Full Text of HB4246 95th General Assembly
HB4246 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB4246
Introduced , by Rep. Kurt M. Granberg SYNOPSIS AS INTRODUCED: |
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Amends the Technology Development Act. Provides that the State Treasurer may segregate up to 5% (now, 1%) of the Treasurer's investment portfolio in the Technology Investment Account and make investments in quality technology businesses. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4246 |
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LRB095 15560 RCE 41559 b |
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| AN ACT concerning finance.
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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 | 5 |
| changing Section 10 as follows: | 6 |
| (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 5%
1% of the portfolio, in the
Technology | 11 |
| Development Account, an account that shall be maintained | 12 |
| separately
and apart from other moneys invested by the | 13 |
| Treasurer. The Treasurer may make
investments from the Account | 14 |
| that help attract, assist, and retain quality
technology | 15 |
| businesses in Illinois. The earnings on the Account shall be
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| accounted for separately from other investments made by the | 17 |
| Treasurer.
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| (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 |
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HB4246 |
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LRB095 15560 RCE 41559 b |
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| provided for starting up, expanding, or relocating a
company, | 2 |
| or
related purposes such as financing for seed capital, | 3 |
| research and development,
introduction of a product or process | 4 |
| into the marketplace, or similar needs
requiring risk
capital. | 5 |
| "Technology business", as used in this Act, means a company | 6 |
| that has
as its
principal function the providing of services | 7 |
| including computer, information
transfer,
communication, | 8 |
| distribution, processing, administrative, laboratory,
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| experimental,
developmental, technical, testing services, | 10 |
| manufacture of goods or materials,
the
processing of goods or | 11 |
| materials by physical or chemical change, computer
related
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| activities, robotics, biological or pharmaceutical industrial | 13 |
| activity, or
technology
oriented or emerging industrial | 14 |
| 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 | 17 |
| Illinois that
has made significant capital investments in | 18 |
| Illinois companies and that
provides equity financing for | 19 |
| starting up or expanding a
company, or
related purposes such as | 20 |
| financing for seed capital, research and development,
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| introduction of a product or process into the marketplace, or | 22 |
| similar needs
requiring risk
capital.
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| (c) Any fund created by an Illinois venture capital firm in | 24 |
| which the State
Treasurer places money pursuant to this Act | 25 |
| shall be required by the State
Treasurer to
seek investments in | 26 |
| technology businesses seeking to locate, expand, or remain
in
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HB4246 |
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LRB095 15560 RCE 41559 b |
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| Illinois.
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| (d) The investment of the State Treasurer in any fund | 3 |
| created by an Illinois
venture capital firm in which the State | 4 |
| Treasurer places money pursuant to this
Act shall
not exceed | 5 |
| 10% of the total investments in the fund.
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| (e) The State Treasurer shall not invest more than | 7 |
| one-third of the
Technology
Development Account in any given | 8 |
| calendar year.
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| (f) The Treasurer may deposit no more than 10% of the | 10 |
| earnings of the
investments in the Technology Development | 11 |
| Account into the Technology
Development Fund.
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| (Source: P.A. 94-395, eff. 8-1-05.)
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| Section 99. Effective date. This Act takes effect upon | 14 |
| becoming law.
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