Full Text of SB2407 93rd General Assembly
SB2407 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB2407
Introduced 2/3/2004, by Kirk W. Dillard SYNOPSIS AS INTRODUCED: |
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30 ILCS 265/10 |
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30 ILCS 265/20 new |
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Amends the Technology Development Act. Creates a Technology Development Fund
for use by the State Treasurer in paying the expenses of investments from the
Technology Development Account. Permits the State Treasurer to use any excess
for grants to schools to buy computers and to upgrade technology. Permits the
State Treasurer to deposit up to 10% of the earnings on Account investments
into the Fund. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB2407 |
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LRB093 15608 JAM 41215 b |
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| AN ACT concerning technology development.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Technology Development Act is amended by | 5 |
| changing Section 10
and adding Section 20 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 | 9 |
| Treasurer's
investment
portfolio, that at no time shall be | 10 |
| greater than 1% of the portfolio, in the
Technology Development | 11 |
| Account, an account that shall be maintained separately
and | 12 |
| apart from other moneys invested by the Treasurer. The | 13 |
| Treasurer may make
investments from the Account that help | 14 |
| attract, assist, and retain quality
technology businesses in | 15 |
| Illinois. The earnings on the Account shall be
accounted for | 16 |
| separately from other investments made by the Treasurer.
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| (b) Moneys in the Account may be invested by the State | 18 |
| Treasurer
to
provide venture capital to technology businesses | 19 |
| seeking to locate, expand, or
remain in
Illinois by placing | 20 |
| money with Illinois venture capital firms for investment by
the | 21 |
| venture
capital firms in technology businesses. "Venture | 22 |
| capital", as used in this
Act, means
equity financing that is | 23 |
| provided for starting up, expanding, or relocating a
company, | 24 |
| or
related purposes such as financing for seed capital, | 25 |
| research and development,
introduction of a product or process | 26 |
| into the marketplace, or similar needs
requiring risk
capital. | 27 |
| "Technology business", as used in this Act, means a company | 28 |
| that has
as its
principal function the providing of services | 29 |
| including computer, information
transfer,
communication, | 30 |
| distribution, processing, administrative, laboratory,
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| experimental,
developmental, technical, testing services, | 32 |
| manufacture of goods or materials,
the
processing of goods or |
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SB2407 |
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LRB093 15608 JAM 41215 b |
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| materials by physical or chemical change, computer
related
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| activities, robotics, biological or pharmaceutical industrial | 3 |
| activity, or
technology
oriented or emerging industrial | 4 |
| 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 | 7 |
| Illinois that
has made significant capital investments in | 8 |
| Illinois companies and that
provides equity financing for | 9 |
| starting up or expanding a
company, or
related purposes such as | 10 |
| financing for seed capital, research and development,
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| introduction of a product or process into the marketplace, or | 12 |
| similar needs
requiring risk
capital.
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| (c) Any fund created by an Illinois venture capital firm in | 14 |
| which the State
Treasurer places money pursuant to this Act | 15 |
| shall be required by the State
Treasurer to
seek investments in | 16 |
| 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 | 19 |
| created by an Illinois
venture capital firm in which the State | 20 |
| Treasurer places money pursuant to this
Act shall
not exceed | 21 |
| 10% of the total investments in the fund.
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| (e) The State Treasurer shall not invest more than | 23 |
| one-third of the
Technology
Development Account in any given | 24 |
| calendar year.
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| (f) The Treasurer may deposit no more than 10% of the | 26 |
| earnings of the
investments in the Technology Development | 27 |
| Account into the Technology
Development Fund.
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| (Source: P.A. 92-851, eff. 8-26-02.)
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| (30 ILCS 265/20 new)
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| Sec. 20. Technology Development Fund. The Technology | 31 |
| Development Fund is
created as a special fund outside the State | 32 |
| treasury with the State Treasurer
as custodian. Moneys in the | 33 |
| Fund may be used by the State Treasurer to pay
expenses related | 34 |
| to investments from the Technology Development Account. Moneys
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| in the Fund in excess of those expenses may be provided as |
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SB2407 |
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LRB093 15608 JAM 41215 b |
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| grants to Illinois
schools to purchase computers and to upgrade | 2 |
| technology.
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| Section 99. Effective date. This Act takes effect upon | 4 |
| becoming law. |
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