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1 | AN ACT concerning economic 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 1. Short title. This Act may be cited as the | ||||||||||||||||||||||||||
5 | Illinois Opportunity
Fund
Act.
| ||||||||||||||||||||||||||
6 | Section 5. Findings and purposes. | ||||||||||||||||||||||||||
7 | (a) The State of Illinois finds that the traditional means | ||||||||||||||||||||||||||
8 | by which venture
capital
and private equity investors direct | ||||||||||||||||||||||||||
9 | capital to Illinois markets are
inadequately serving the
| ||||||||||||||||||||||||||
10 | State's needs for
that capital and that the shortage is | ||||||||||||||||||||||||||
11 | impairing the ability of the State to
create jobs, new
markets | ||||||||||||||||||||||||||
12 | for goods and services, and sustainable economic growth | ||||||||||||||||||||||||||
13 | throughout
Illinois.
The State of Illinois desires to | ||||||||||||||||||||||||||
14 | strengthen the overall economy of the State by
increasing
the | ||||||||||||||||||||||||||
15 | availability and delivery of venture capital for emerging and | ||||||||||||||||||||||||||
16 | expanding
enterprises in
Illinois, and to do so in a way that | ||||||||||||||||||||||||||
17 | provides for financial returns to private
investors.
| ||||||||||||||||||||||||||
18 | (b) Furthermore, the State of Illinois finds that certain | ||||||||||||||||||||||||||
19 | geographic areas
and
populations within the State have been | ||||||||||||||||||||||||||
20 | subject to economic disparities and have
lacked
access to the | ||||||||||||||||||||||||||
21 | private capital needed to create jobs and economic | ||||||||||||||||||||||||||
22 | opportunities.
| ||||||||||||||||||||||||||
23 | (c) Venture capital shall be directed to geographic areas |
| |||||||
| |||||||
1 | and populations
within
the State that have been subject to | ||||||
2 | economic disparities and have lacked access
to the
private | ||||||
3 | capital needed to create jobs and economic opportunities, and | ||||||
4 | to
sectors
considered to be strategic industries for the State | ||||||
5 | of Illinois as determined
by the
Department of Commerce and | ||||||
6 | Economic Opportunity in coordination with the entities
formed | ||||||
7 | under this Act.
| ||||||
8 | (d) These investments are intended to create high-quality | ||||||
9 | and sustainable
employment opportunities for Illinoisans, | ||||||
10 | create domestic and global markets
for the
products and | ||||||
11 | services of funded enterprises, and help to strengthen the | ||||||
12 | State's
economic
base. This Act has the mission of mobilizing | ||||||
13 | private investment in a broad
variety of
venture capital funds | ||||||
14 | in diversified industries and geographic regions of the
State | ||||||
15 | of
Illinois. To achieve this mission, the General Assembly | ||||||
16 | believes that it is
important to
retain the private sector | ||||||
17 | culture of focusing on rate of return in the
investing process.
| ||||||
18 | Therefore, this Act is intended to facilitate the establishment | ||||||
19 | of the Illinois
Opportunity
Fund, seek private investment, and | ||||||
20 | create interest in these investments by
offering State
credit | ||||||
21 | enhancements that limit risk to private investors. This Act | ||||||
22 | also has the
mission of
facilitating and
enhancing the flow of | ||||||
23 | venture capital into the State of Illinois and improving
the
| ||||||
24 | infrastructure through which capital is delivered throughout | ||||||
25 | the State so as to
grow commerce in the State of Illinois. It | ||||||
26 | is the goal and intent of this
legislation to accomplish
these |
| |||||||
| |||||||
1 | missions in such a manner as to minimize any appropriations by | ||||||
2 | the State
of Illinois
to effectuate these purposes.
| ||||||
3 | Section 10. Definitions. In this Act, unless the context | ||||||
4 | requires otherwise:
| ||||||
5 | "DCEO" means Department of Commerce and Economic | ||||||
6 | Opportunity, or its
successor agency.
| ||||||
7 | "Certificate" means an assignable contract between DCEO | ||||||
8 | Economic Opportunity and an investor in
the
Illinois | ||||||
9 | Opportunity Fund under which the terms of the tax credits being | ||||||
10 | issued
for the
benefit of the investor, or any assignee of the | ||||||
11 | investor, as established by
DCEO, are
set forth.
