AB68,1366,2520 238.133 (2) (c) The Unless the corporation determines under its policies and
21procedures that the case has received sufficient closure from the department of
22natural resources, the
corporation may only award grants under this section if the
23person that caused the environmental contamination that is the basis for the grant
24request is unknown, cannot be located or is financially unable to pay the cost of the
25eligible activities.
AB68,2547
1Section 2547. 238.137 of the statutes is created to read:
AB68,1367,7 2238.137 Pandemic recovery. The corporation shall aid in the state's
3economic recovery from the COVID-19 global pandemic by providing financial
4assistance to small businesses adversely affected by the pandemic, including for the
5retention of current employees and the rehiring of former employees. The
6corporation shall, as necessary, coordinate with the Department of Revenue in the
7administration of programs under this section.
AB68,2548 8Section 2548. 238.139 of the statutes is created to read:
AB68,1367,12 9238.139 Financial assistance for underserved communities. The
10corporation shall expend $5,000,000 annually to provide grants, loans, and other
11assistance to underserved communities in this state, including members of minority
12groups, woman-owned businesses, and individuals and businesses in rural areas.
AB68,2549 13Section 2549. 238.145 of the statutes is created to read:
AB68,1367,15 14238.145 Venture capital fund of funds program. (1) Definitions. In this
15section:
AB68,1367,1716 (a) “Investment manager” means the person with whom the oversight board
17enters into a contract under sub. (4).
AB68,1367,1818 (b) “Oversight board” means the oversight board created under sub. (2) (c).
AB68,1367,22 19(2) Establishment of program. The corporation shall establish and administer
20a fund of funds program to invest moneys in venture capital funds that invest in
21businesses located in this state, subject to the requirements of this section. In
22establishing the program, the corporation shall do all of the following:
AB68,1367,2323 (a) Create a fund of funds.
AB68,1367,2424 (b) Provide that the fund of funds will continuously reinvest its assets.
AB68,1368,2
1(c) Create an oversight board to conduct any activity as required by this section
2or as directed by the corporation.
AB68,1368,8 3(3) Investments in venture capital funds. (a) The investment manager shall
4request from the corporation monies to make investments through the program
5established under sub. (2) and to pay the investment manager's management fee,
6and the corporation shall, subject to the approval of the secretary of the department
7of administration, pay the monies to the investment manager from the appropriation
8under s. 20.192 (1) (c).
AB68,1368,109 (b) The oversight board shall establish investment policies for the program
10established under sub. (2), subject to all of the following conditions:
AB68,1368,1411 1. All moneys paid to the investment manager under par. (a) to make
12investments shall be committed for investment to venture capital funds, subject to
13the requirements of this section, no later than 60 months after the creation of the
14fund of funds under sub. (2) (a).
AB68,1368,1715 2. No more than $25,000,000 of the total moneys paid to the investment
16manager under par. (a) to make investments may be invested in any single venture
17capital fund.
AB68,1368,1918 3. At least 20 percent of the investments made through the program shall be
19directed to any combination of the following:
AB68,1368,2120 a. Businesses located in parts of this state that typically do not receive
21significant investment from venture capital funds.
AB68,1368,2422 b. Businesses that are at least 51 percent owned by one or more members of a
23racial minority group and the management and daily business operations of which
24are controlled by one or more members of a racial minority group.
AB68,1369,3
1c. Businesses that are at least 51 percent owned by one or more women and the
2management and daily business operations of which are controlled by one or more
3women.
AB68,1369,44 (c) No investment may be made through the program in a lobbying or law firm.
AB68,1369,9 5(4) Investment manager. The oversight board shall contract with an
6investment manager who meets the qualifications established by the corporation.
7The contract shall establish the investment manager's compensation, including any
8management fee. A management fee may not annually exceed 1 percent of the total
9assets under management in the program established under sub. (2).
AB68,1369,13 10(5) Venture capital fund requirements. The investment manager shall
11contract with each venture capital fund that receives moneys through the program
12established under sub. (2). Each contract shall require the venture capital fund to
13do all of the following:
AB68,1369,1614 (a) Make new investments in an amount equal to the amount of moneys it
15receives through the program in one or more businesses who are headquartered in
16this state and whose operations are primarily in this state.
AB68,1369,2317 (b) At least match any moneys it receives through the program and invests in
18a business described in par. (a) with an investment in that business of moneys the
19venture capital fund has raised from sources other than the program. The
20investment manager shall ensure that, on average, for every $1 a venture capital
21fund receives through the program and invests in a business described in par. (a), the
22venture capital fund invests $2 in that business from sources other than the
23program.
AB68,1369,2524 (c) Provide to the investment manager the information necessary for the
25investment manager to complete the reports under sub. (6) (a) and (c).
AB68,1370,4
1(6) Reports of the investment manager; public disclosures. (a) Annually, no
2later than 120 days after the end of the investment manager's fiscal year, the
3investment manager shall submit to the corporation a report for that fiscal year that
4includes all of the following:
AB68,1370,65 1. An audit of the investment manager's financial statements performed by an
6independent certified public accountant.