HomeMy WebLinkAbout32. 16-272 MAY 24, 2016 16-272 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE INVESTMENT POLICY
INITIATED BY: CITY ADMINISTRATION
LONG RANGE FINANCE COMMITTEE RECOMMENDATION: Approved
WHEREAS, Section 66.0603 of the Wisconsin Statutes allows municipalities to
invest funds which are not immediately needed for operations; and
WHEREAS, investments must meet the requirements of Section 66.0603 and
other provisions of the State Statutes; and
WHEREAS, it is prudent to have a policy establishing guidelines for City
investments to ensure that investments are made with appropriate consideration for the
safety, liquidity and yield of such investments; and
WHEREAS, the Long Range Finance Committee has studied this issue and
recommended an appropriate policy for City investments.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that all prior resolutions, policies or procedures governing City Investments are
hereby repealed and the attached Investment Policy is hereby adopted and the
appropriate City Officials are hereby authorized and directed to take such steps as
necessary to implement such policy.
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
(920) 236 -5080 (920) 236 -5039 FAX
OIHKQIH
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
Tom Pech, Jr., Chair
Long Range Finance Committee
DATE: May 20, 2016
RE: Recommendation to Rescind Existing Investment Policy and Adopt New Investment
Policy
As part of its mission to research, study, and address the investments of the City, the Long Range
Finance Committee has been evaluating the updating of the current Investment Policy. As part of this
study, the Committee has completed the following:
• Determined the need for updating the current Investment Policy
• Researched Best Practices regarding all facets of an Investment Policy
• Comprehensive review of State Statutes related to Municipal Investing
• Reviewed proposed Policy with Ehlers to ensure conformity with Prudent Investment
Standards
• Drafted a prudent/fiscally responsible policy for the Council to consider
The purpose of the attached policy is to acknowledge and formalize current practices and ensure the
administration and continuity of responsible investment management. This policy ensures that the City
maintains a prudent level of financial investing to operate in an effective and efficient manner. It also
provides written guidelines so that all stakeholders, both internally and externally, understand the
investing of the City funds.
To that end, the Committee recommends that the Council adopt the attached Investment Policy. We
strongly believe that passage of this policy is in the best interest of the citizens of the City of Oshkosh as
we move into the future.
Respectfully Submitted,
Xrena lartvon
Trena Larson, Finance Director
Approved:
Mark A. Rohloff, City Manager
City of Oshkosh, WI
Investment Policy
SCOPE
This policy applies to all funds under the authority of the City of Oshkosh, Wisconsin (the "City ") not
immediately needed to meet operating expenses of the City. Specific funds covered under this policy
include General, Special Revenue, Debt Service, Capital Projects, Sewer, Enterprise, Trust and Agency,
and any newly created fund(s) unless specifically exempted. Financial assets of funds not under the
authority of the City are administered in accordance with a separate policy.
I. GENERAL OBJECTIVES
1. Safety
Investments shall be undertaken in a manner that seeks to ensure the preservation of
capital in individual investments and the overall portfolio. The objective will be to
mitigate credit risk, interest rate risk and custodial risk.
a. Credit Risk
The City will minimize credit risk, which is the risk of loss due to the failure of the
security issuer or backer, by:
• Limiting investments to the types of securities permitted under Wisconsin
Statutes Chapter 66.0603.
• Approving by resolution the public depositories that are deemed appropriate
for use under Wisconsin and Federal law.
• Diversifying the investment portfolio so that the impact of potential losses
from any one type of security or from any one individual issuer will be
minimized.
b. Interest Rate Risk
The City will minimize interest rate risk, which is the risk that the market value of
securities in the portfolio will fall due to changes in market interest rates, by:
• Structuring the investment portfolio so that securities mature to meet cash
requirements for ongoing operations, thereby avoiding the need to sell
securities on the open market prior to maturity.