| ||||||
12 | "Person" means an individual, a corporation, a | ||||||
13 | partnership, or any other
lawfully
organized entity, whether | ||||||
14 | domiciled in Illinois or outside of Illinois.
| ||||||
15 | "Illinois Capital Investment Corporation" means the | ||||||
16 | private not for profit
corporation established pursuant to this | ||||||
17 | Act.
| ||||||
18 | "Illinois Opportunity Fund" means the private for profit | ||||||
19 | fund established by
the
Illinois Capital Investment | ||||||
20 | Corporation pursuant to this Act.
| ||||||
21 | "Tax credits" means credits against taxes imposed pursuant | ||||||
22 | to Section 201 of
the
Illinois Income Tax Act for any taxable | ||||||
23 | year ending after December 31, 2012,
and
having such terms as | ||||||
24 | are established by DCEO in accordance with Section 25 of
this | ||||||
25 | Act,
including any contingencies on redemption.
|
| |||||||
| |||||||
1 | "SBIC" means small business investment company within the | ||||||
2 | meaning of the
federal Small Business Investment Act of 1958.
| ||||||
3 | CDFI and CDVC. "CDFI" means a community development | ||||||
4 | financial
institution as defined in the Illinois Investment and | ||||||
5 | Development Authority
Act, and
"CDVC" means community | ||||||
6 | development venture capital, a type of CDFI specific to
| ||||||
7 | investing equity interests in Illinois firms with the dual goal | ||||||
8 | of financial
returns and
economic and social benefit.
| ||||||
9 | Section 15. Illinois Capital Investment Corporation.
| ||||||
10 | (a) DCEO shall create the Illinois Capital Investment | ||||||
11 | Corporation as a
private not
for profit corporation under the | ||||||
12 | General Not For Profit Corporation Act of 1986
and not
as a | ||||||
13 | public corporation or instrumentality of the State. The | ||||||
14 | corporation shall
not enjoy
any of the privileges nor be | ||||||
15 | required to comply with any of the requirements of
a State
| ||||||
16 | agency. Except as provided in this Act, nothing in this Act | ||||||
17 | exempts the
Illinois Capital
Investment Corporation from the | ||||||
18 | same requirements under State law that apply to
other
| ||||||
19 | corporations organized under the General Not For Profit | ||||||
20 | Corporation Act of
1986. The
Director or Acting Director of | ||||||
21 | DCEO or his or her designee shall be the
incorporator of
the | ||||||
22 | Illinois Capital Investment Corporation.
| ||||||
23 | (b) The Illinois Capital Investment Corporation shall | ||||||
24 | recommend and DCEO
shall approve investment objectives and | ||||||
25 | criteria for the Illinois
Opportunity Fund established to |
| |||||||
| |||||||
1 | provide financial returns to investors, create
jobs, and
| ||||||
2 | strengthen the economy of the State of Illinois. DCEO shall | ||||||
3 | assist the corporation in
performing its duties, and
undertake | ||||||
4 | such other responsibilities as are set forth in this Act or as
| ||||||
5 | may be
necessary or appropriate to give effect to the intent | ||||||
6 | and purposes of this Act.
| ||||||
7 | (c) Subject to the direction of DCEO, the Illinois Capital
| ||||||
8 | Investment Corporation shall receive investment returns from | ||||||
9 | the Illinois
Opportunity
Fund and shall reinvest those funds in | ||||||
10 | further venture capital investments
subject to the
provisions | ||||||
11 | of this Act, and shall have responsibility for organizing and
| ||||||
12 | overseeing the
management of the Illinois Opportunity Fund, | ||||||
13 | identifying and engaging a private
fund manager or managers for | ||||||
14 | the Illinois Opportunity Fund,
and establishing investment | ||||||
15 | objectives for the Illinois
Opportunity Fund designed to create | ||||||
16 | jobs and strengthen the economy of the
State of
Illinois.
| ||||||
17 | (d) The Illinois Capital Investment Corporation shall | ||||||
18 | exercise no
governmental
functions. Without limiting the | ||||||
19 | authority of DCEO to
issue
tax credits pursuant to this Act | ||||||
20 | under certificates that are binding on DCEO
and the
Illinois | ||||||
21 | Department of Revenue, the obligations of the Illinois Capital
| ||||||
22 | Investment
Corporation are not obligations of the State or any | ||||||
23 | political subdivision of
the State
within the meaning of any | ||||||
24 | constitutional or statutory debt limitations, but are
| ||||||
25 | obligations
of the corporation payable solely and only from the | ||||||
26 | corporation's funds. The
Illinois
Capital Investment |
| |||||||
| |||||||
1 | Corporation shall itself have no authority to pledge the
credit | ||||||
2 | or
taxing power of the State or any political subdivision of | ||||||
3 | the State or make its
debts
payable out of any moneys except | ||||||
4 | those of the corporation.
