HB1874 97TH GENERAL ASSEMBLY

LRB097 00261 RLJ 40279 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 1. Short title. This Act may be cited as the Illinois Emerging Technology Act.

Section 5. Purpose. The purpose of this Act is to create a loan and grant program to encourage and assist entrepreneurs involved with emerging technologies, especially entrepreneurs of for-profit corporations that receive venture capital from the private business sector and are founded or headed by persons affiliated with public and private institutions of higher education located within the State.

Section 10. Emerging Technology Advisory Panel. The Emerging Technology Advisory Panel is created. The Panel shall consist of 9 members. The Governor shall appoint 5 members of the Panel. The Speaker and Minority Leader of the House of Representatives and the President and the Minority Leader of the Senate shall each appoint one member of the Panel. Members must be involved in the private business sector or retired from employment in the private business sector. The Governor shall appoint one of the members to be the chairperson.

With the exception of the initial appointments, members shall serve for 4-year terms. The initial members appointed by the Governor shall serve for 2-year terms. Each of the initial members appointed by the Speaker and Minority Leader of the House of Representatives and the President and the Minority Leader of the Senate shall serve for a 4-year term. Vacancies shall be filled for the unexpired term of office in the same manner as the original appointment.

A majority of the members of the Panel shall constitute a quorum. A majority vote of a quorum shall be required for any official action of the Panel. The Panel shall meet at the call of the chairperson. All members shall serve without compensation, but shall be entitled to actual, necessary expenses incurred in the performance of their business as members of the Panel in accordance with the reimbursement polices for the State.

The Panel shall advise the Department of Commerce and Economic Opportunity in the creation of the Illinois Emerging Technology Program including without limitation the rules for implementing the Illinois Emerging Technology Program.

Section 15. Illinois Emerging Technology Program. The Department of Commerce and Economic Opportunity, with the advice of the Emerging Technology Advisory Panel, shall establish the Illinois Emerging Technology Program to make grants, loans, and equity investments to entrepreneurs involved with emerging technologies. The Department of Commerce and Economic Opportunity, with the advice of the Emerging Technology Advisory Panel, shall also establish the following: (i) the eligibility requirements for grants, loans, and equity investments and (ii) the procedures for accepting applications for grants, loans, and equity investments. Rulemaking authority to implement this amendatory Act of the 97th General Assembly, if any, is conditioned on the rules being adopted in accordance with all provisions of the Illinois Administrative Procedure Act and all rules and procedures of the Joint Committee on Administrative Rules; any purported rule not so adopted, for whatever reason, is unauthorized.

Section 20. Illinois Emerging Technology Fund. The Illinois Emerging Technology Fund is created as a special fund in the State treasury. The money in the Fund shall be used by the Department of Commerce and Economic Opportunity to make grants, loans, and equity investments in accordance with the requirements of the Illinois Emerging Technology Program. All interest earned from investment moneys shall be deposited into the Fund. The Department of Commerce and Economic Opportunity may decide the proportion of the initial financing to be used for grants, equity investments, and loans. In no case may the Department of Commerce and Economic Opportunity make an equity investment that will raise the State's equity interest in a corporation above 50%.

Section 25. The Deposit of State Moneys Act is amended by adding Section 22.3 as follows:

(15 ILCS 520/22.3 new)

Sec. 22.3. Transfer to the Illinois Emerging Technology Fund. The State Comptroller shall direct and the State Treasurer shall 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.

Section 90. The State Finance Act is amended by adding Section 5.786 as follows:

(30 ILCS 105/5.786 new)

Sec. 5.786. The Illinois Emerging Technology Fund.