18.16 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 contracting public debt by competitive sale, the commission shall ensure that at least 6 percent of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

(b) Except as provided in sub. (7), in contracting public debt by competitive sale, the commission shall make efforts to ensure that at least 1 percent of the total public indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.

(3)

(a) Except as provided under sub. (7), in contracting public debt by negotiated sale, the commission shall ensure that at least 6 percent of total public indebtedness contracted in each fiscal year is underwritten by minority investment firms.

(b) Except as provided under sub. (7), in contracting public debt by negotiated sale, the commission shall make efforts to ensure that at least 1 percent of total public indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.

(4)

(a) Except as provided under sub. (7), in contracting public debt by competitive sale or negotiated sale, the commission shall ensure that at least 6 percent of the total moneys expended in each 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 contracting public debt 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 s. 18.06 (9) and 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 public debt, provides for a portion of sales to minority investment firms.

(b) Except as provided under s. 18.06 (9) and 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 public debt, 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 public indebtedness 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 a contracting of public debt, if the secretary of administration submits a report in writing to the joint committee on finance specifying the building commission's reasons for not complying with the requirements of any of subs. (2) to (5) for that contracting of public debt.

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.