• Limiting the maximum maturity of any individual security to a period not to
exceed 5 years and the average weighted maturity of the investment portfolio
to a period not to exceed 3 years.
c. Custodial Risk
The City will minimize custodial risk, which is the risk that in the event of a financial
institution failure, the City's deposits may not be returned to it, by:
• Maintaining a list of public depositories, financial institutions, custodians and
broker /dealers authorized to provide deposit and investment services.
• Requiring all public depositories, financial institutions, custodians and
broker /dealers authorized to provide deposit and investment services to supply
as appropriate audited financial statements demonstrating compliance with
state and federal capital adequacy guidelines.
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2. LIQUIDITY
The investment portfolio shall remain sufficiently liquid to meet all operating requirements that
may be reasonably anticipated. Investment portfolios will be structured so that securities mature
concurrent with cash needs to meet anticipated demands. Alternatively, a portion of any portfolio
may be placed in money market mutual funds or local government investment pools authorized and
permissible under Wisconsin statutes which offer same -day liquidity for short term funds.
3.YIELD
Investment portfolios shall be designed with the objective of attempting to attain a market rate of
return taking into account investment risk constraints and liquidity needs. Return on investment is
of secondary importance compared to the safety and liquidity objectives described above.
Securities shall be held until maturity with the following exceptions:
• A security with declining credit quality may be sold prior to maturity to minimize loss of
principal.
• Liquidity needs of the City require a security or securities to be sold prior to maturity.
• A security swap would improve the safety and yield of the overall portfolio.
4. COMPETITIVE QUOTATIONS
With the exception of cash accounts, all investments will be selected on the basis of
competitive quotations as presented through current market conditions; at least two qualified
institutions will be contacted each time an investment is placed.
II. STANDARDS OF CARE
1. Prudence
The standard of care to be used by investment officials shall be the "prudent person" standard,
which states "investments shall be made with judgment and care, under circumstances then
prevailing, which persons of prudence, discretion and intelligence exercise in the management of
their own affairs, not for speculation, but for investment, considering the probable safety of their
capital as well as the probable income to be derived" and shall be applied in the context of
managing an overall portfolio.
Investment officers acting in accordance with written procedures and this Investment Policy and
acting as a prudent person shall be relieved of personal responsibility for an individual security's
credit risk or market price changes, provided deviations from expectations are reported in a
timely manner and the liquidity and the sale of securities are carried out in accordance with the
terms of this policy.
2. Limitation of Liability
Notwithstanding any other provision of law, the Finance Director (or other City employee in the
absence of the Finance Director) who deposits public money in any authorized public depository,
in compliance with Wisconsin statutes sec. 34.05 is, under the provisions of Wisconsin Statutes
sec. 34.05, relieved of any liability for any loss of public monies which results from the failure of
any public depository to repay the public depositor the full amount of its deposits, thus causing a
loss as defined in Wisconsin Statutes sec. 34.01(2).
3. Ethics and Conflicts of Interest
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City officers and employees involved in the investment process shall refrain from personal
business activity that could conflict with the proper execution and management of the investment
program, or that could impair their ability to make impartial decisions. Officers and employees
shall refrain from undertaking personal investment transactions with the same individual with
whom business is conducted on behalf of the City.
4. Delegation of Authority
Management and administrative responsibility for the investment program of the City is entrusted
to the Finance Director under the directions of the City Council. Individuals authorized to engage
in investment transactions on behalf of the City are the Finance Director, the City Manager or
those individuals designated by the Finance Director, City Manager or City Council.
5. Authorized and Suitable Investments
Authorized investments include any investment stipulated in Wisconsin statute 66.0603 (1m).
a) In accordance with Wisconsin statutes 34.01 (5) and 34.09 all Wisconsin banks, state or
federal chartered, and financial institutions which are members of the Federal Deposit
Insurance Corporation (FDIC), as well as the Wisconsin local government pooled -
investment fund, are authorized depositories.
b) Investments considered or defined as "derivatives" are prohibited, including but not
limited to Mortgaged Back Securities (MBS), Collateralized Mortgage Obligations
(CMO), Asset Backed Securities (ABS) and Interest Rate Swaps.
c) Where possible, preference may be given to local financial institutions for the
betterment of the local economy or that of local entities within the State.
