AB68-ASA2-AA6,113,9 977. Page 340, line 17: after that line insert:
AB68-ASA2-AA6,113,10 10 Section 364m. 230.10 (2) of the statutes is amended to read:
AB68-ASA2-AA6,114,211 230.10 (2) The compensation plan in effect at the time that a representative
12is recognized or certified to represent employees in a collective bargaining unit and
13the employee salary and benefit provisions under s. 230.12 (3) (e) in effect at the time
14that a representative is certified to represent employees in a collective bargaining
15unit under subch. V of ch. 111 constitute the compensation plan or employee salary
16and benefit provisions for employees in the collective bargaining unit until a
17collective bargaining agreement becomes effective for that unit. If a collective
18bargaining agreement under subch. V of ch. 111 expires prior to the effective date of
19a subsequent agreement, and a representative continues to be recognized or certified
20to represent employees specified in s. 111.81 (7) (a) or (ag) or certified to represent
21employees specified in s. 111.81 (7) (ar) to (f) in that collective bargaining unit, the
22wage rates of the employees in such a unit shall be frozen until a subsequent
23agreement becomes effective, and the compensation plan under s. 230.12 and salary

1and benefit changes adopted under s. 230.12 (3) (e) do not apply to employees in the
2unit.”.
AB68-ASA2-AA6,114,3 378. Page 340, line 17: after that line insert:
AB68-ASA2-AA6,114,4 4 Section 364o. 238.137 of the statutes is created to read:
AB68-ASA2-AA6,114,10 5238.137 Small business pandemic recovery program. The corporation
6shall aid in the state's economic recovery from the COVID-19 global pandemic by
7providing financial assistance to small businesses adversely affected by the
8pandemic, including for the retention of current employees and the rehiring of former
9employees. The corporation shall, as necessary, coordinate with the department of
10revenue in the administration of the program under this section.”.
AB68-ASA2-AA6,114,11 1179. Page 340, line 17: after that line insert:
AB68-ASA2-AA6,114,12 12 Section 364p. 238.139 of the statutes is created to read:
AB68-ASA2-AA6,114,16 13238.139 Financial assistance for underserved communities. The
14corporation shall expend $5,000,000 annually to provide grants, loans, and other
15assistance to underserved communities in this state, including members of minority
16groups, woman-owned businesses, and individuals and businesses in rural areas.”.
AB68-ASA2-AA6,114,17 1780. Page 340, line 17: after that line insert:
AB68-ASA2-AA6,114,18 18 Section 364q. 238.145 of the statutes is created to read:
AB68-ASA2-AA6,114,20 19238.145 Venture capital fund of funds program. (1) Definitions. In this
20section:
AB68-ASA2-AA6,114,2221 (a) “Investment manager” means the person with whom the oversight board
22enters into a contract under sub. (4).
AB68-ASA2-AA6,114,2323 (b) “Oversight board” means the oversight board created under sub. (2) (c).
AB68-ASA2-AA6,115,4
1(2) Establishment of program. The corporation shall establish and administer
2a fund of funds program to invest moneys in venture capital funds that invest in
3businesses located in this state, subject to the requirements of this section. In
4establishing the program, the corporation shall do all of the following:
AB68-ASA2-AA6,115,55 (a) Create a fund of funds.
AB68-ASA2-AA6,115,66 (b) Provide that the fund of funds will continuously reinvest its assets.
AB68-ASA2-AA6,115,87 (c) Create an oversight board to conduct any activity as required by this section
8or as directed by the corporation.
AB68-ASA2-AA6,115,14 9(3) Investments in venture capital funds. (a) The investment manager shall
10request from the corporation monies to make investments through the program
11established under sub. (2) and to pay the investment manager's management fee,
12and the corporation shall, subject to the approval of the secretary of the department
13of administration, pay the monies to the investment manager from the appropriation
14under s. 20.192 (1) (c).
AB68-ASA2-AA6,115,1615 (b) The oversight board shall establish investment policies for the program
16established under sub. (2), subject to all of the following conditions:
AB68-ASA2-AA6,115,2017 1. All moneys paid to the investment manager under par. (a) to make
18investments shall be committed for investment to venture capital funds, subject to
19the requirements of this section, no later than 60 months after the creation of the
20fund of funds under sub. (2) (a).
AB68-ASA2-AA6,115,2321 2. No more than $25,000,000 of the total moneys paid to the investment
22manager under par. (a) to make investments may be invested in any single venture
23capital fund.
AB68-ASA2-AA6,115,2524 3. At least 20 percent of the investments made through the program shall be
25directed to any combination of the following:
AB68-ASA2-AA6,116,2
1a. Businesses located in parts of this state that typically do not receive
2significant investment from venture capital funds.
AB68-ASA2-AA6,116,53 b. Businesses that are at least 51 percent owned by one or more members of a
4racial minority group and the management and daily business operations of which
5are controlled by one or more members of a racial minority group.
AB68-ASA2-AA6,116,86 c. Businesses that are at least 51 percent owned by one or more women and the
7management and daily business operations of which are controlled by one or more
8women.
AB68-ASA2-AA6,116,99 (c) No investment may be made through the program in a lobbying or law firm.
AB68-ASA2-AA6,116,14 10(4) Investment manager. The oversight board shall contract with an
11investment manager who meets the qualifications established by the corporation.
12The contract shall establish the investment manager's compensation, including any
13management fee. A management fee may not annually exceed 1 percent of the total
14assets under management in the program established under sub. (2).
AB68-ASA2-AA6,116,18 15(5) Venture capital fund requirements. The investment manager shall
16contract with each venture capital fund that receives moneys through the program
17established under sub. (2). Each contract shall require the venture capital fund to
18do all of the following: