comments portal and shall ensure that the comments on the portal are fully accessible to the public.

SB1106,,313 (2) The board of advisors’ responsibilities include all of the following:

SB1106,,314 (a) Establishing rules of procedure for the board of advisors.

SB1106,,315 (b) Scheduling and publicizing the quarterly meetings of the board of advisors and providing to the public, on a timely basis, the minutes of these meetings.

SB1106,,316 (c) Establishing an Internet-based comments portal for the public to review and comment on the activities of the Public Bank of Wisconsin and make proposals regarding future initiatives for the Bank’s consideration.

SB1106,,317 (d) Reviewing the Bank’s draft business plan and providing feedback as described in s. 239.05.

SB1106,,318 (e) Communicating to the Bank’s board and chief executive officer policy recommendations and any significant concerns arising from the board of advisors’ quarterly meetings or from its comments portal.

SB1106,,319 (3) The Public Bank of Wisconsin shall pay from its operating budget all expenses incurred by the board of advisors in fulfilling its obligations, including the expenses related to the comments portal and any stipend or per diem under s. 15.07 (5) (g).

SB1106,,320 239.07 Conflicts of interest. (1) The Public Bank of Wisconsin may not transact business with or extend financing to any of the following:

SB1106,,321 (a) A member of the board.

SB1106,,322 (b) An officer of the Public Bank of Wisconsin.

SB1106,,323 (c) A member of the board of advisors.

SB1106,,324 (d) An immediate family member of any person under par. (a), (b), or (c).

SB1106,,325 (e) An entity in which a person under par. (a) or (b) has an interest.

SB1106,,326 (2) The prohibition under sub. (1) shall remain in effect for 4 years after the person under sub. (1) (a) or (b) is no longer a board member or officer.

SB1106,,327 (3) Subsection (1) does not prohibit the Public Bank of Wisconsin from transacting business with or extending financing to an entity with which a member of the board of advisors is associated.

SB1106,,328 239.08 Reports; confidential information. (1) Annually, on or before April 15, the board shall submit to the governor and to the chief clerk of each house of the legislature under s. 13.172 (2) a report that includes all of the following for the prior calendar year:

SB1106,,329 (a) Audited financial statements of the Public Bank of Wisconsin.

SB1106,,330 (b) A description of the benefits of the Bank’s activities to the state, including all of the following:

SB1106,,331 1. Analysis of the extent to which the Bank was able to meet affordable financing priorities.

SB1106,,332 2. For each type of eligible recipient, the number of recipients to whom the Bank extended affordable financing and the total principal amount of financing provided to each type of eligible recipient.

SB1106,,333 3. A description of the main forms of affordable financing provided by the Bank in each county of the state.

SB1106,,334 (c) A statement identifying the compensation paid by the Bank to the Bank’s board members, the Bank’s chief executive officer, and the other employees and consultants of the Bank.

SB1106,,335 (2) Annually, on or before April 15, the secretary of administration shall submit to the governor and to the chief clerk of each house of the legislature under s. 13.172 (2) a report that identifies, for the prior calendar year, each public depository, as defined in s. 34.01 (5), used by the state and the current and average amount of cash and cash equivalents held by the state in each public depository.

SB1106,,336 (3) (a) The board shall make all reports under sub. (1) available to the public.

SB1106,,337 (b) The board shall maintain as confidential the identity and financial information of all eligible recipients.

SB1106,,338 239.09 Liability limited. Neither the state nor any political subdivision of the state, nor any officer, employee, or agent of the state or a political subdivision of the state who is acting within the scope of employment or agency, is liable for any debt, obligation, act, or omission of the Public Bank of Wisconsin.

SB1106,51 Section 51. Nonstatutory provisions.

SB1106,,340 (1) Public Bank of Wisconsin.

SB1106,,341 (a) Notwithstanding the length of terms specified in s. 239.03 (2) (b), the initial members of the governing board of the Public Bank of Wisconsin appointed under s. 239.03 (2) (a) 5., 7., 9, and 11. shall be appointed for initial terms of 2 years.

SB1106,,342 (b) The initial members of the governing board of the Public Bank of Wisconsin shall be appointed no later than 120 days after the effective date of this paragraph.

SB1106,,343 (c) The governing board of the Public Bank of Wisconsin shall elect the board’s officers, including the board chairperson, at its first meeting. Initial board meetings shall be staffed by an interim board employee acting as secretary.

SB1106,,344 (d) The chairperson of the governing board of the Public Bank of Wisconsin shall publicly solicit applications for the chief executive officer position immediately upon the chairperson’s appointment by the board. The board shall expeditiously hire the chief executive officer. The chief executive officer shall cause to be drafted the initial business plan no later than one year after being hired by the board.

SB1106,,345 (2) Board of advisors.

SB1106,,346 (a) Notwithstanding the length of terms specified for the members of the board of advisors under s. 15.185 (3) (b), the following initial members of the board of advisors shall be appointed for initial terms of 2 years:

SB1106,,347 1. The members appointed under s. 15.185 (3) (a) 3., 8., and 10.

SB1106,,348 2. One of the members appointed under s. 15.185 (3) (a) 5.

SB1106,,349 3. One of the members appointed under s. 15.185 (3) (a) 6.

SB1106,,350 4. One of the members appointed under s. 15.185 (3) (a) 7.

SB1106,,351 5. One of the members appointed under s. 15.185 (3) (a) 12.

SB1106,,352 6. One of the members appointed under s. 15.185 (3) (a) 13.

SB1106,,353 (b) The initial members of the board of advisors shall be appointed no later than 90 days after the appointment of the last appointed member of the governing board of the Public Bank of Wisconsin.

SB1106,,354 (c) The board of advisors shall elect a chairperson at its first meeting, who shall serve a term of 2 years as chairperson.

SB1106,,355 (3) Existing depository agreements.

SB1106,,356 (a) In this subsection:

SB1106,,357 1. “Public depository” has the meaning given in s. 34.01 (5).

SB1106,,358 2. “Public moneys” has the meaning given in s. 34.01 (6).

SB1106,,359 (b) Notwithstanding s. 34.05 (5), if the deposit of public moneys in the Public Bank of Wisconsin would result in the state breaching a contract with a public depository that is in effect on the effective date of this paragraph, the state may defer the deposit of public moneys under s. 34.05 (5) until the deposit does not result in a breach of the state’s contract. However, if the existence of such a contract requires the state to defer deposits under this paragraph, the state shall take all action necessary to rightfully terminate the contract at the earliest date possible and may not renew or otherwise extend the contract term.

SB1106,52 Section 52. Effective dates. This act takes effect on the day after publication, except as follows:

SB1106,,361 (1) Public depository requirements. The treatment of ss. 20.907 (5) (e) 12r. and 34.045 takes effect on January 1, 2028.

SB1106,,362 (end)