M. INTERNAL CONTROLS
The Finance Director shall establish a system of internal controls designed to prevent losses of
City funds arising from fraud, misrepresentation by third parties, unanticipated changes in
financial markets, employee error or imprudent actions by employees.
Internal controls shall address:
• Separation of transaction authority from accounting and record keeping.
• Clear delegation of authority to subordinate staff members.
• Written confirmation of transactions for investments and wire transfers.
• Dual authorizations of wire transfers.
• Development of a wire transfer agreement with the lead bank and third -party custodian.
• Investment and interest earnings will be recorded in the City's accounting records based on
generally accepted accounting principles (GAAP).
• A monthly summary of all investment transactions will be prepared by the Finance Director
for review by the City Council.
IV. COLLATERALIZATION
Certificates of Deposit that exceed FDIC insurance limits and/or coverage limits specified in
Wisconsin statutes 34.08(1) (2) shall require collateral valued at a minimum of 102% of the
principal and accrued interest. Conditions of the collateral arrangement will be detailed in a
"Security Agreement" between the depository financial institution and the City. Collateral
pledged to the City for this purpose will be held by a third -party custodian, in the City's name,
and evidenced by a "Tri- Party" agreement between the depository financial institution, the City
and the custodian. Evidence of ownership must be detailed in a safekeeping receipt supplied to
the Finance Director. Collateral substitution(s) must be authorized by the City. The City may
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also request collateral, under the same conditions as stated above, for any deposits at any
financial institution that exceed FDIC insurance limits.
V. INVESTMENT PARAMETERS
Diversification
Investments shall be diversified by:
• Limiting investments to avoid over concentration in securities from a specific issuer, industry
or business sector, excluding U.S. Treasury obligations.
• Investing in securities with varying maturities.
• Continuously investing a portion of the investment portfolio in readily available funds such as
local government investment pools, money market accounts or money market mutual funds
permissible under state statute.
VI. REPORTING
The Finance Director shall present a monthly report on the investment program and investment
activity to the City Council. The report shall include a management summary displaying the
status of the investment portfolio and transactions made over the previous month. The
management summary shall be prepared in a manner that will allow the City Council to
determine if investment activities during the reporting period conform to this Investment Policy.
VII. POOLING OF CASH
Except where otherwise provided by the City Council, the Finance Director is authorized to pool
the cash of the funds identified in this policy to maximize investment earnings where it is
advantageous and prudent to do so. Investment income will be allocated to the various funds
based on the pro rata portion of each fund.
VIII. ADOPTION AND APPROVAL
By resolution, the Investment Policy shall be formally approved and adopted by the City Council
and reviewed as needed but at least every three years.
IX. LIST OF ATTACHMENTS
The following documents, as applicable, are attached to this policy;
• List of authorized personnel
• List of authorized public depositories, financial institutions and broker /dealers
• Internal Controls
• Relevant Wisconsin statutes and local ordinances
Approved and adopted this day of ,
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Authorized Personnel
Trena Larson, Director of Finance
Tara Wendt, Assistant Director of Finance
Mark Rohloff, City Manager
List of authorized public depositories, financial institutions and broker /dealers
Associated Bank
First National Bank
Ehlers Investment Partners
Local Government Investment Pool
61 Page
Internal Controls
The Finance Director is responsible for establishing and maintaining an internal control structure that will
be reviewed annually with the City of Oshkosh's independent auditor. The internal control structure shall
be designed to ensure that the assets of the City of Oshkosh are protected from loss, theft or misuse and to
provide reasonable assurance that these objectives are met. The concept of reasonable assurance
recognizes that (1) the cost of control should not exceed the benefits likely to be derived and (2) the
valuation of costs and benefits require estimates and judgements by management.
The internal controls shall address the following points:
• Control of collusion.
• Separation of transaction authority from Finance and Accounting.
• Custodial safekeeping.
