SB1106,,169169(20) “Small business” has the meaning given in s. 227.114 (1).
SB1106,,170170(21) “Underserved neighborhood” means a neighborhood that meets any of the following criteria:
SB1106,,171171(a) The annual median household income in the neighborhood does not exceed 65 percent of the statewide annual median household income.
SB1106,,172172(b) Minority group members comprise at least 40 percent of the population in the neighborhood.
SB1106,,173173(c) At least 25 percent of households in the neighborhood lack English language proficiency.
SB1106,,174174(d) Minority group members comprise at least 25 percent of the population of the neighborhood and the annual median household income of the municipality in which the neighborhood is located does not exceed 150 percent of the statewide annual median household income.
SB1106,,175175239.02 Creation of authority. (1) There is created an authority, which is a public body corporate and politic, to be known as the “Public Bank of Wisconsin.”
SB1106,,176176(2) The Public Bank of Wisconsin shall take all action necessary to organize as a state bank under ch. 221.
SB1106,,177177239.03 Organization of authority; governing board; chief executive officer. (1) All powers and duties of the Public Bank of Wisconsin shall be exercised or carried out by a governing board appointed under this section, except to the extent the board delegates the power or duty to an employee of the Bank or a committee established by the board.
SB1106,,178178(2) (a) Subject to the requirements under subs. (3) and (4), the board shall consist of the following members:
SB1106,,1791791. The state treasurer or the state treasurer’s designee.
SB1106,,1801802. The state superintendent of public instruction or the state superintendent’s designee.
SB1106,,1811813. The president of the University of Wisconsin System or the president’s designee.
SB1106,,1821824. One member with professional experience and expertise in the operation of small business enterprises located in this state, appointed by the governor.
SB1106,,1831835. One member with professional experience and expertise in economic development, appointed by the governor.
SB1106,,1841846. One member with professional experience and expertise in local government and administration, appointed by the governor.
SB1106,,1851857. One member with professional experience and expertise in environmentally conscious financing, appointed by the governor.
SB1106,,1861868. One member with professional experience and expertise in the operation of state banks or state-chartered savings banks or savings and loan associations, appointed by the governor.
SB1106,,1871879. One member with professional experience and expertise in the operation of state-chartered credit unions, appointed by the governor.
SB1106,,18818810. One member with professional experience and expertise in public finance, appointed by the governor.
SB1106,,18918911. One member with professional experience and expertise in the operation of community development authorities, redevelopment authorities, housing authorities, or community development corporations, appointed by the governor.
SB1106,,190190(b) The members under par. (a) 4. to 11. shall be appointed for a term of 4 years.
SB1106,,191191(3) (a) An individual may not serve as a board member unless the individual is a resident of this state and, if appointed, was a resident of this state for at least 90 days before the appointment.
SB1106,,192192(b) Except for a board member described in sub. (2) (a) 1. to 3., an individual may not serve as, or be appointed as, a board member if any of the following applies:
SB1106,,1931931. The individual holds a federal, state, or local elected or appointed office or is a candidate for such an office.
SB1106,,1941942. The individual serves as an official in a political party.
SB1106,,1951953. Within the immediately preceding 4-year period, the individual held an office described in subd. 1.
SB1106,,196196(c) An individual may not serve as a board member for more than 8 years.
SB1106,,197197(4) Each board member shall take an oath to faithfully and impartially execute his or her duties as a board member.