25.165(2)(b) (b) Coordinate and assist with external audits and reviews of the board.
25.165(2)(c) (c) Monitor for compliance with applicable legal requirements and with the board's contractual agreements any bank, savings and loan association, savings bank or credit union with which the board has entered into a custodial agreement under s. 25.17 (11); any investment advisers with which the board has contracted to manage and control board assets under s. 25.18 (2) (e); and any other external parties with which the board has contracted to provide investment services to the board.
25.165 History History: 1995 a. 274.
25.167 25.167 Chief investment officer. Under the supervision of the executive director, the chief investment officer shall do all of the following:
25.167(1) (1) Monitor activities of the investment directors for compliance with the board's investment policies and guidelines in investment decisions and approve unusual transactions, as defined by the board.
25.167(2) (2) Develop and implement operating procedures that are intended to ensure that the investment policies and guidelines of the board are followed.
25.167(3) (3) Ensure that investments are completely and accurately reported on all management and financial reports and that any information requested by the board is provided to the board on a timely basis.
25.167 History History: 1995 a. 274.
25.17 25.17 Powers and duties of board. The "State of Wisconsin Investment Board" shall be a body corporate with power to sue and be sued in said name. The board shall have a seal with the words, "State of Wisconsin Investment Board". Subject to s. 25.183, the board shall:
25.17(1) (1) Have exclusive control of the investment and collection of the principal and interest of all moneys loaned or invested from any of the following funds:
25.17(1)(ad) (ad) Agrichemical management fund (s. 25.465);
25.17(1)(ag) (ag) Badger fund (s. 25.28);
25.17(1)(am) (am) Benevolent fund (s. 25.31);
25.17(1)(an) (an) Bond security and redemption fund (s. 18.09);
25.17(1)(ap) (ap) Budget stabilization fund (s. 25.60);
25.17(1)(ar) (ar) Capital improvement fund (s. 18.08);
25.17(1)(av) (av) Children's trust fund (s. 25.67);
25.17(1)(b) (b) Conservation fund (s. 25.29);
25.17(1)(c) (c) County mining investment fund (s. 25.65);
25.17(1)(ee) (ee) Energy efficiency fund (s. 25.90);
25.17(1)(en) (en) Environmental fund (s. 25.46);
25.17(1)(f) (f) Farms for the future fund (s. 25.44);
25.17(1)(fm) (fm) Fixed retirement investment trust (s. 40.04 (3));
25.17(1)(g) (g) General fund (s. 25.20);
25.17(1)(gi) (gi) Heritage state parks and forests trust fund (s. 25.295);
25.17(1)(gp) (gp) Historical society trust fund (s. 25.70);
25.17(1)(hm) (hm) Industrial building construction loan fund (s. 560.10);
25.17(1)(i) (i) Information technology investment fund (s. 25.61);
25.17(1)(j) (j) Insurance security fund (s. 646.21 (2));
25.17(1)(jc) (jc) Investment and local impact fund (s. 70.395 (2) (b));
25.17(1)(jg) (jg) Local government pooled-investment fund (s. 25.50);
25.17(1)(jm) (jm) Local government property insurance fund (ch. 605);
25.17(1)(jr) (jr) Lottery fund (s. 25.75);
25.17(1)(kp) (kp) Patients compensation fund (s. 655.27);
25.17(1)(ks) (ks) Petroleum inspection fund (s. 25.47);
25.17(1)(kw) (kw) Property tax relief fund (s. 25.62);
25.17(1)(L) (L) Public employe trust fund (s. 40.01);
25.17(1)(nm) (nm) Recycling fund (s. 25.49);
25.17(1)(o) (o) School fund income (s. 24.77);
25.17(1)(p) (p) Self-insured employers liability fund (s. 102.28 (8));
25.17(1)(pg) (pg) State building trust fund (s. 25.30), except for the purpose and extent of loans to the Wisconsin state public building corporation, the Wisconsin university building corporation, and the Wisconsin state colleges building corporation, which are subject to sub. (2) (b); and
25.17(1)(q) (q) State capitol restoration fund (s. 25.35);
25.17(1)(r) (r) State housing authority reserve fund (s. 25.41);
25.17(1)(t) (t) State life insurance fund (ch. 607);
25.17(1)(v) (v) Transportation fund (s. 25.40);
25.17(1)(vm) (vm) Tuition trust fund (s. 25.80).
