SCHOENBERG-MULLIGAN-OSMOND-DART, FRANKS, MATHIAS AND HOWARD. (DILLARD-PARKER-SULLIVAN-OBAMA) New Act Creates the Technology Development Act. Creates the Technology Development Fund as a special fund held separately by the State Treasurer and used by the State Treasurer to attract, assist, or retain quality technology businesses in Illinois. Permits the State Treasurer to make a one-time transfer to the Fund from the General Revenue Fund in an amount not to exceed $50,000,000. Permits the State Treasurer to deposit up to $50,000,000 at reduced interest rates in financial institutions that use the moneys for development of technology initiatives in Illinois. Effective immediately. FISCAL NOTE (Treasurer of the State of Illinois) HB 3212 will create the Technology Development Fund and fund it with a transfer not to exceed $50,000,000. Administrative costs are expeced to be $300,000. An estimate of the revenue generated from the fund is not possible at this time. It is possible the program could generate sufficient revenues over what would normally be earned in interest to offset the costs or could return less than normal. HOUSE AMENDMENT NO. 1. Requires that any venture capital firm's fund in which the State Treasurer invests must invest in technology businesses seeking to locate, expand, or remain in Illinois in an amount equal to or greater than the State Treasurer's investment. Limits the State Treasurer's investment in such a fund to 20% of that fund's total investments. Changes the maximum administrative expenses to be paid from the Technology Development Fund to $200,000 per fiscal year. SENATE AMENDMENT NO. 1. Adds reference to: 15 ILCS 520/22.5 from Ch. 130, par. 41a Deletes everything after the enacting clause. Creates the Technology Development Act. Authorizes the State Treasurer to establish the Technology Development Account, a limited portion of the Treasurer's investment portfolio that may be used for investments to attract, assist, and retain quality technology businesses in Illinois. Defines an Illinois venture capital firm as one with (i) a majority of its employees in Illinois or (ii) at least one managing partner domiciled in Illinois with significant investments in Illinois companies. Limits the State Treasurer's participation in a venture capital fund to 10% of the fund's investments. Limits the State Treasurer to investing one-third of the Account in any one year. Amends the Deposit of State Moneys Act. Authorizes the State Treasurer to invest State moneys in accordance with the Technology Development Act. Effective immediately. MAR-01-2001 H FILED WITH CLERK MAR-01-2001 H FIRST READING MAR-01-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES MAR-06-2001 H ASSIGNED TO COMMITTEE COMM BUSS DEV MAR-14-2001 H ADDED AS A JOINT SPONSOR MULLIGAN MAR-15-2001 H DO PASS/STANDARD DEBATE 006-003-001 HCBD MAR-15-2001 H PLACED CAL 2ND READING-STANDARD DEBATE MAR-21-2001 H FISCAL NOTE FILED MAR-21-2001 H AMENDMENT NO. 01-SCOTT MAR-21-2001 H AMENDMENT REFERRED TO HRUL MAR-21-2001 H CALENDAR ORDER 2ND READING-STANDARD DBT MAR-22-2001 H ADDED AS A JOINT SPONSOR OSMOND MAR-26-2001 H AMENDMENT NO. 01-SCOTT MAR-26-2001 H RECOMMENDS BE ADOPTED HRUL/004-000-000 MAR-26-2001 H CALENDAR ORDER 2ND READING-STANDARD DBT MAR-26-2001 H ADDED AS A JOINT SPONSOR SCHOENBERG MAR-30-2001 H SECOND READING-STANDARD DEBATE MAR-30-2001 H AMENDMENT NO. 01-SCOTT MAR-30-2001 H ADOPTED MAR-30-2001 H PLCD CAL ORDER 3RD READING-STNDRD DEBATE APR-05-2001 H THIRD READING/STANDARD DEBATE/PASS 116-000-000 APR-05-2001 S ARRIVE IN SENATE APR-05-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-04-06 APR-05-2001 S CHIEF SPONSOR DILLARD APR-05-2001 H ADDED AS A JOINT SPONSOR DART APR-05-2001 H ADDED AS A CO-SPONSOR FRANKS APR-05-2001 H ADDED AS A CO-SPONSOR MATHIAS APR-05-2001 H ADDED AS A CO-SPONSOR HOWARD APR-06-2001 S FIRST READING APR-06-2001 S REFERRED TO SENATE RULES COMMITTEE RULES APR-09-2001 S ADDED AS A CHIEF CO-SPONSOR PARKER FEB-07-2002 H PRIMARY SPONSOR CHANGED TO SCHOENBERG APR-17-2002 S ASSIGNED TO COMMITTEE EXECUTIVE APR-24-2002 S ADDED AS A CHIEF CO-SPONSOR SULLIVAN APR-24-2002 S AMENDMENT NO. 01-EXECUTIVE S APR-24-2002 S ADOPTED APR-25-2002 S DO PASS AS AMENDED 013-000-000 SEXC APR-25-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-05-06 APR-25-2002 S ADDED AS A CHIEF CO-SPONSOR OBAMA MAY-07-2002 S SECOND READING MAY-07-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-05-08 MAY-09-2002 S THIRD READING - PASSED 056-000-000 MAY-09-2002 H ARRIVE IN HOUSE MAY-09-2002 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01 MAY-09-2002 H MOTION FILED CONCUR 01/SCHOENBERG MAY-09-2002 H MOTION REFERRED TO HRUL MAY-09-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-15-2002 H FINAL PASSAGE DEADLINE EXTENDED-RULE 9(B) TO 5/31/02 MAY-15-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-21-2002 H MOTION TO CONCUR/SENATE AMENDMENT NO.(S) 01 MAY-21-2002 H RULES REFERS TO HCBD MAY-21-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-23-2002 H MOTION TO CONCUR/SENATE AMENDMENT NO.(S) 01 MAY-23-2002 H RECOMMENDS BE ADOPTED HCBD/007-000-000 MAY-23-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-29-2002 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01/116-001-000 MAY-29-2002 H PASSED BOTH HOUSES JUN-27-2002 H SENT TO THE GOVERNOR AUG-26-2002 H GOVERNOR APPROVED AUG-26-2002 H EFFECTIVE DATE 02-08-26 AUG-26-2002 H PUBLIC ACT.............................. 92-0851 END OF INQUIRY Full Text Bill Summary