• Avoidance of physical delivery securities.
• Clear delegation of authority to subordinate staff members.
• Written confirmation of transactions for investment and wire transfers.
• Development of a wire transfer agreement with the lead bank and third party custodian.
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Relevant Wisconsin statutes and local ordinances
Wisconsin statute 66.0603 (lm)
Wisconsin statutes 34.01 (2) (5) and 34.09
Wisconsin statutes 34.08 (1) (2)
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Wisconsin Legislature: 66.0603(l m)
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(1 M) INVESTMENTS.
(a) A county, city, village, town, school district, drainage district, technical college
district or other governing board, other than a local professional football stadium
district board created under subch. IV of ch. 229, may invest any of its funds not
immediately needed in any of the following:
1. Time deposits in any credit union, bank, savings bank, trust company or savings
and loan association which is authorized to transact business in this state if the
time deposits mature in not more than 3 years.
2. Bonds or securities issued or guaranteed as to principal and interest by the federal
government, or by a commission, board or other instrumentality of the federal
government.
3. Bonds or securities of any county, city, drainage district, technical college district,
village, town or school district of this state.
3m. Bonds issued by a local exposition district under subch. I1 of ch. 229.
3p. Bonds issued by a local professional baseball park district created under subch.
III of ch. 229.
3q. Bonds issued by a local professional football stadium district created under
subch. IV of ch. 229.
3s. Bonds issued by the University of Wisconsin Hospitals and Clinics Authority.
3t. Bonds issued by a local cultural arts district under subch. V of ch. 229.
3u. Bonds issued by the Wisconsin Aerospace Authority.
4. Any security which matures or which may be tendered for purchase at the option
of the holder within not more than 7 years of the date on which it is acquired, if
that security has a rating which is the highest or 2nd highest rating category
assigned by Standard & Poor's corporation, Moody's investors service or other
similar nationally recognized rating agency or if that security is senior to, or on
a parity with, a security of the same issuer which has such a rating.
5. Securities of an open -end management investment company or investment trust, if
the investment company or investment trust does not charge a sales load, if the
investment company or investment trust is registered under the investment
company act of 1940, 15 USC 80a -1 to 80a -64, and if the portfolio of the
investment company or investment trust is limited to the following:
a. Bonds and securities issued by the federal government or a commission, board
or other instrumentality of the federal government.
b. Bonds that are guaranteed as to principal and interest by the federal
government or a commission, board or other instrumentality of the federal
government.
c. Repurchase agreements that are fully collateralized by bonds or securities under
subd. 5. a. or b.
(b)
1. A town, city, or village may invest surplus funds in any bonds or securities issued
under the authority of the municipality, whether the bonds or securities create a
general municipality liability or a liability of the property owners of the
municipality for special improvements, and may sell or hypothecate the bonds
or securities. Funds of an employer, as defined by s. 40.02 (28), in a deferred
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Wisconsin Legislature: 66.0603(1m)
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compensation plan may also be invested and reinvested in the same manner
authorized for investments under s. 881.01.
2. Funds of any school district operating under ch. 119, held in trust for pension
plans intended to qualify under section 401 (a) of the Internal Revenue Code,
other than funds held in the public employee trust fund, may be invested and
reinvested in the same manner as is authorized for investments under s. 881.01.
3. A school district may invest and reinvest funds that are held in trust, other than
funds held in the public employee trust fund, solely to provide any of the
following benefits, in the same manner as is authorized for investments under s.
881.01:
a. Post - employment health care benefits provided either separately or through a
defined benefit pension plan.
b. Other post- employment benefits provided separately from a defined benefit
pension plan.
4. A school board may not discuss or vote on establishing a trust fund to provide the
benefits described in subd. 3. unless the notice of the school board meeting at
which the discussion or vote may occur includes the issue as a separate agenda
item.
