State of Illinois
92nd General Assembly
Legislation

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[ Senate Amendment 001 ]


92_HB3212ham001

 










                                           LRB9206261JMmbam02

 1                    AMENDMENT TO HOUSE BILL 3212

 2        AMENDMENT NO.     .  Amend House Bill 3212  by  replacing
 3    line  23  on  page  1  through  line  28  on  page 2 with the
 4    following:
 5        "(b)  Moneys in the Fund may be invested or  expended  by
 6    the  State Treasurer to provide venture capital to technology
 7    businesses seeking to locate, expand, or remain  in  Illinois
 8    by  placing  money  with  Illinois  venture capital firms for
 9    investment  by  the  venture  capital  firms  in   technology
10    businesses.   "Venture  capital",  as used in this Act, means
11    equity financing that is provided for starting up, expanding,
12    or  relocating  a  company,  or  related  purposes  such   as
13    financing   for   seed  capital,  research  and  development,
14    introduction of a product or process into the marketplace, or
15    similar needs requiring risk capital.  "Technology business",
16    as used in  this  Act,  means  a  company  that  has  as  its
17    principal   function  the  providing  of  services  including
18    computer, information transfer, communication,  distribution,
19    processing,    administrative,    laboratory,   experimental,
20    developmental, technical, testing  services,  manufacture  of
21    goods  or  materials, the processing of goods or materials by
22    physical or chemical  change,  computer  related  activities,
23    robotics,  biological  or pharmaceutical industrial activity,
24    or  technology  oriented  or  emerging  industrial  activity.
 
                            -2-            LRB9206261JMmbam02
 1    "Illinois venture capital firms", as used in this Act,  means
 2    an  entity incorporated in Illinois or that has a majority of
 3    its employees in Illinois and that provides equity  financing
 4    for  starting  up or expanding a company, or related purposes
 5    such as financing for seed capital, research and development,
 6    introduction of a product or process into the marketplace, or
 7    similar needs requiring risk capital.
 8        (c)  Any fund created by an Illinois venture capital firm
 9    in which the State Treasurer places money  pursuant  to  this
10    Act  shall  be  required  by the State Treasurer to invest an
11    amount of the fund that equals or exceeds the amount  of  the
12    State   Treasurer's   investment,  in  technology  businesses
13    seeking to locate, expand, or remain in Illinois.
14        (d)  The investment of the State Treasurer  in  any  fund
15    created  by  an  Illinois  venture  capital firm in which the
16    State Treasurer places money pursuant to this Act  shall  not
17    exceed 20% of the total investments in the fund.
18        (e)  The  State  Treasurer's costs to administer the Fund
19    shall be paid from the Fund.  The amount for this purpose may
20    not exceed $200,000 in any fiscal year.
21        (g)  Prior to investment or expenditure,  moneys  in  the
22    Fund  may  be  invested  by  the  State Treasurer in the same
23    manner, in the same types of investments, and subject to  the
24    same  limitations  provided for investments of other funds in
25    the State Treasury.".

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