93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5800


 
Introduced 2/6/2004, by Michael J. Madigan
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 265/10










    Amends the Technology Development Act.  Makes a technical change in a Section concerning the technology development account.
















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A BILL FOR









 











HB5800

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    AN ACT concerning technology.

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


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



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    (30 ILCS 265/10)



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    Sec. 10. Technology Development Account. 

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

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

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experimental,
developmental, technical, testing services, 
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manufacture of goods or materials,
the
processing of goods or 
 


 






HB5800
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materials by physical or chemical change, computer
related

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

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

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

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

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

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Illinois.

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

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

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