| ||||||
5 | (e) The board of directors of the Illinois Capital | ||||||
6 | Investment Corporation
shall
have not less than 7 nor more than | ||||||
7 | 11 members. The Director or Acting
Director
of DCEO or his or | ||||||
8 | her designee shall be a member of the board of directors of
the | ||||||
9 | Illinois
Capital Investment Corporation. The Governor, with | ||||||
10 | the advice and consent of three-fifths of the members elected | ||||||
11 | to the Senate, shall appoint the remaining
members of
the board | ||||||
12 | of directors of the Illinois Capital Investment Corporation and | ||||||
13 | fill
any
vacancies in the same manner as original appointments.
| ||||||
14 | DCEO shall recommend to the Governor candidates for the board | ||||||
15 | and shall advise
as to the qualifications of any other | ||||||
16 | candidates the Governor desires
to
consider. In recommending | ||||||
17 | and selecting directors, DCEO and the Governor shall
seek
to | ||||||
18 | ensure that (i) each candidate has meaningful experience | ||||||
19 | reviewing,
preparing,
analyzing, or interpreting financial | ||||||
20 | statements or has sophistication in
financial matters
| ||||||
21 | generally, has meaningful experience in the supervision or | ||||||
22 | management of
venture capital
or private equity investments, | ||||||
23 | has meaningful experience operating
or
managing investments in | ||||||
24 | businesses engaged in the industries or sectors
targeted by
| ||||||
25 | DCEO as candidates for investment by the Illinois Opportunity | ||||||
26 | Fund, or has
meaningful
experience managing or selecting |
| |||||||
| |||||||
1 | investments for institutional, seed, angel,
mezzanine, or
| ||||||
2 | community
development venture capital funds or SBIC's; (ii) the | ||||||
3 | board includes minority
and female
representatives; (iii) a | ||||||
4 | majority of the board includes representatives of geographic | ||||||
5 | areas
beyond Cook
County and the collar counties; (iv) the | ||||||
6 | candidates recommended are noted for their lack of political | ||||||
7 | ties; and (v) the board includes at least 3
venture capital | ||||||
8 | professionals, including one or more
representatives
| ||||||
9 | associated with venture capital fund trade associations that | ||||||
10 | maintain a
meaningful physical presence in the State of | ||||||
11 | Illinois. Directors shall
endeavor to avoid
conflicts of | ||||||
12 | interest that interfere with their ability to exercise their
| ||||||
13 | fiduciary obligations
to the Illinois Capital Investment | ||||||
14 | Corporation and its constituents, shall
agree to make
full | ||||||
15 | disclosure of any conflicts of interest involved in the | ||||||
16 | exercise of their
duties, and shall
abstain from participating | ||||||
17 | in any manner whatsoever in the consideration of a
matter in
| ||||||
18 | which they have an interest. The secretary of the Illinois | ||||||
19 | Capital Investment
Corporation
shall advise DCEO of the nature | ||||||
20 | of any such conflicts, and DCEO shall make
recommendations to | ||||||
21 | the Governor if it believes that pervasive conflicts are
| ||||||
22 | interfering
with the ability of the board as a whole to | ||||||
23 | function efficiently and to give
full effect to the
intent and | ||||||
24 | purposes of this Act.
| ||||||
25 | (f) In its selection of a private fund manager or managers | ||||||
26 | for the
Illinois
Opportunity Fund, the Illinois Capital |
| |||||||
| |||||||
1 | Investment Corporation shall consider
each
applicant's level | ||||||
2 | of experience in institutional, seed, angel, mezzanine, or
| ||||||
3 | community
development
venture capital or SBIC's investing, its | ||||||
4 | quality of management, its investment
philosophy, its plan
for | ||||||
5 | fundraising, and its prior investment fund results. Any fund
| ||||||
6 | manager
selected shall demonstrate substantial successful | ||||||
7 | experience in the design,
implementation, and management of | ||||||
8 | institutional, seed, angel, mezzanine, or
community
| ||||||
9 | development
venture capital investment programs or of SBIC's | ||||||
10 | and in capital formation. Each
applicant
shall
submit an | ||||||
11 | investment plan for review by the Illinois Capital Investment
| ||||||
12 | Corporation,
which plan shall describe the applicant's plan for | ||||||
13 | seeking investment
opportunities,
evaluating and structuring | ||||||
14 | investments, and achieving the financial and policy
goals of
| ||||||
15 | this Act.