25.17(1)(x) (x) Unemployment administration fund (s. 108.20 (1));
25.17(1)(xg) (xg) Uninsured employers fund (s. 102.80);
25.17(1)(xn) (xn) Variable retirement investment trust (s. 40.04 (3));
25.17(1)(xp) (xp) Veterans mortgage loan repayment fund (s. 45.79 (7));
25.17(1)(xs) (xs) Veterans trust fund (s. 25.36), except loans to veterans;
25.17(1)(ym) (ym) Waste management fund (s. 25.45);
25.17(1)(ys) (ys) Wisconsin election campaign fund (s. 25.42);
25.17(1)(yv) (yv) Wisconsin veterans home members fund (s. 25.37);
25.17(1)(z) (z) Work injury supplemental benefit fund (s. 102.65);
25.17(1)(zm) (zm) All other funds of the state or of any state department or institution, except funds which under article X of the constitution are controlled and invested by the board of commissioners of public lands, funds which are required by specific provision of law to be controlled and invested by any other authority, and moneys in the university of Wisconsin trust funds, and in the trust funds of the state universities.
25.17(2) (2)
25.17(2)(a)(a) Invest any of the funds specified in sub. (1), except operating funds, the capital improvement fund and the bond security and redemption fund, in loans to the Wisconsin university building corporation, state colleges building corporation or the Wisconsin state public building corporation, but only if such loans are secured by mortgages upon property owned by the respective corporations producing sufficient income to retire the mortgage over the term of the loan or are secured by the pledge of rentals sufficient in amount to retire the indebtedness. The investment board shall make no loans to any building corporation described in this subsection except under the conditions herein prescribed, or except as otherwise provided in par. (b). These loans shall be made only when in the judgment of the investment board it is to the interest of the funds to do so, except that loans made under par. (b) shall be made at the direction of the building commission.
25.17(2)(b) (b) Invest the state building trust fund in loans to the Wisconsin state public building corporation, to the Wisconsin university building corporation, and to the Wisconsin state colleges building corporation. Except for interim loans for construction, or other temporary financing for the purchase of lands, planning (including both engineering and financing) and all other expenses incidental to any of the foregoing, such loans shall be secured by a pledge and assignment of net revenues derived from the operation of buildings by said corporations on lands leased or conveyed to said corporations. Any such loan shall be made upon the direction of the building commission.
25.17(2)(c) (c) Invest the state housing authority reserve fund as directed by the Wisconsin housing and economic development authority in housing rehabilitation loan program bonds of the authority including subordinated bonds which may also be special obligations of the authority. In making such investment, the board shall accept such terms and conditions as the authority specifies and is relieved of any obligations relative to prudent investment of the fund, including those set forth under ch. 881.
25.17(2)(d) (d) Invest the clean water fund, and collect the principal and interest of all moneys loaned or invested from the clean water fund, as directed by the department of administration under s. 281.59 (2m). In making such investment, the investment board shall accept any reasonable terms and conditions that the department of administration specifies and is relieved of any obligations relevant to prudent investment of the fund, including those set forth under ch. 881.
25.17(3) (3)
25.17(3)(a)(a) Invest the fixed retirement investment trust, state life fund, veterans trust fund and patients compensation fund in loans, securities and any other investments authorized by s. 620.22, and in bonds or other evidences of indebtedness or preferred stock of companies engaged in the finance business whether as direct lenders or as holding companies owning subsidiaries engaged in the finance business. Investments permitted by sub. (4) are permitted investments under this subsection.
