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30 ILCS 265/10 (30 ILCS 265/10)
Sec. 10. Technology Development Account.
(a) The State Treasurer may segregate a portion of the Treasurer's
investment
portfolio, that at no time shall be greater than 1% of the portfolio, in the
Technology Development Account, an account that shall be maintained separately
and apart from other moneys invested by the Treasurer. The Treasurer may make
investments from the Account that help attract, assist, and retain quality
technology businesses in Illinois. The earnings on the Account shall be
accounted for separately from other investments made by the Treasurer.
(b) Moneys in the Account may be invested by the State Treasurer
to
provide venture capital to technology businesses seeking to locate, expand, or
remain in
Illinois by placing money with Illinois venture capital firms for investment by
the venture
capital firms in technology businesses. "Venture capital", as used in this
Act, means
equity financing that is provided for starting up, expanding, or relocating a
company, or
related purposes such as financing for seed capital, research and development,
introduction of a product or process into the marketplace, or similar needs
requiring risk
capital. "Technology business", as used in this Act, means a company that has
as its
principal function the providing of services including computer, information
transfer,
communication, distribution, processing, administrative, laboratory,
experimental,
developmental, technical, testing services, manufacture of goods or materials,
the
processing of goods or materials by physical or chemical change, computer
related
activities, robotics, biological or pharmaceutical industrial activity, or
technology
oriented or emerging industrial activity. "Illinois venture capital firms", as
used in this
Act, means an entity that has a majority of its
employees in
Illinois or that has at least one managing partner domiciled in Illinois that
has made significant capital investments in Illinois companies and that
provides equity financing for starting up or expanding a
company, or
related purposes such as financing for seed capital, research and development,
introduction of a product or process into the marketplace, or similar needs
requiring risk
capital.
(c) Any fund created by an Illinois venture capital firm in which the State
Treasurer places money pursuant to this Act shall be required by the State
Treasurer to
seek investments in technology businesses seeking to locate, expand, or remain
in
Illinois.
(d) The investment of the State Treasurer in any fund created by an Illinois
venture capital firm in which the State Treasurer places money pursuant to this Section
shall
not exceed 10% of the total investments in the fund.
(e) The State Treasurer shall not invest more than one-third of the
Technology
Development Account in any given calendar year.
(f) The Treasurer may deposit no more than 15% of the earnings of the
investments in the Technology Development Account into the Technology
Development Fund.
(Source: P.A. 101-657, eff. 3-23-21.)
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