093_SB0897
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1 AN ACT concerning technology development.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Technology Development Act is amended by
5 changing Section 10 and adding Section 20 as follows:
6 (30 ILCS 265/10)
7 Sec. 10. Technology Development Account.
8 (a) The State Treasurer may segregate a portion of the
9 Treasurer's investment portfolio, that at no time shall be
10 greater than 1% of the portfolio, in the Technology
11 Development Account, an account that shall be maintained
12 separately and apart from other moneys invested by the
13 Treasurer. The Treasurer may make investments from the
14 Account that help attract, assist, and retain quality
15 technology businesses in Illinois. The earnings on the
16 Account shall be accounted for separately from other
17 investments made by the Treasurer.
18 (b) Moneys in the Account may be invested by the State
19 Treasurer to provide venture capital to technology businesses
20 seeking to locate, expand, or remain in Illinois by placing
21 money with Illinois venture capital firms for investment by
22 the venture capital firms in technology businesses. "Venture
23 capital", as used in this Act, means equity financing that is
24 provided for starting up, expanding, or relocating a company,
25 or related purposes such as financing for seed capital,
26 research and development, introduction of a product or
27 process into the marketplace, or similar needs requiring risk
28 capital. "Technology business", as used in this Act, means a
29 company that has as its principal function the providing of
30 services including computer, information transfer,
31 communication, distribution, processing, administrative,
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1 laboratory, experimental, developmental, technical, testing
2 services, manufacture of goods or materials, the processing
3 of goods or materials by physical or chemical change,
4 computer related activities, robotics, biological or
5 pharmaceutical industrial activity, or technology oriented or
6 emerging industrial activity. "Illinois venture capital
7 firms", as used in this Act, means an entity that has a
8 majority of its employees in Illinois or that has at least
9 one managing partner domiciled in Illinois that has made
10 significant capital investments in Illinois companies and
11 that provides equity financing for starting up or expanding a
12 company, or related purposes such as financing for seed
13 capital, research and development, introduction of a product
14 or process into the marketplace, or similar needs requiring
15 risk capital.
16 (c) Any fund created by an Illinois venture capital firm
17 in which the State Treasurer places money pursuant to this
18 Act shall be required by the State Treasurer to seek
19 investments in technology businesses seeking to locate,
20 expand, or remain in Illinois.
21 (d) The investment of the State Treasurer in any fund
22 created by an Illinois venture capital firm in which the
23 State Treasurer places money pursuant to this Act shall not
24 exceed 10% of the total investments in the fund.
25 (e) The State Treasurer shall not invest more than
26 one-third of the Technology Development Account in any given
27 calendar year.
28 (f) The Treasurer may deposit no more than 10% of the
29 earnings of the investments in the Technology Development
30 Account into the Technology Development Fund.
31 (Source: P.A. 92-851, eff. 8-26-02.)
32 (30 ILCS 265/20 new)
33 Sec. 20. Technology Development Fund. The Technology
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1 Development Fund is created as a special fund outside the
2 State treasury with the State Treasurer as custodian. Moneys
3 in the Fund may be used by the State Treasurer to pay
4 expenses related to investments from the Technology
5 Development Account. Moneys in the Fund in excess of those
6 expenses may be provided as grants to Illinois schools to
7 purchase computers and to upgrade technology.
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.