Public Act 094-0395
 
SB1645 Enrolled LRB094 10777 JAM 41227 b

    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.