2023 Wisconsin Statutes & Annotations › Chapter 18 - State debt, revenue obligations and operating notes. › 18.64 - Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.

18.64
Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.
(1)
In this section:
(a)
“Disabled veteran-owned financial adviser" means a financial adviser certified by the department of administration under s. 16.283 (3).
(b)
“Disabled veteran-owned investment firm" means an investment firm certified by the department of administration under s. 16.283 (3).
(c)
“Minority financial adviser" means a financial adviser certified by the department of administration under s. 16.287 (2).
(d)
“Minority investment firm" means an investment firm certified by the department of administration under s. 16.287 (2).
(2)
(a)
Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale, the commission shall ensure that at least 6 percent of the total of revenue obligations contracted in each fiscal year is underwritten by minority investment firms.
(b)
Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale, the commission shall make efforts to ensure that at least 1 percent of the total of revenue obligations contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.
(3)
(a)
Except as provided under sub. (7), in issuing evidences of revenue obligations by negotiated sale, the commission shall ensure that at least 6 percent of the total of revenue obligations contracted in each fiscal year is underwritten by minority investment firms.
(b)
Except as provided under sub. (7), in issuing evidences of revenue obligations by negotiated sale, the commission shall make efforts to ensure that at least 1 percent of the total of revenue obligations contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.
(4)
(a)
Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale or negotiated sale, the commission shall ensure that at least 6 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of minority financial advisers.
(b)
Except as provided under sub. (7), in issuing evidences of revenue obligations by competitive sale or negotiated sale, the commission shall make efforts to ensure that at least 1 percent of the total moneys expended in each fiscal year for the services of financial advisers are expended for the services of disabled veteran-owned financial advisers.
(5)
(a)
Except as provided under sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of a revenue obligation, provides for a portion of sales to minority investment firms.
(b)
Except as provided under sub. (7), an individual underwriter or syndicate of underwriters shall make efforts to ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of a revenue obligation, provides for at least 1 percent of sales to disabled veteran-owned investment firms.
(6)
The commission shall annually report to the department of administration the total amount of revenue obligations contracted with the underwriting services of minority investment firms and disabled veteran-owned investment firms and the total amount of moneys expended for the services of minority financial advisers and disabled veteran-owned financial advisers during the preceding fiscal year.
(7)
The requirements of any of subs. (2) to (5) do not apply to an issuance of evidence of a revenue obligation, if the secretary of administration submits a report in writing specifying the building commission's reasons for not complying with the requirements of any of subs. (2) to (5) for that issuance.
History:  1987 a. 27; 1989 a. 366; 1991 a. 32; 1995 a. 27 s. 9116 (5); 2009 a. 299; 2011 a. 32; 2011 a. 260 s. 80; 2013 a. 192.