|
|
||||
| Public Act 094-0395 |
||||
| ||||
| ||||
AN ACT concerning technology development.
| ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
| ||||
Section 5. The Technology Development Act is amended by | ||||
changing Section 10
and adding Section 20 as follows:
| ||||
(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
Act 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 10% of the | ||
earnings of the
investments in the Technology Development | ||
Account into the Technology
Development Fund.
| ||
(Source: P.A. 92-851, eff. 8-26-02.)
| ||
(30 ILCS 265/20 new)
| ||
Sec. 20. Technology Development Fund. The Technology | ||
Development Fund is
created as a special fund outside the State | ||
treasury with the State Treasurer
as custodian. Moneys in the | ||
Fund may be used by the State Treasurer to pay
expenses related | ||
to investments from the Technology Development Account. Moneys
| ||
in the Fund in excess of those expenses may be provided as | ||
grants to Illinois
schools to purchase computers and to upgrade | ||
technology.
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||