SB1106,,199 (6) A member of the board may not be compensated for his or her services but shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in the performance of his or her duties.

SB1106,,200 (7) The members of the board shall annually elect a chairperson and may elect other officers as they consider appropriate. Upon motion of at least 6 board members, the board shall hold a vote at a special meeting to retain or replace the board chairperson.

SB1106,,201 (8) Nine board members constitute a quorum of the board and the affirmative vote of a majority of board members present and voting is required for any action of the board, including election of the board chairperson.

SB1106,,202 (9) (a) The board shall meet quarterly and at any other time it considers necessary or upon the written request of the board chairperson or 6 board members. The board may hold meetings by means of remote communication.

SB1106,,203 (b) The board shall provide notice of any board meeting to all board members, to the chairperson of the board of advisors, and to any other person who requests notice.

SB1106,,204 (c) The board shall adopt procedures governing its meetings.

SB1106,,205 (d) All board meetings shall be staffed with a Bank officer to serve as the board secretary. The board secretary shall keep a record of the proceedings of the board meeting and shall be the custodian of all meeting records.

SB1106,,206 (e) The chairperson of the board of advisors or the chairperson’s designee, or both, may attend any board meetings as a nonvoting participant, except those meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,207 (10) (a) The board shall appoint a chief executive officer of the Bank who may not be a member of the board and who shall serve at the pleasure of the board. Notwithstanding sub. (8), appointment of the chief executive officer requires the affirmative vote of at least 8 board members. At the discretion of the board chairperson, the board may utilize a form of ranked-choice voting to ensure that the 8-vote threshold is satisfied.

SB1106,,208 (b) The board may delegate to the chief executive officer any powers and duties the board considers proper.

SB1106,,209 (c) The board shall terminate the chief executive officer upon a vote of no confidence in the chief executive officer by at least 8 board members. If this occurs, the board shall immediately initiate the process of hiring a new chief executive officer.

SB1106,,210 (d) If there is a vacancy, absence, or disability in the position of chief executive officer, as determined by the board, then notwithstanding sub. (8), the board may, upon the affirmative vote of 7 board members, designate an acting chief executive officer who has similar qualifications to those required under this subsection for the chief executive officer. An acting chief executive officer has all the powers and duties of the chief executive officer.

SB1106,,211 (e) 1. The chief executive officer shall be compensated as determined by the board and shall devote full time and attention to the duties of the office.

SB1106,,212 2. The chief executive officer shall have skill and experience in management and banking.

SB1106,,213 3. The chief executive officer is the executive and administrative head of the Bank and is responsible for the Bank’s administration and the Bank’s compliance with this chapter. The chief executive officer is responsible for all aspects of the Bank’s management, including its physical facilities, investments, loan portfolio, accounting, risk management, and regulatory compliance, as well as the responsibilities specified in s. 239.05 (2).

SB1106,,214 4. The chief executive officer may employ other employees, consultants, agents, and advisors, including legal counsel, and shall attend meetings of the board, except those board meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,215 239.035 Purpose of the Public Bank of Wisconsin. The purpose of the Public Bank of Wisconsin is to accept and hold deposits of public funds and utilize those funds in this state to further the Bank’s goals to do all of the following:

SB1106,,216 (1) Accomplish the Bank’s mission by adhering to priorities of institutional safety and soundness as ensured by division supervision; long-term viability; social return and monetary return on lending and investments; prudent and best banking and business practices; highest ethical, accountability, and transparency standards; and insulation from political influence.

SB1106,,217 (2) Support the expansion and development of public and private measures to mitigate the grave dangers that climate change poses to the public and local enterprises, and to promote reductions in greenhouse gas emissions.

SB1106,,218 (3) Promote economic development and job creation in this state, and support the economic well-being and health of this state, by providing affordable financing to eligible recipients and small- and medium-sized businesses, especially in underserved communities.

SB1106,,219 (4) Assist businesses and municipalities in recovering from the economic repercussions of external shocks, including pandemics, recessions, and natural disasters.

SB1106,,220 (5) Respond to the unmet affordable financing needs of local governmental units.

SB1106,,221 (6) Address the historic and current disadvantages experienced by the state’s minority-owned and women-owned enterprises by providing affordable financing.

SB1106,,222 (7) Assist workers and communities in creating jobs by supporting cooperative business models including worker-owned cooperatives.

SB1106,,223 (8) Increase available affordable housing options for all residents of this state.

SB1106,,224 (9) Promote sustainable agriculture and address food insecurity, particularly by providing financing to family-owned farms and rural businesses that serve them.

SB1106,,225 (10) Support nonprofit and community-based organizations that work to address the results of racial injustice or to promote women’s economic and social equity or both.

SB1106,,226 (11) Provide economic support to state agencies, local governmental units, and nonprofit organizations, including community development authorities, redevelopment authorities, housing authorities, and community development corporations.

SB1106,,227 (12) Strengthen state-chartered banks, particularly through participatory loan programs.