5. A city, village, town, county, drainage district, technical college district, or other
governing board as defined by s. 34.01 (1) may invest and reinvest funds that
are held in trust, other than funds held in the public employee trust fund, solely
to provide any of the following benefits, in the same manner as is authorized
for investments under s. 881.01:
a. Post - employment health care benefits provided either separately or through a
defined benefit pension plan.
b. Other post - employment benefits provided separately from a defined benefit
pension plan.
6. Funds that are held in trust to provide the benefits described in subds. 3. and 5.
shall be held in a trust fund that is separate from all other trust funds created by,
or under the control of, the local governmental unit.
(c) A local government, as defined under s. 25.50 (1) (d), may invest surplus funds in
the local government pooled- investment fund. Cemetery care funds, including
gifts where the principal is to be kept intact, may also be invested under ch. 881.
(d) A county, city, village, town, school district, drainage district, technical college
district or other governing board as defined by s. 34.01 (1) may engage in
financial transactions in which a public depository, as defined in s. 34.01 (5),
agrees to repay funds advanced to it by the local government plus interest, if the
agreement is secured by bonds or securities issued or guaranteed as to principal
and interest by the federal government.
(e) Subject to s. 67.11 (2) with respect to funds on deposit in a debt service fund for
general obligation promissory notes issued under s. 67.12 (12), a county having a
population of 500,000 or more, or a person to whom the county has delegated
investment authority under sub. (5), may invest and reinvest in the same manner
as is authorized for investments and reinvestments under s. 881.01, any of the
following:
1. Moneys held in any stabilization fund established under s. 59.87 (3).
2. Moneys held in a fund or account, including any reserve fund, created in
connection with the issuance of appropriation bonds under s. 59.85 or general
obligation promissory notes under s. 67.12 (12) issued to provide funds for the
payment of all or a part of the county's unfunded prior service liability.
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Wisconsin Legislature: 66.0603(1 m)
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3. Moneys appropriated or held by the county to pay debt service on appropriation
bonds or general obligation promissory notes under s. 67.12 (12).
4. Moneys constituting proceeds of appropriation bonds or general obligation
promissory notes described in subd. 2. that are available for investment until
they are spent.
5. Moneys held in an employee retirement system of the county.
(f) Subject to s. 67.11 (2) with respect to funds on deposit in a debt service fund for
general obligation promissory notes issued under s. 67.12 (12), a 1st class city, or
a person to whom the city has delegated investment authority under sub. (5), may
invest and reinvest in the same manner as is authorized for investments and
reinvestments under s. 881.01, any of the following:
1. Moneys held in any stabilization fund established under s. 62.622 (3).
2. Moneys held in a fund or account, including any reserve fund, created in
connection with the issuance of appropriation bonds under s. 62.62 or general
obligation promissory notes under s. 67.12 (12) issued to provide funds for the
payment of all or a part of the city's unfunded prior service liability.
3. Moneys appropriated or held by the city to pay debt service on appropriation
bonds or general obligation promissory notes under s. 67.12 (12).
4. Moneys constituting proceeds of appropriation bonds or general obligation
promissory notes described in subd. 2. that are available for investment until
they are spent.
5. Moneys held in an employee retirement system of the city.
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(2) "Loss" means any of the following:
(a) Any loss of public moneys, which have been deposited in a designated public
depository in accordance with this chapter, resulting from the failure of any public
depository to repay to any public depositor the full amount of its deposit because
the office of credit unions, administrator of federal credit unions, U.S. comptroller
of the currency, federal home loan bank board, U.S. office of thrift supervision,
federal deposit insurance corporation, resolution trust corporation, or division of
banking has taken possession of the public depository or because the public
depository has, with the consent and approval of the office of credit unions,
administrator of federal credit unions, U.S. office of thrift supervision, federal
deposit insurance corporation, resolution trust corporation, or division of banking,
adopted a stabilization and readjustment plan or has sold a part or all of its assets
to another credit union, bank, savings bank, or savings and loan association which
has agreed to pay a part or all of the deposit liability on a deferred payment basis
or because the depository is prevented from paying out old deposits because of
rules of the office of credit unions, administrator of federal credit unions, U.S.
comptroller of the currency, federal home loan bank board, U.S. office of thrift
supervision, federal deposit insurance corporation, resolution trust corporation, or
division of banking.
