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Bills · 2017-2018 Regular Session

AB 229

Became law Official bill text Atom feed

Relating to: investment of surplus money by local units of government. (FE)

Financial institution Investment, government fund

  1. Introduced, completed
  2. Passes Assembly, completed
  3. Passes Senate, completed
  4. Governor signs, completed
  5. Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill allows local governments to invest surplus money in financial

institutions' time deposits without limit on the duration of the investment.

Current law contains a list of permissible investments in which a municipality,

county, or other local governmental unit may invest money that is not immediately

needed. Among these permissible investments are time deposits (which typically

take the form of certificates of deposit, or CDs) in a credit union, bank, savings bank,

trust company, or savings and loan association (financial institution) if the time

deposit matures in not more than three years.

This bill eliminates the three-year maturity limitation, allowing a

municipality, county, or other local governmental unit to invest surplus money in a

time deposit in a financial institution regardless of the investment's maturity date.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Ballweg (R) , Bernier (R) , Duchow (R) , E. Brooks (R) , Felzkowski (R) , Gannon (R) , Katsma (R) , Knodl (R) , Kulp (R) , Macco (R) , Murphy (R) , Novak (R) , Quinn (R) , R. Brooks (R) , Ripp (R) , Rohrkaste (R) , Skowronski (R) , Spiros (R) , Steffen (R) , Tittl (R)

4 cosponsors

Marklein (R) , Stroebel (R) , Testin (R) , Wanggaard (R)

Votes

Assembly: Report passage recommended by Committee on Local Government, Ayes 8, Noes 0

Passed 8–0 May 19, 2017 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Report concurrence recommended by Committee on Economic Development, Commerce and Local Government, Ayes 7, Noes 0

Passed 7–0 Jul 18, 2017 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 5, Noes 0

Passed 5–0 Oct 27, 2017 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Apr 11, 2017 · Assembly

    Introduced by Representatives Katsma, Ballweg, Bernier, E. Brooks, R. Brooks, Duchow, Felzkowski, Gannon, Knodl, Kulp, Macco, Murphy, Novak, Quinn, Ripp, Rohrkaste, Skowronski, Spiros, Steffen and Tittl; cosponsored by Senators Testin, Marklein, Stroebel and Wanggaard

  2. Apr 11, 2017 · Assembly

    Read first time and referred to Committee on Local Government

  3. Apr 19, 2017 · Assembly

    Fiscal estimate received

  4. May 3, 2017 · Assembly

    Public hearing held

  5. May 17, 2017 · Assembly

    Executive action taken

  6. May 19, 2017 · Assembly

    Report passage recommended by Committee on Local Government, Ayes 8, Noes 0

  7. May 19, 2017 · Assembly

    Referred to committee on Rules

  8. Jun 7, 2017 · Assembly

    Placed on calendar 6-14-2017 by Committee on Rules

  9. Jun 14, 2017 · Assembly

    Rules suspended

  10. Jun 14, 2017 · Assembly

    Read a third time and passed

  11. Jun 14, 2017 · Assembly

    Ordered immediately messaged

  12. Jun 14, 2017 · Assembly

    Read a second time

  13. Jun 14, 2017 · Assembly

    Ordered to a third reading

  14. Jun 15, 2017 · Senate

    Received from Assembly

  15. Jun 20, 2017 · Senate

    Read first time and referred to committee on Economic Development, Commerce and Local Government

  16. Jul 14, 2017 · Senate

    Executive action taken

  17. Jul 18, 2017 · Senate

    Report concurrence recommended by Committee on Economic Development, Commerce and Local Government, Ayes 7, Noes 0

  18. Jul 18, 2017 · Senate

    Available for scheduling

  19. Oct 27, 2017 · Senate

    Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 5, Noes 0

  20. Oct 27, 2017 · Senate

    Placed on calendar 10-31-2017 pursuant to Senate Rule 18(1)

  21. Oct 31, 2017 · Senate

    Read a second time

  22. Oct 31, 2017 · Senate

    Ordered to a third reading

  23. Oct 31, 2017 · Senate

    Rules suspended

  24. Oct 31, 2017 · Senate

    Read a third time and concurred in

  25. Oct 31, 2017 · Senate

    Ordered immediately messaged

  26. Oct 31, 2017 · Assembly

    Received from Senate concurred in

  27. Nov 3, 2017 · Assembly

    Report correctly enrolled on 11-3-2017

  28. Nov 22, 2017 · Assembly

    Presented to the Governor on 11-22-2017

  29. Nov 28, 2017 · Assembly

    Report approved by the Governor on 11-27-2017. 2017 Wisconsin Act 78

  30. Nov 28, 2017 · Assembly

    Published 11-28-2017