25.17(3)(b) (b) Invest any of the funds over which it has investment authority, including but not limited to the state investment fund and surplus funds of the state building trust fund not invested under sub. (2) (b) and not in the state investment fund, in:
25.17(3)(b)1. 1. Direct obligations maturing within 10 years or less from the date of settlement, of the United States or its agencies, corporations wholly owned by the United States, the international bank for reconstruction and development, the international finance corporation, the inter-American development bank, the African development bank, the Asian development bank, the federal national mortgage association or any corporation chartered by an act of congress.
25.17(3)(b)2. 2. Securities maturing within 10 years or less from the date of settlement, guaranteed by the United States or, where the full faith and credit of the United States is pledged or, where securities are collateralized by government-insured investments or, where the securities are issued by a corporation created by act of congress and regulated by such act.
25.17(3)(b)3. 3. Unsecured notes of financial and industrial issuers maturing within 5 years or less from the date of settlement and having one of the 2 highest ratings given by a nationally recognized rating service, but if the corporation issuing such notes has any long-term senior debt issues outstanding which also have been rated, the rating must be one of the 3 highest ratings so given.
25.17(3)(b)4. 4. Certificates of deposit issued by banks located in the United States and by savings and loan associations, savings banks and credit unions located in this state.
25.17(3)(b)5. 5. Bankers acceptances accepted by banks located in the United States.
25.17(3)(b)6. 6. Direct obligations of or guaranteed by the government of Canada maturing within 2 years from the date of settlement provided that at the time of purchase the board enters into a contract with a bank or securities dealer in the United States or Canada providing that at the maturity of the obligation the Canadian dollars realized will be exchanged into U.S. dollars at a guaranteed rate of exchange.
25.17(3)(b)7. 7. Certificates of deposit of at least $100,000 issued by solvent financial institutions in this state. The board shall promulgate rules to determine solvency on the basis of assets, capital, surplus, undivided profits and net worth of a financial institution.
25.17(3)(b)8. 8. Bonds issued by a local exposition district under subch. II of ch. 229.
25.17(3)(b)9. 9. Bonds issued by the University of Wisconsin Hospitals and Clinics Authority.
25.17(3)(b)10. 10. Bonds issued by a local professional baseball park district created under subch. III of ch. 229.
25.17(3)(ba) (ba) Invest the funds included in the state investment fund created by s. 25.14 in loans upon collateral security in the form of direct obligations of the U.S. government having a maturity of 5 years or less where the principal amount of each such loan does not exceed 98% of the market value of such collateral security.
25.17(3)(bd) (bd) Have authority to invest any funds includable in the state investment fund in loans, securities or investments which are in addition to those permitted under any other statute but within the board standard of responsibility under s. 25.15 (2). The total amount of loans, securities and investments made under this paragraph may not exceed 10% of the aggregate value of all funds includable in the state investment fund under s. 25.14 (1) at the time that the investment is made.
25.17(3)(bh) (bh) Invest the fixed retirement investment trust and state life fund in loans secured by mortgages upon unencumbered and improved real property in the United States or Canada when such real estate is leased to a corporation or limited liability company incorporated, organized or existing under the laws of the United States or any state, district or territory thereof, or Canada or any province thereof, whose income available for fixed charges for the period of 5 fiscal years next preceding the date of the investment has averaged not less than 1.5 times its average annual fixed charges applicable to such period, if there is pledged and assigned, either absolutely or conditionally, as additional security for the loan either the lease or sufficient of the rentals payable thereunder to repay the principal and interest of the loan within the unexpired term of the lease. Real property and leasehold estates are not encumbered within the meaning of this section by reason of the existence of unpaid assessments and taxes not delinquent, mineral, oil or timber rights, easements or rights-of-way for public highways, private roads, railroads, telegraph, telephone, electric light and power lines, drains, sewers or other similar easements or rights-of-way, liens for service and maintenance of water rights when not delinquent, party wall agreements, building restrictions, or other restrictive covenants or conditions, with or without a reversionary clause, or leases under which rents or profits are reserved to the owner. The foregoing limitations and restrictions shall not apply to real estate loans which are insured under the national housing act by the federal housing administration or to real estate loans made under ch. 219, or insured under policies of insurance issued by responsible mortgage insurance companies.
