SB1106,,949420.195 Public Bank of Wisconsin. There is appropriated to the Public Bank of Wisconsin for the following programs:

SB1106,,9595(1) Loan programs. (a) General program operations; initial funding. As a continuing appropriation, the amounts in the schedule for the initial costs of operating the Public Bank of Wisconsin and for initial funding for loans and other banking activities under ch. 239.

SB1106,,979720.907 (5) (e) 12r. Transfers from the income account of the state investment fund, to pay bank service costs under s. 34.045 (1) (bm).

SB1106,,999934.03 (2) Require any public depository or the trustees of segregated trusts created by banks for the benefit of public depositors to furnish information upon request. Any Except as provided in s. 34.05 (5), any public depository which refuses or neglects to give any information so requested shall be excluded from the right to receive public deposits. Information obtained under this subsection may not be disclosed by the division of banking unless disclosed as provided in s. 220.06.

SB1106,,10210234.05 (4) (intro.) Notwithstanding sub. (1), s. 66.0603 (1m) (a), or any other provision of law, the governing board of a public depositor, other than the state, may direct the treasurer of the governing board to deposit public moneys in a selected public depository and, directly or through an authorized agent, instruct the public depository to arrange for the redeposit of the moneys through a deposit placement program that meets all of the following conditions:

SB1106,,10410434.05 (5) (a) Notwithstanding any other provision of this chapter, the Public Bank of Wisconsin shall be a public depository of the state and, no later than January 1, 2028, the Public Bank of Wisconsin shall be the state’s only public depository. Except as provided in pars. (b) and (c), to accomplish this transition, the state’s public moneys shall be deposited as follows:

SB1106,,1051051. By January 1, 2025, at least 30 percent of the state’s public deposits shall be with the Public Bank of Wisconsin.

SB1106,,1061062. By January 1, 2026, at least 50 percent of the state’s public deposits shall be with the Public Bank of Wisconsin.

SB1106,,1071073. By January 1, 2027, at least 80 percent of the state’s public deposits shall be with the Public Bank of Wisconsin.

SB1106,,1081084. By January 1, 2028, all of the state’s public deposits shall be with the Public Bank of Wisconsin.

SB1106,,109109(b) No later than November 1, 2024, the governing board of the Public Bank of Wisconsin shall review state accounts to determine whether any public moneys received by the state are unsuitable for deposit in the Public Bank of Wisconsin and shall submit to the governor, to the secretary of administration, and to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report identifying any such public moneys. Upon approval of the secretary of administration, such public moneys may not be deposited in the Public Bank of Wisconsin.

SB1106,,110110(c) If the governing board of the Public Bank of Wisconsin, in consultation and agreement with the secretary of administration, determines that the Public Bank of Wisconsin does not have sufficient capacity to accept and manage the state’s public moneys, the deposit schedule under par. (a) shall be delayed and the governing board shall provide to the secretary of administration a plan and time frame to begin such deposits. Deposits may not be delayed under this paragraph beyond December 31, 2025.

SB1106,,11211234.07 Security. A surety bond or other security, including an irrevocable letter of credit issued by a federal home loan bank, state bank, national bank, federal or state savings bank, federal or state credit union, or federal or state savings and loan association, may be required of or given by any public depository for any public deposits that exceed the amount of deposit insurance provided by an agency of the United States and the coverage provided under s. 34.08 (2). This section does not apply with respect to the Public Bank of Wisconsin.

SB1106,,11411440.02 (54) (n) The Public Bank of Wisconsin.

SB1106,,11611670.11 (38v) Public Bank of Wisconsin. All property owned by the Public Bank of Wisconsin, provided that use of the property is primarily related to the purposes of the Public Bank of Wisconsin.

SB1106,,11811871.26 (1) (be) Certain authorities. Income of the University of Wisconsin Hospitals and Clinics Authority, of the Fox River Navigational System Authority, of the Wisconsin Economic Development Corporation, of the Public Bank of Wisconsin, and of the Wisconsin Aerospace Authority.

SB1106,,12012077.54 (9a) (a) This state or any agency thereof, the University of Wisconsin Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic Development Corporation, the Public Bank of Wisconsin, and the Fox River Navigational System Authority.