(b) With respect to public moneys deposited in the local government pooled -
investment fund, in addition to a loss as described in par. (a), the public
depositor's proportionate share of any loss of principal invested or reinvested by
the investment board under s. 25.50 (6).
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Wisconsin Legislature: 34.01(5) Page 1 of 1
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(5) "Public depository" means a federal or state credit union, federal or state savings and
loan association, state bank, savings and trust company, federal or state savings
bank, or national bank in this state which receives or holds any public deposits or
the local government pooled- investment fund.
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2013 -14 Wisconsin Statutes updated through 2015 Wis. Act 392 and all Supreme Court Orders entered before May 10, 2016. Published and certified
under s. 35.18. Changes effective after May 10, 2016 are designated by NOTES. (Published 5- 10 -16)
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34.09 Financial institutions eligible as public depositories. Every federal or
state credit union, state bank, federal or state savings and loan association, savings and
trust company and federal or state savings bank and every national bank may be
designated as a public depository and may receive and hold public deposits, subject to
this chapter, if the financial institution has a branch or main office located in this state,
complies with this chapter with respect to public deposits and accepts payments made
by the state under s. 16.412. The division of banking has the same powers and duties
with regard to making and continuing public deposits in national banks, federal and
state credit unions, federal and state savings banks and federal and state savings and
loan associations as the powers and duties exercised and performed by the division of
banking with regard to public deposits in state banks.
History: 1975 c. 180, 421; 1981 c. 20; 1981 c. 390 s. 252; 1983 a. 368; 1985 a. 25; 1991 a. 221;
1995 a. 27, 336.
Legislative Council Note, 1985: This section is amended to provide that a public depository is
not required to file with the commissioner of banking an agreement that it will pay specified
sums to the state deposit guarantee fund. This provision is no longer necessary since the state
deposit guarantee fund is prospectively abolished in this bill. Section 34.09 also is amended to
remove references to the authority of the commissioner of banking to specify qualifications
for, and conditions on, public depositories. The bill removes this authority in the repeal and
recreation of s. 34.03.
Also, in s. 34.09 instead of providing that every financial institution in Wisconsin which
"complies in all respects as to public deposits with this chapter and which accepts payments
made by the state under s. 16.412 ", the phrase "complies in all respects as to public deposits
with this chapter and will accept payments made by the state under s. 16.412" has been
substituted. The significance of the change is that financial institutions need not actually
accept payments by the state under s. 16.412, in order to be eligible as public depositories.
Instead, financial institutions must accept these payments only if made, in order to be eligible
as public depositories. [85 Act 25]
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(1) Except as provided in sub. (2), the appropriation in s. 20.144 (1) (a) shall be used to
repay public depositors for losses until the appropriation is exhausted.
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2013 -14 Wisconsin Statutes updated through 2015 Wis. Act 392 and all Supreme Court Orders entered before May 10, 2016. Published and certified
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(2) Payments under sub. (1) shall be made in the order in which satisfactory proofs of
loss are received by the division of banking. The payment made to any public
depositor for all losses of the public depositor in any individual public depository
may not exceed $400,000 above the amount of deposit insurance provided by an
agency of the United States at the public depository that experienced the loss. Upon
a satisfactory proof of loss, the division of banking shall direct the department of
administration to draw its warrant payable from the appropriation under s. 20.144
(1) (a) and the secretary of administration shall pay the warrant under s. 16.401 (4)
in favor of the public depositor that has submitted the proof of loss.
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2013 -14 Wisconsin Statutes updated through 2015 Wis. Act 392 and all Supreme Court Orders entered before May 10, 2016. Published and certified
under s. 35.18. Changes effective after May 10, 2016 are designated by NOTES. (Published 5- 10 -16)
http : / /docs.legis.wisconsin.gov/ statutes /statutes /34/08/2 ?view= section 5/19/2016