(1) Creation. There is created a mediation fund to pay the administrative expenses of the mediation system created under subch. VI.
(2) Administration and operation. Management of the mediation fund is vested with the director of state courts.
(3) Fees. The mediation fund is financed from fees generated under ss. 655.54 and 655.61.
(4) Accounting and financial reports.
(a) Any person authorized to receive deposits, withdraw moneys, issue vouchers or otherwise disburse mediation fund moneys shall post a blanket fidelity bond in an amount reasonably sufficient to protect mediation fund assets. The cost of the bond shall be paid from the mediation fund.
(b) The state investment board shall invest money held in the mediation fund in short-term, fixed-return, interest-bearing investments. All income derived from these investments returns to the mediation fund.
(c) On or before March 1 annually, the director of state courts shall submit a report on the operation of the mediation system and on the status of the mediation fund to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3).