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| 1 | AN ACT concerning technology development.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Technology Development Act is amended by | ||||||
| 5 | changing Section 10
and adding Section 20 as follows:
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| 6 | (30 ILCS 265/10)
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| 7 | Sec. 10. Technology Development Account.
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| 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 Development | ||||||
| 11 | Account, an account that shall be maintained separately
and | ||||||
| 12 | apart from other moneys invested by the Treasurer. The | ||||||
| 13 | Treasurer may make
investments from the Account that help | ||||||
| 14 | attract, assist, and retain quality
technology businesses in | ||||||
| 15 | Illinois. The earnings on the Account shall be
accounted for | ||||||
| 16 | separately from other investments made by the Treasurer.
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| 17 | (b) Moneys in the Account may be invested by the State | ||||||
| 18 | Treasurer
to
provide venture capital to technology businesses | ||||||
| 19 | seeking to locate, expand, or
remain in
Illinois by placing | ||||||
| 20 | money with Illinois venture capital firms for investment by
the | ||||||
| 21 | venture
capital firms in technology businesses. "Venture | ||||||
| 22 | capital", as used in this
Act, means
equity financing that is | ||||||
| 23 | provided for starting up, expanding, or relocating a
company, | ||||||
| 24 | or
related purposes such as financing for seed capital, | ||||||
| 25 | research and development,
introduction of a product or process | ||||||
| 26 | into the marketplace, or similar needs
requiring risk
capital. | ||||||
| 27 | "Technology business", as used in this Act, means a company | ||||||
| 28 | that has
as its
principal function the providing of services | ||||||
| 29 | including computer, information
transfer,
communication, | ||||||
| 30 | distribution, processing, administrative, laboratory,
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| 31 | experimental,
developmental, technical, testing services, | ||||||
| 32 | manufacture of goods or materials,
the
processing of goods or | ||||||
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| 1 | materials by physical or chemical change, computer
related
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| 2 | activities, robotics, biological or pharmaceutical industrial | ||||||
| 3 | activity, or
technology
oriented or emerging industrial | ||||||
| 4 | activity. "Illinois venture capital firms", as
used in this
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| 5 | Act, means an entity that has a majority of its
employees in
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| 6 | Illinois or that has at least one managing partner domiciled in | ||||||
| 7 | Illinois that
has made significant capital investments in | ||||||
| 8 | Illinois companies and that
provides equity financing for | ||||||
| 9 | starting up or expanding a
company, or
related purposes such as | ||||||
| 10 | financing for seed capital, research and development,
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| 11 | introduction of a product or process into the marketplace, or | ||||||
| 12 | similar needs
requiring risk
capital.
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| 13 | (c) Any fund created by an Illinois venture capital firm in | ||||||
| 14 | which the State
Treasurer places money pursuant to this Act | ||||||
| 15 | shall be required by the State
Treasurer to
seek investments in | ||||||
| 16 | technology businesses seeking to locate, expand, or remain
in
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| 17 | Illinois.
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| 18 | (d) The investment of the State Treasurer in any fund | ||||||
| 19 | created by an Illinois
venture capital firm in which the State | ||||||
| 20 | Treasurer places money pursuant to this
Act shall
not exceed | ||||||
| 21 | 10% of the total investments in the fund.
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| 22 | (e) The State Treasurer shall not invest more than | ||||||
| 23 | one-third of the
Technology
Development Account in any given | ||||||
| 24 | calendar year.
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| 25 | (f) The Treasurer may deposit no more than 10% of the | ||||||
| 26 | earnings of the
investments in the Technology Development | ||||||
| 27 | Account into the Technology
Development Fund.
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| 28 | (Source: P.A. 92-851, eff. 8-26-02.)
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| 29 | (30 ILCS 265/20 new)
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| 30 | Sec. 20. Technology Development Fund. The Technology | ||||||
| 31 | Development Fund is
created as a special fund outside the State | ||||||
| 32 | treasury with the State Treasurer
as custodian. Moneys in the | ||||||
| 33 | Fund may be used by the State Treasurer to pay
expenses related | ||||||
| 34 | to investments from the Technology Development Account. Moneys
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| 35 | in the Fund in excess of those expenses may be provided as | ||||||
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| 1 | grants to Illinois
schools to purchase computers and to upgrade | ||||||
| 2 | technology.
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| 3 | Section 99. Effective date. This Act takes effect upon | ||||||
| 4 | becoming law. | ||||||