| ||||||
16 | (g) The Illinois Capital Investment Corporation may charge | ||||||
17 | a fee to the
Illinois
Opportunity Fund, which shall be in | ||||||
18 | addition to any fee payable by the Illinois
Opportunity Fund to | ||||||
19 | the fund manager or managers engaged. The fee
payable
to the | ||||||
20 | Illinois Capital Investment Corporation shall be structured to | ||||||
21 | cover the
reasonable
costs of the corporation in fulfilling its | ||||||
22 | oversight functions and of DCEO in
fulfilling its
obligations | ||||||
23 | under this Section and Section 25.
| ||||||
24 | (h) Directors of the Illinois Capital Investment | ||||||
25 | Corporation shall be
compensated
for direct expenses and | ||||||
26 | mileage but shall not receive a director's fee or
salary for |
| |||||||
| |||||||
1 | their
service as directors.
| ||||||
2 | (i) The Illinois Capital Investment Corporation shall have | ||||||
3 | the power to
engage
consultants, expend funds, invest funds, | ||||||
4 | contract, bond or insure against loss,
and
perform any other | ||||||
5 | act necessary to carry out its mission.
| ||||||
6 | (j) The directors of the Illinois Capital Investment | ||||||
7 | Corporation shall adopt
bylaws,
policies, and procedures | ||||||
8 | necessary to administer the affairs of the
corporation.
| ||||||
9 | (k) Upon the dissolution of Illinois Capital Investment | ||||||
10 | Corporation, any
assets owned
by it shall thereupon be | ||||||
11 | distributed to the State of Illinois.
| ||||||
12 | Section 20. Illinois Opportunity Fund.
| ||||||
13 | (a) Following the organization of the Illinois Capital | ||||||
14 | Investment
Corporation, the
corporation shall organize the | ||||||
15 | Illinois Opportunity Fund for the purpose of
making
investments | ||||||
16 | in private institutional, seed, angel, mezzanine, or community
| ||||||
17 | development
venture
capital funds or SBIC's in a manner that is | ||||||
18 | intended to strengthen the economy
of the
State, help
business | ||||||
19 | in Illinois gain access to capital resources, help build a
| ||||||
20 | significant, permanent
resource available to serve the needs of | ||||||
21 | Illinois businesses, and accomplish
all these
benefits in a way | ||||||
22 | that minimizes the use of tax credits and provides market
rate | ||||||
23 | returns to
the Illinois Opportunity Fund. The Illinois Capital | ||||||
24 | Investment Corporation
shall organize
the Illinois Opportunity | ||||||
25 | Fund as a for profit limited partnership or limited
liability
|
| |||||||
| |||||||
1 | company under Illinois law pursuant to which the Illinois | ||||||
2 | Capital Investment
Corporation
shall be the general partner or | ||||||
3 | managing member, as the case may be.
| ||||||
4 | (b) DCEO shall assist the Capital Investment Corporation in | ||||||
5 | developing investment policies the effect of which ensures that | ||||||
6 | venture capital is directed first to business projects that | ||||||
7 | meet all of the following criteria: | ||||||
8 | (1) they may not otherwise have access to such | ||||||
9 | financing; | ||||||
10 | (2) they are in areas of Illinois experiencing a lack | ||||||
11 | of economic and job growth; and | ||||||
12 | (3) they are outside of Cook and neighboring counties.
