State of Illinois
92nd General Assembly
Legislation

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[ Introduced ][ Enrolled ][ House Amendment 001 ]
[ Senate Amendment 001 ]


92_HB3212eng

 
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 1        AN ACT concerning technology.

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

 4        Section 1.  Short title.  This Act may be  cited  as  the
 5    Technology Development Act.

 6        Section  5.  Policy.  The Illinois General Assembly finds
 7    that it is important for the State  to  encourage  technology
 8    development  in  the  State.   The  purpose of this Act is to
 9    attract, assist, and retain quality technology businesses  in
10    Illinois.   The  creation  of the Technology Development Fund
11    will allow the State to bring together, and add to, Illinois'
12    rich science, technology, and business communities.

13        Section 10.  Technology Development Fund.
14        (a)  The Technology Development  Fund  is  created  as  a
15    special  fund  in  the State treasury to be held by the State
16    Treasurer separate and apart from all other State moneys. The
17    Fund shall be administered by the State Treasurer to attract,
18    assist, and retain quality technology businesses in Illinois.
19    The State Treasurer may make a one-time transfer of moneys to
20    the Fund from the General Revenue Fund in an amount that does
21    not exceed  $50,000,000.   All  earnings  on  the  Technology
22    Development Fund shall be credited to the Fund.
23        (b)  Moneys  in  the  Fund may be invested or expended by
24    the State Treasurer to provide venture capital to  technology
25    businesses  seeking  to locate, expand, or remain in Illinois
26    by placing money with  Illinois  venture  capital  firms  for
27    investment   by  the  venture  capital  firms  in  technology
28    businesses.  "Venture capital", as used in  this  Act,  means
29    equity financing that is provided for starting up, expanding,
30    or   relocating  a  company,  or  related  purposes  such  as
 
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 1    financing  for  seed  capital,  research   and   development,
 2    introduction of a product or process into the marketplace, or
 3    similar needs requiring risk capital.  "Technology business",
 4    as  used  in  this  Act,  means  a  company  that  has as its
 5    principal  function  the  providing  of  services   including
 6    computer,  information transfer, communication, distribution,
 7    processing,   administrative,    laboratory,    experimental,
 8    developmental,  technical,  testing  services, manufacture of
 9    goods or materials, the processing of goods or  materials  by
10    physical  or  chemical  change,  computer related activities,
11    robotics, biological or pharmaceutical  industrial  activity,
12    or  technology  oriented  or  emerging  industrial  activity.
13    "Illinois  venture capital firms", as used in this Act, means
14    an entity incorporated in Illinois or that has a majority  of
15    its  employees in Illinois and that provides equity financing
16    for starting up or expanding a company, or  related  purposes
17    such as financing for seed capital, research and development,
18    introduction of a product or process into the marketplace, or
19    similar needs requiring risk capital.
20        (c)  Any fund created by an Illinois venture capital firm
21    in  which  the  State Treasurer places money pursuant to this
22    Act shall be required by the State  Treasurer  to  invest  an
23    amount  of  the fund that equals or exceeds the amount of the
24    State  Treasurer's  investment,  in   technology   businesses
25    seeking to locate, expand, or remain in Illinois.
26        (d)  The  investment  of  the State Treasurer in any fund
27    created by an Illinois venture  capital  firm  in  which  the
28    State  Treasurer  places money pursuant to this Act shall not
29    exceed 20% of the total investments in the fund.
30        (e)  The State Treasurer's costs to administer  the  Fund
31    shall be paid from the Fund.  The amount for this purpose may
32    not exceed $200,000 in any fiscal year.
33        (f)  Prior  to  investment  or expenditure, moneys in the
34    Fund may be invested by  the  State  Treasurer  in  the  same
 
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 1    manner,  in the same types of investments, and subject to the
 2    same limitations provided for investments of other  funds  in
 3    the State treasury.

 4        Section  15.   Discounted  deposits.  The State Treasurer
 5    may place deposits totalling  no  more  than  $50,000,000  in
 6    financial  institutions at reduced rates of interest provided
 7    that such institutions document the use  of  deposited  funds
 8    for  development  of  technology  initiatives in the State of
 9    Illinois.

10        Section 20.  Rules.  The State Treasurer  may  promulgate
11    rules to implement this Act.

12        Section  99.  Effective date.  This Act takes effect upon
13    becoming law.

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