97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1874

 

Introduced , by Rep. Tom Cross

 

SYNOPSIS AS INTRODUCED:
 
New Act
15 ILCS 520/22.3 new
30 ILCS 105/5.786 new

    Creates the Illinois Emerging Technology Act. Provides for the creation of the Emerging Technology Advisory Panel. Provides that the Emerging Technology Advisory Panel shall consist of 9 members. Sets forth the appointment, terms, and duties of the members. Provides that the Department of Commerce and Economic Opportunity, with the assistance of the Emerging Technology Advisory Panel, shall establish the Illinois Emerging Technology Program to make grants, loans, and equity investments from the Illinois Emerging Technology Fund to entrepreneurs involved with emerging technologies. Amends the Deposit of State Moneys Act. Requires that the State Comptroller direct and the State Treasurer transfer from the General Revenue Fund to the Illinois Emerging Technology Fund an amount no less than $75,000,000 and no more than $100,000,000. Amends the State Finance Act to create the Illinois Emerging Technology Fund as a special fund in the State treasury.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Illinois Emerging Technology Act.
 
6    Section 5. Purpose. The purpose of this Act is to create a
7loan and grant program to encourage and assist entrepreneurs
8involved with emerging technologies, especially entrepreneurs
9of for-profit corporations that receive venture capital from
10the private business sector and are founded or headed by
11persons affiliated with public and private institutions of
12higher education located within the State.
 
13    Section 10. Emerging Technology Advisory Panel. The
14Emerging Technology Advisory Panel is created. The Panel shall
15consist of 9 members. The Governor shall appoint 5 members of
16the Panel. The Speaker and Minority Leader of the House of
17Representatives and the President and the Minority Leader of
18the Senate shall each appoint one member of the Panel. Members
19must be involved in the private business sector or retired from
20employment in the private business sector. The Governor shall
21appoint one of the members to be the chairperson.
22    With the exception of the initial appointments, members

 

 

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1shall serve for 4-year terms. The initial members appointed by
2the Governor shall serve for 2-year terms. Each of the initial
3members appointed by the Speaker and Minority Leader of the
4House of Representatives and the President and the Minority
5Leader of the Senate shall serve for a 4-year term. Vacancies
6shall be filled for the unexpired term of office in the same
7manner as the original appointment.
8    A majority of the members of the Panel shall constitute a
9quorum. A majority vote of a quorum shall be required for any
10official action of the Panel. The Panel shall meet at the call
11of the chairperson. All members shall serve without
12compensation, but shall be entitled to actual, necessary
13expenses incurred in the performance of their business as
14members of the Panel in accordance with the reimbursement
15polices for the State.
16    The Panel shall advise the Department of Commerce and
17Economic Opportunity in the creation of the Illinois Emerging
18Technology Program including without limitation the rules for
19implementing the Illinois Emerging Technology Program.
 
20    Section 15. Illinois Emerging Technology Program. The
21Department of Commerce and Economic Opportunity, with the
22advice of the Emerging Technology Advisory Panel, shall
23establish the Illinois Emerging Technology Program to make
24grants, loans, and equity investments to entrepreneurs
25involved with emerging technologies. The Department of

 

 

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1Commerce and Economic Opportunity, with the advice of the
2Emerging Technology Advisory Panel, shall also establish the
3following: (i) the eligibility requirements for grants, loans,
4and equity investments and (ii) the procedures for accepting
5applications for grants, loans, and equity investments.
6Rulemaking authority to implement this amendatory Act of the
797th General Assembly, if any, is conditioned on the rules
8being adopted in accordance with all provisions of the Illinois
9Administrative Procedure Act and all rules and procedures of
10the Joint Committee on Administrative Rules; any purported rule
11not so adopted, for whatever reason, is unauthorized.
 
12    Section 20. Illinois Emerging Technology Fund. The
13Illinois Emerging Technology Fund is created as a special fund
14in the State treasury. The money in the Fund shall be used by
15the Department of Commerce and Economic Opportunity to make
16grants, loans, and equity investments in accordance with the
17requirements of the Illinois Emerging Technology Program. All
18interest earned from investment moneys shall be deposited into
19the Fund. The Department of Commerce and Economic Opportunity
20may decide the proportion of the initial financing to be used
21for grants, equity investments, and loans. In no case may the
22Department of Commerce and Economic Opportunity make an equity
23investment that will raise the State's equity interest in a
24corporation above 50%.
 

 

 

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1    Section 25. The Deposit of State Moneys Act is amended by
2adding Section 22.3 as follows:
 
3    (15 ILCS 520/22.3 new)
4    Sec. 22.3. Transfer to the Illinois Emerging Technology
5Fund. The State Comptroller shall direct and the State
6Treasurer shall transfer from the General Revenue Fund to the
7Illinois Emerging Technology Fund an amount no less than
8$75,000,000 and no more than $100,000,000.
 
9    Section 90. The State Finance Act is amended by adding
10Section 5.786 as follows:
 
11    (30 ILCS 105/5.786 new)
12    Sec. 5.786. The Illinois Emerging Technology Fund.