| ||||||
13 | (c) Qualified investors shall be permitted to invest in | ||||||
14 | equity interests or
debt obligations of
the Illinois | ||||||
15 | Opportunity Fund. Such interests or obligations shall provide | ||||||
16 | for
a fixed or
variable rate of return established by the | ||||||
17 | Illinois Capital Investment
Corporation in consultation with | ||||||
18 | DCEO. DCEO may award contingent tax credits to investors in the
| ||||||
19 | Illinois
Opportunity Fund that shall be redeemable if the | ||||||
20 | Illinois Opportunity Fund
fails to
achieve results sufficient | ||||||
21 | to repay the amounts invested by such investors and
provide
| ||||||
22 | them with specified returns. Returns on investments generated | ||||||
23 | by the Illinois
Opportunity Fund in excess of amounts required | ||||||
24 | to (i) repay the amounts
invested by
investors and provide them | ||||||
25 | with specified returns, and (ii) pay all or an
agreed upon
| ||||||
26 | portion of DCEO's costs for establishing and operating |
| |||||||
| |||||||
1 | specified business
development
programs designed to promote | ||||||
2 | economic development within the State of Illinois,
including by | ||||||
3 | increasing the availability of viable investment
opportunities | ||||||
4 | and
business start-ups in all regions of the State, shall be | ||||||
5 | reinvested
by the Illinois
Opportunity Fund in investments in | ||||||
6 | private institutional, seed, angel,
mezzanine, or
community
| ||||||
7 | development venture capital funds, SBIC's, or other entities in | ||||||
8 | the manner
described in
this
Section.
| ||||||
9 | (d) DCEO and the Capital Investment Corporation shall | ||||||
10 | consult any State agency that is also overseeing similar | ||||||
11 | venture capital and other business financing programs to ensure | ||||||
12 | that State financing and investment efforts are not duplicated | ||||||
13 | and that business projects in all areas of the State have | ||||||
14 | access to State venture capital and financing options. | ||||||
15 | (e) The Illinois Opportunity Fund shall operate primarily | ||||||
16 | as a fund of funds
that
invests principally in high-quality | ||||||
17 | institutional, seed, angel, mezzanine, and
community
| ||||||
18 | development
venture capital funds and SBIC's that (i) maintain | ||||||
19 | a meaningful physical
presence in the
State of
Illinois, (ii) | ||||||
20 | are
managed by private investment managers who commit
that | ||||||
21 | their funds will invest not less than the amount invested with | ||||||
22 | them by the
Illinois Opportunity Fund in businesses that are | ||||||
23 | headquartered or maintain
meaningful business operations in | ||||||
24 | the State of Illinois, and (iii) meet the
investment objectives
| ||||||
25 | and criteria
established by DCEO and this Act. In establishing | ||||||
26 | these objectives and
criteria,
DCEO
shall consult with leaders |
| |||||||
| |||||||
1 | in business, science, and government to identify
strategic
| ||||||
2 | industries and sectors that offer the potential to create | ||||||
3 | high-quality and
sustainable
employment opportunities for | ||||||
4 | Illinoisans and create domestic and global markets
for the
| ||||||
5 | products and services of investee companies. In addition, in | ||||||
6 | establishing these
objectives
and criteria, DCEO shall seek to | ||||||
7 | ensure that funds will be available for
investment by the
| ||||||
8 | Illinois Opportunity Fund in seed funds, angel funds, and CDVC | ||||||
9 | or other CDFI
funds in
diverse geographies within Illinois.
| ||||||
10 | (f) The Illinois Opportunity Fund shall have the power to | ||||||
11 | engage
consultants,
expend funds, invest funds, contract, bond | ||||||
12 | or insure against loss, and perform
any other
act necessary to | ||||||
13 | carry out its mission. Without limiting the foregoing, the
| ||||||
14 | Illinois
Opportunity Fund may (i) issue debt
or equity | ||||||
15 | securities and borrow such funds as may be needed to
accomplish | ||||||
16 | its goals, (ii) open and manage bank and short-term investment
| ||||||
17 | accounts as
deemed necessary by its fund manager or managers, | ||||||
18 | and (iii) expend
funds to
secure investment ratings.
