Full Text of SB2849 94th General Assembly
SB2849 94TH GENERAL ASSEMBLY
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB2849
Introduced 1/20/2006, by Sen. Jeffrey M. Schoenberg SYNOPSIS AS INTRODUCED: |
|
|
Amends the Technology Development Act. Provides that no greater than 3% (now, 1%) of the Treasurer's investment portfolio at the time of investment (now, at any time) may be segregated in the Technology Investment Account. Provides that the Treasurer's investment in a fund created by an Illinois venture capital firm may not exceed 15% (now, 10%) of total investments in the venture capital fund. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
A BILL FOR
|
|
|
|
|
SB2849 |
|
LRB094 17744 RCE 53043 b |
|
| 1 |
| AN ACT concerning finance.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Technology Development Act is amended by | 5 |
| changing Section 10 as follows: | 6 |
| (30 ILCS 265/10)
| 7 |
| Sec. 10. Technology Development Account.
| 8 |
| (a) The State Treasurer may segregate a portion of the | 9 |
| Treasurer's
investment
portfolio, that at the time of | 10 |
| investment
no time shall be no greater than 3%
1% of the | 11 |
| portfolio, in the
Technology Development Account, an account | 12 |
| that shall be maintained separately
and apart from other moneys | 13 |
| invested by the Treasurer. The Treasurer may make
investments | 14 |
| from the Account that help attract, assist, and retain quality
| 15 |
| technology businesses in Illinois. The earnings on the Account | 16 |
| shall be
accounted for separately from other investments made | 17 |
| by the Treasurer.
| 18 |
| (b) Moneys in the Account may be invested by the State | 19 |
| Treasurer
to
provide venture capital to technology businesses | 20 |
| seeking to locate, expand, or
remain in
Illinois by placing | 21 |
| money with Illinois venture capital firms for investment by
the | 22 |
| venture
capital firms in technology businesses. "Venture | 23 |
| capital", as used in this
Act, means
equity financing that is | 24 |
| provided for starting up, expanding, or relocating a
company, | 25 |
| or
related purposes such as financing for seed capital, | 26 |
| research and development,
introduction of a product or process | 27 |
| into the marketplace, or similar needs
requiring risk
capital. | 28 |
| "Technology business", as used in this Act, means a company | 29 |
| that has
as its
principal function the providing of services | 30 |
| including computer, information
transfer,
communication, | 31 |
| distribution, processing, administrative, laboratory,
| 32 |
| experimental,
developmental, technical, testing services, |
|
|
|
SB2849 |
- 2 - |
LRB094 17744 RCE 53043 b |
|
| 1 |
| manufacture of goods or materials,
the
processing of goods or | 2 |
| materials by physical or chemical change, computer
related
| 3 |
| activities, robotics, biological or pharmaceutical industrial | 4 |
| activity, or
technology
oriented or emerging industrial | 5 |
| activity. "Illinois venture capital firms", as
used in this
| 6 |
| Act, means an entity that has a majority of its
employees in
| 7 |
| Illinois or that has at least one managing partner domiciled in | 8 |
| Illinois that
has made significant capital investments in | 9 |
| Illinois companies and that
provides equity financing for | 10 |
| starting up or expanding a
company, or
related purposes such as | 11 |
| financing for seed capital, research and development,
| 12 |
| introduction of a product or process into the marketplace, or | 13 |
| similar needs
requiring risk
capital.
| 14 |
| (c) Any fund created by an Illinois venture capital firm in | 15 |
| which the State
Treasurer places money pursuant to this Act | 16 |
| shall be required by the State
Treasurer to
seek investments in | 17 |
| technology businesses seeking to locate, expand, or remain
in
| 18 |
| Illinois.
| 19 |
| (d) The investment of the State Treasurer in any fund | 20 |
| created by an Illinois
venture capital firm in which the State | 21 |
| Treasurer places money pursuant to this
Act shall
not exceed | 22 |
| 15%
10% of the total investments in the fund.
| 23 |
| (e) The State Treasurer shall not invest more than | 24 |
| one-third of the
Technology
Development Account in any given | 25 |
| calendar year.
| 26 |
| (f) The Treasurer may deposit no more than 10% of the | 27 |
| earnings of the
investments in the Technology Development | 28 |
| Account into the Technology
Development Fund.
| 29 |
| (Source: P.A. 94-395, eff. 8-1-05.)
| 30 |
| Section 99. Effective date. This Act takes effect upon | 31 |
| becoming law.
|
|