Public Act 094-0395
 		





SB1645 Enrolled
LRB094 10777 JAM 41227 b






    AN ACT concerning technology development. 

 
    Be it enacted by the People of the State of Illinois, 
represented in the General Assembly: 


 
    Section 5. The Technology Development Act is amended by 
changing Section 10
and adding Section 20 as follows:


 
    (30 ILCS 265/10)

    Sec. 10. Technology Development Account.


    (a) The State Treasurer may segregate a portion of the 
Treasurer's
investment
portfolio, that at no time shall be 
greater than 1% of the portfolio, in the
Technology Development 
Account, an account that shall be maintained separately
and 
apart from other moneys invested by the Treasurer.  The 
Treasurer may make
investments from the Account that help 
attract, assist, and retain quality
technology businesses in 
Illinois.  The earnings on the Account shall be
accounted for 
separately from other investments made by the Treasurer.


    (b) Moneys in the Account may be invested by the State 
Treasurer
to
provide venture capital to technology businesses 
seeking to locate, expand, or
remain in
Illinois by placing 
money with Illinois venture capital firms for investment by
the 
venture
capital firms in technology businesses.  "Venture 
capital", as used in this
Act, means
equity financing that is 
provided for starting up, expanding, or relocating a
company, 
or
related purposes such as financing for seed capital, 
research and development,
introduction of a product or process 
into the marketplace, or similar needs
requiring risk
capital.  
"Technology business", as used in this Act, means a company 
that has
as its
principal function the providing of services 
including computer, information
transfer,
communication, 
distribution, processing, administrative, laboratory,

experimental,
developmental, technical, testing services, 
manufacture of goods or materials,
the
processing of goods or 
materials by physical or chemical change, computer
related

activities, robotics, biological or pharmaceutical industrial 
activity, or
technology
oriented or emerging industrial 
activity.  "Illinois venture capital firms", as
used in this

Act, means an entity that has a majority of its
employees in

Illinois or that has at least one managing partner domiciled in 
Illinois that
has made significant capital investments in 
Illinois companies and that
provides equity financing for 
starting up or expanding a
company, or
related purposes such as 
financing for seed capital, research and development,

introduction of a product or process into the marketplace, or 
similar needs
requiring risk
capital.


    (c) Any fund created by an Illinois venture capital firm in 
which the State
Treasurer places money pursuant to this Act 
shall be required by the State
Treasurer to
seek investments in 
technology businesses seeking to locate, expand, or remain
in

Illinois.


    (d) The investment of the State Treasurer in any fund 
created by an Illinois
venture capital firm in which the State 
Treasurer places money pursuant to this
Act shall
not exceed 
10% of the total investments in the fund.


    (e) The State Treasurer shall not invest more than 
one-third of the
Technology
Development Account in any given 
calendar year.


    (f) The Treasurer may deposit no more than 10% of the 
earnings of the
investments in the Technology Development 
Account into the Technology
Development Fund.


(Source: P.A. 92-851, eff. 8-26-02.)

 
    (30 ILCS 265/20 new)

    Sec. 20. Technology Development Fund.  The Technology 
Development Fund is
created as a special fund outside the State 
treasury with the State Treasurer
as custodian. Moneys in the 
Fund may be used by the State Treasurer to pay
expenses related 
to investments from the Technology Development Account. Moneys

in the Fund in excess of those expenses may be provided as 
grants to Illinois
schools to purchase computers and to upgrade 
technology.



 
    Section 99. Effective date. This Act takes effect upon 
becoming law.