25.17(3)(c) (c) Have exclusive control of the investment and collection of the principal and interest of all funds of the historical society which are available for investment as determined by said society. The board may dispose of said investments and any other securities placed under its control by the historical society when in the judgment of the board it is for the best interest of the society to do so. The board may invest those funds of the society which are available for investment under ch. 881.
25.17(3)(d) (d) Invest the funds of the state insurance property fund in investments permitted by s. 201.25, 1969 stats.
25.17(3)(dg) (dg) Have authority to invest in:
25.17(3)(dg)1. 1. Direct obligations of the United States and of agencies of and corporations wholly owned by the United States, and direct obligations of federal land banks, federal home loan banks, central bank for cooperatives and banks for cooperatives, international bank for reconstruction and development, the international finance corporation, inter-American development bank, African development bank and Asian development bank, in each case maturing within one year or less from the date of investment.
25.17(3)(dg)2. 2. Commercial paper maturing within one year or less from the date of investment and rated prime by the national credit office, if the issuing corporation has one or more long-term senior debt issues outstanding, each of which has one of the 3 highest ratings issued by Moody's investors service or Standard & Poor's corporation.
25.17(3)(dg)3. 3. Certificates of deposit maturing within one year or less from the date of investment, issued by banks, credit unions, savings banks or savings and loan associations located in the United States and having capital and surplus of at least $50,000,000.
25.17(3)(dm) (dm) Make loans secured by mortgages upon unencumbered and wholly or partly improved real property in the United States or Canada, or upon leasehold estates in improved real property therein. Real property and leasehold estates shall not be deemed to be encumbered within the meaning of this paragraph by reason of the existence of unpaid assessments and taxes not delinquent, mineral, oil or timber rights, easements or rights-of-way for public highways, private roads, railroad, telegraph, telephone, electric light and power lines, drains, sewers or other similar easements or rights-of-way, lines for service and maintenance of water rights when not delinquent, party wall agreements, building restrictions, or other restrictive covenants or conditions, with or without a reversionary clause, or leases under which rents or profits are reserved to the owner. No such loan shall exceed 75% of the then fair market value, including buildings, if any, mortgages to secure the same. If the value of the buildings constitutes any part of the security, such buildings shall be kept insured to an amount which, together with 75% of the value of the land, shall equal or exceed the loan. The foregoing limitations and restrictions shall not apply to loans made under ch. 219 or real estate loans which are insured in whole or in part by the federal housing administration or commercial mortgage insurers.
25.17(3)(dr) (dr) Invest the funds of the bond security and redemption fund only in direct obligations of the United States maturing in amounts and at times sufficient to pay the principal and interest payable from such fund during the calendar year.
25.17(3)(e) (e) Sell investments from one fund to another when the board determines that it is necessary and desirable, and dispose of any investments when in their judgment it is to the best interest of these funds to do so.
25.17(3)(f) (f) Every investment shall be held as an asset of the fund by which purchased and, except as otherwise provided by law, the loss or gain shall inure thereto.
25.17(3)(g) (g) All loans, securities and other investments in which moneys of any such fund, including the general fund, are invested shall be under the management and control of the board.
25.17(4) (4) Invest the funds of the fixed retirement investment trust in loans, securities or investments in addition to those permitted by any other statute including investments in corporations or limited liability companies which are in the venture capital stage. The aggregate of the loans, securities and investments made under this subsection shall not exceed 15% of the admitted assets of that trust. Investments in corporations or limited liability companies which are in the venture capital stage shall not exceed 2% of the admitted assets of that trust.
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This is an archival version of the Wis. Stats. database for 1995. See Are the Statutes on this Website Official?