25.46 Environmental fund. 25.463 Agricultural producer security fund. 25.465 Agrichemical management fund. 25.466 Working lands fund. 25.468 Agricultural chemical cleanup fund. 25.469 Nuclear waste escrow fund. 25.47 Petroleum inspection fund. 25.48 Dry cleaner environmental response fund. 25.49 Economic development fund. 25.491 Local government fund. 25.50 Local government pooled-investment fund. 25.55 Land information fund. 25.60 Budget stabilization fund. 25.62 Property tax relief fund. 25.65 County mining investment fund. 25.67 Children’s trust fund. 25.68 Support collections trust fund. 25.69 Permanent endowment fund. 25.70 Historical society trust fund. 25.72 Historical legacy trust fund. 25.73 Historical society endowment fund. 25.74 History preservation partnership trust fund. 25.77 Medical assistance trust fund. 25.772 Hospital assessment fund. 25.774 Critical access hospital assessment fund. 25.776 Ambulance service provider trust fund. 25.78 Artistic endowment fund. 25.80 Tuition trust fund. 25.85 College savings program trust fund. 25.853 College savings program bank deposit trust fund. 25.855 College savings program credit union deposit trust fund. 25.95 Universal service fund. 25.96 Utility public benefits fund. 25.97 Air quality improvement fund. Ch. 25 Cross-referenceCross-reference: See definitions in s. 24.01. 25.0125.01 Definition. In this chapter, unless the context requires otherwise, “board” means the investment board. 25.01 HistoryHistory: 1999 a. 83. 25.1425.14 State investment fund. 25.14(1)(a)(a) There is created a state investment fund under the jurisdiction and management of the board to be operated as an investment trust for the purpose of managing the securities of all funds that are required by law to be invested in the state investment fund and all of the state’s funds specified in s. 25.17 (1), except all of the following: 25.14(1)(a)9.9. The injured patients and families compensation fund. 25.14(1)(a)11.11. Funds that under article X of the constitution are controlled and invested by the board of commissioners of public lands. 25.14(1)(a)12.12. Funds that are required by specific provision of law to be controlled and invested by any other authority. 25.14(1)(a)15d.15d. The college savings program credit union deposit trust fund. 25.14(1)(b)(b) The respective authorities controlling the investment of any fund excluded under par. (a) may authorize the transfer of any temporary cash assets of any fund excluded under par. (a) to the state investment fund in accordance with subs. (2) and (3). 25.14(2)(2) At such time as the board determines, all of the securities held by any of the state’s funds, except those specifically excluded in sub. (1), shall be transferred, at the market value plus accrued interest as of the date of transfer, to the state investment fund together with such amounts of cash as may be required to provide each contributing fund an equity in the state investment fund which may be expressed in terms of even thousands of dollars. Thereafter, the department of administration shall make such subsequent transfers of money between the individual funds and the state investment fund as in its judgment is advisable and in accordance with cash requirements of the individual funds, such transfer to be made on the basis of even thousands of dollars, and it shall furnish to the board such information with respect to daily balances of individual funds within the investment fund as may be required. 25.14(3)(3) The department of administration, upon consultation with the board, shall distribute all earnings, profits, or losses of the state investment fund to each participating fund in the same ratio as each participating fund’s average daily balance within the state investment fund bears to the total average daily balance of all participating funds, except as provided in s. 16.401 (14) and except that the department of administration shall credit to the appropriation account under s. 20.505 (1) (kj) an amount equal to the amount assessed under s. 25.19 (3) from the earnings or profits of the funds against which an assessment is made. Distributions under this section shall be made at such times as the department of administration may determine, but must be made at least semiannually in each complete fiscal year of operation. 25.14(4)(4) The department of administration shall maintain such records as may be required to account for each contributing fund’s share in the state investment fund. 25.14 AnnotationThe State of Wisconsin Investment Board is an independent going concern not protected by sovereign immunity. Bahr v. SWIB, 186 Wis. 2d 379, 521 N.W.2d 152 (Ct. App. 1994). 25.1525.15 Board; purpose and standard of responsibility. 25.15(1)(1) Purpose. The purpose of the board is to provide professional investment management of trusts, operating funds and capital funds established by law. It is the intent of the legislature that the board be an independent agency of the state which is to manage money and property for the state, its agencies and trust funds. The goal of board management shall be towards accomplishing the purpose of each trust or fund. 25.15(2)(2) Standard of responsibility. Except as provided in s. 25.17 (2) and (3) (c), the standard of responsibility applied to the board when it manages money and property shall be all of the following: 25.15(2)(a)(a) To manage the money and property with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity, with the same resources, and familiar with like matters exercises in the conduct of an enterprise of a like character with like aims. 25.15(2)(b)(b) To diversify investments in order to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so, considering each trust’s or fund’s portfolio as a whole at any point in time. 25.15(2)(c)(c) To administer assets of each trust or fund solely for the purpose of ensuring the fulfillment of the purpose of each trust or fund at a reasonable cost and not for any other purpose. 25.15(4)(4) Investments within standard of responsibility. Investments in reverse annuity mortgages may not be presumed to violate the standard of responsibility under sub. (2). 25.15(5)(5) Commissions. All records of commissions paid by the board for purchases and sales of investments are open to public inspection, except those relating to investments made or considered by the board in securities of entities that are in the venture capital stage. 25.15 Cross-referenceCross-reference: See also chs. IB 1 and 2, Wis. adm. code. 25.15 AnnotationThe State of Wisconsin Investment Board (SWIB) has the power to make investments that meet the standard of prudence under sub. (2), even if those investments are not specifically listed in this chapter. Prior to making investments other than the types enumerated in this chapter, SWIB is not required to make a threshold finding that investing solely in the “legal list” would not meet the standard of prudence. The statutory standard for prudence remains the same whether SWIB is investing in an enumerated investment, or one that is not enumerated. Because the standard of prudence, however, takes into account the trustees’ powers to manage the funds, SWIB’s expanded powers are a relevant factor in evaluating whether SWIB has met that standard. OAG 11-08. 25.15 AnnotationThe State of Wisconsin Investment Board (SWIB) has the statutory authority to issue debt as part of its broad management authority over the core retirement investment trust fund, provided that SWIB satisfies the prudent person and other standards listed in sub. (2). The statutory standards apply the same way to issuing debt as a management tool as they apply to any other strategy. OAG 2-22. 25.15625.156 Powers and duties of members of the board.
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Chs. 23-34, Public Domain and the Trust Funds
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