SB1106,,304 (b) The chief executive officer shall send a draft of the business plan to the board and, at the same time, to the chairperson of the board of advisors at least 30 days before the board of advisors’ next scheduled quarterly meeting. The board of advisors shall immediately make the draft business plan publicly accessible on the board of advisors’ website and shall publicly announce that the draft is available for public comment through the board of advisors’ comments portal. Within 30 days after the board of advisors’ quarterly meeting, the chairperson of the board of advisors shall combine the comments and suggestions of the members of the board of advisors, along with any public input that the board of advisors considers pertinent, into a concise list of recommended modifications to the business plan and shall distribute those recommendations to the members of the board of advisors and to the board. The board shall promptly convey these recommendations, together with any comments of its own, to the chief executive officer. The chief executive officer shall then prepare a new draft business plan taking these recommendations into account as the chief executive officer sees fit and shall convey the new draft business plan to the board and to the board of advisors within 30 days of the recommendations’ receipt. The board of advisors’ comments and recommendations, together with the public’s input from the board of advisors’ meetings and from the comments portal and the business plan approved under sub. (3), shall be made publicly available on the board of advisors’ website.

SB1106,,305 (3) (a) The board is responsible for reviewing and approving the business plan developed under sub. (2). Notwithstanding s. 239.03 (8), approval of the business plan requires the affirmative vote of at least 8 board members.

SB1106,,306 (b) Within 30 days of receiving the updated draft business plan under sub. (2) (b), the board shall vote upon approval of the business plan at a regularly scheduled or special meeting of the board. In approving the business plan, the board shall ensure that the business plan pays due attention to the recommendations of the Bank’s board of advisors. After approving the business plan, the board shall monitor the Bank’s compliance with the business plan.

SB1106,,307 (c) If the board holds a vote under par. (b) on a draft business plan and the board fails to approve the draft business plan, the process under sub. (2) shall be repeated until the board approves a business plan. Upon the 3rd consecutive failure of the board to approve a draft business plan in a vote under par. (b), the board shall terminate the chief executive officer who developed the failed business plans and hire a new chief executive officer to begin the process again.

SB1106,,308 (4) (a) After the board’s approval of the business plan under sub. (3), the business plan may not be overridden by the board except through a declaration of emergency under par. (b).

SB1106,,309 (b) In the event of a natural or man-made disaster, the board shall declare a state of emergency that requires the chief executive officer to override the business plan in the manner the board considers necessary to address and recover from the disaster. Notwithstanding s. 239.03 (8), the board’s declaration of a state of emergency requires the affirmative vote of at least 9 board members and may only be made after consultation with the chairperson of the board of advisors. The declaration of a state of emergency shall specify the duration of the emergency, which may not exceed one year. Notwithstanding s. 239.03 (8), at the conclusion of this one-year period, the board may extend the declaration of a state of emergency for an additional one-year period upon the affirmative vote of at least 9 board members.

SB1106,,310 (5) In making its examination of the Public Bank of Wisconsin under s. 220.04 (1) (a), the division shall assess the Public Bank of Wisconsin’s compliance with the business plan. Notwithstanding s. 220.06 (3) (a), the division’s assessment of the Public Bank of Wisconsin’s compliance with the business plan shall be made available to the public beginning 6 months after the date on which the examination is concluded.

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.