Section 25.65. County mining investment fund.

 

(1)   Definitions. In this section:

(b) “County funds" mean payments received by counties under s. 70.395 (2) (d) 1.

(c) “County government" means any county in this state.

(d) “County official" means each officer or employee of a county government who by law or vote of the governing body of the county government is made custodian of county funds.

(e) “Fund" means the county mining investment fund.

(2)   Creation. There is established under the control of the board a county mining investment fund with a separate and identifiable account within the fund for each county government.

(3)   County governments authorized to place county funds in fund. With the consent of the county board a county official may transfer county funds received under s. 70.395 (2) (d) 1. to the state treasurer for deposit in the fund. A county official may authorize the investment and local impact fund board to transfer the county funds to the state treasurer for the county.

(4)   Period of investments; withdrawal of funds. Subject to the restrictions in this subsection the state treasurer shall prescribe the mechanisms and procedures for deposits and withdrawals. The mechanisms and procedures shall include a requirement for review and approval by the investment and local impact fund board of all withdrawals made within 10 years of deposit. The state treasurer shall notify the investment and local impact fund board of all withdrawals made 10 years or more after deposit. Withdrawals shall be made only to cover the costs of alleviating impacts due to the closing of a metalliferous mine in the county or the curtailment of metalliferous mining activity in the county.

(5)   Investment policies. The board shall formulate policies for the investment and reinvestment of moneys in the fund and the acquisition, retention, management and disposition of the investments.

(6)   Reimbursement of expenses. The state treasurer shall deduct quarterly a maximum of 0.25 percent of the amount of income received from the earnings of the fund during the preceding calendar quarter for all actual and necessary expenses incurred by the state in administering the fund.

(7)   Separate accounts.

(a) The department of administration shall keep a separate account for each county government and shall record the individual amounts and the totals of all investments of each county government's moneys in the fund.

(b) The state treasurer shall report quarterly to each county official the deposits and withdrawals of the preceding quarter and any other activity within the account.

1977 c. 423 ; 1991 a. 259 ; 1999 a. 83 .