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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Technology Development Act is amended by | ||||||||||||||||||||||||
5 | changing Section 10 as follows: | ||||||||||||||||||||||||
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 5%
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 Account | ||||||||||||||||||||||||
14 | that help attract, assist, and retain quality
technology | ||||||||||||||||||||||||
15 | businesses in Illinois. The earnings on the Account shall be
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16 | accounted for separately from other investments made by the | ||||||||||||||||||||||||
17 | Treasurer.
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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
the | ||||||||||||||||||||||||
22 | venture
capital firms in technology businesses. "Venture | ||||||||||||||||||||||||
23 | capital", as used in this
Act, means
equity financing that is |
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1 | provided for starting up, expanding, or relocating a
company, | ||||||
2 | or
related purposes such as financing for seed capital, | ||||||
3 | research and development,
introduction of a product or process | ||||||
4 | into the marketplace, or similar needs
requiring risk
capital. | ||||||
5 | "Technology business", as used in this Act, means a company | ||||||
6 | that has
as its
principal function the providing of services | ||||||
7 | including computer, information
transfer,
communication, | ||||||
8 | distribution, processing, administrative, laboratory,
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9 | experimental,
developmental, technical, testing services, | ||||||
10 | manufacture of goods or materials,
the
processing of goods or | ||||||
11 | materials by physical or chemical change, computer
related
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12 | activities, robotics, biological or pharmaceutical industrial | ||||||
13 | activity, or
technology
oriented or emerging industrial | ||||||
14 | activity. "Illinois venture capital firms", as
used in this
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15 | Act, means an entity that has a majority of its
employees in
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16 | Illinois or that has at least one managing partner domiciled in | ||||||
17 | Illinois that
has made significant capital investments in | ||||||
18 | Illinois companies and that
provides equity financing for | ||||||
19 | starting up or expanding a
company, or
related purposes such as | ||||||
20 | financing for seed capital, research and development,
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21 | introduction of a product or process into the marketplace, or | ||||||
22 | similar needs
requiring risk
capital.
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23 | (c) Any fund created by an Illinois venture capital firm in | ||||||
24 | which the State
Treasurer places money pursuant to this Act | ||||||
25 | shall be required by the State
Treasurer to
seek investments in | ||||||
26 | technology businesses seeking to locate, expand, or remain
in
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1 | Illinois.
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2 | (d) The investment of the State Treasurer in any fund | ||||||
3 | created by an Illinois
venture capital firm in which the State | ||||||
4 | Treasurer places money pursuant to this
Act shall
not exceed | ||||||
5 | 10% of the total investments in the fund.
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6 | (e) The State Treasurer shall not invest more than | ||||||
7 | one-third of the
Technology
Development Account in any given | ||||||
8 | calendar year.
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9 | (f) The Treasurer may deposit no more than 10% of the | ||||||
10 | earnings of the
investments in the Technology Development | ||||||
11 | Account into the Technology
Development Fund.
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12 | (Source: P.A. 94-395, eff. 8-1-05.)
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13 | Section 99. Effective date. This Act takes effect upon | ||||||
14 | becoming law.
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