The | ||||||
19 | Illinois Opportunity Fund shall adopt investment and | ||||||
20 | diversification
policies.
| ||||||
21 | (g) The Illinois Opportunity Fund shall engage a certified | ||||||
22 | public accountant
to
conduct an annual audit of its financial | ||||||
23 | condition and results of operations.
| ||||||
24 | (h) DCEO shall provide to the Governor and the General | ||||||
25 | Assembly reports on
the performance of the Illinois Opportunity | ||||||
26 | Fund and other pertinent
information concerning the Illinois |
| |||||||
| |||||||
1 | Opportunity Fund and the Illinois Capital
Investment | ||||||
2 | Corporation, except for trade secrets and commercial or | ||||||
3 | financial
information obtained from a
person or business if the | ||||||
4 | information is proprietary, privileged, or
confidential or if | ||||||
5 | disclosure may cause competitive harm or could reasonably be
| ||||||
6 | expected to produce private gain or public loss.
| ||||||
7 | (i) Fifty years after the formation of the Illinois | ||||||
8 | Opportunity Fund, it
shall be
liquidated and its assets shall | ||||||
9 | be distributed in accordance with law.
| ||||||
10 | Section 25. Contingent tax credits.
| ||||||
11 | (a) The State of Illinois hereby allows an aggregate of | ||||||
12 | $200,000,000 of
contingent
tax credits, which may be allocated | ||||||
13 | and issued by DCEO to qualified investors
in the
Illinois | ||||||
14 | Opportunity Fund. DCEO shall not be obligated to issue | ||||||
15 | certificates
equal to
the full aggregate amount allowed by the | ||||||
16 | State of Illinois, and it may elect to
suspend or
terminate the | ||||||
17 | issuance of certificates at any time if it does not believe | ||||||
18 | that
the continued
issuance of certificates will assist the | ||||||
19 | State of Illinois in meeting the
objectives of this
Act. Tax | ||||||
20 | credits may be redeemed in any year redemption is permitted to | ||||||
21 | the
extent the
Illinois Opportunity Fund is unable to make | ||||||
22 | required repayments to its
investors of the
amounts invested by | ||||||
23 | them and provide them with specified fixed or variable rate
| ||||||
24 | returns.
Tax credits shall be redeemable not earlier than | ||||||
25 | January 1, 2013 nor later than
December 31, 2036
as may be |
| |||||||
| |||||||
1 | specified in any certificate.
| ||||||
2 | (b) DCEO shall determine the amount of tax credits to be | ||||||
3 | allowed to
investors
in
the Illinois Opportunity Fund and the | ||||||
4 | years those tax credits may first be
redeemed.
The aggregate | ||||||
5 | redemptions of tax credits issued by DCEO, however, shall
not
| ||||||
6 | exceed $40,000,000 in any fiscal year of the State of Illinois.
| ||||||
7 | (c) All tax credits shall be evidenced by certificates. | ||||||
8 | DCEO shall establish
and
set forth in each certificate all | ||||||
9 | terms and conditions under
which tax
credits may be redeemed. | ||||||
10 | In establishing the terms of any tax credits and
issuing
| ||||||
11 | certificates, DCEO shall seek to promote the purposes of this | ||||||
12 | Act. Tax credits
may not
be redeemed except in accordance with | ||||||
13 | the terms of the certificate under which
they
have been issued. | ||||||
14 | The certificates shall, upon proper issuance to investors in
| ||||||
15 | the Illinois
Opportunity Fund, be binding on DCEO and the | ||||||
16 | Illinois Department of Revenue.
| ||||||
17 | (d) Tax credits issued pursuant to this Section shall be | ||||||
18 | freely transferable
by their
holders. DCEO shall, in | ||||||
19 | conjunction with the Illinois Department of
Revenue,
develop a | ||||||
20 | system for registration of any tax credits allowed or | ||||||
21 | transferred
pursuant to this
Act that permits verification that | ||||||
22 | any tax credit claimed upon a tax return is
valid and
properly | ||||||
23 | taken in the year of claim, and that any transfers of the tax | ||||||
24 | credit
are made in
accordance with the requirements of this | ||||||
25 | Act.
| ||||||
26 | (e) Tax credits allowed or transferred pursuant to this Act |
| |||||||
| |||||||
1 | shall not be
considered
securities under any Illinois law | ||||||
2 | relating to securities.
| ||||||
3 | Section 30. Powers and effectiveness. Nothing contained in | ||||||
4 | this Act is or
shall be
construed as a restriction or | ||||||
5 | limitation upon any powers that DCEO might
otherwise have
under | ||||||
6 | any other law of this State, and the provisions of this Act are
| ||||||
7 | cumulative to those
powers. The provisions of this Act do and | ||||||
8 | shall be construed to provide a
complete,
additional, and | ||||||
9 | alternative method for the doing of the things authorized and
| ||||||
10 | shall be
regarded as supplemental and additional to powers | ||||||
11 | conferred by any other laws.
| ||||||
12 | Section 35. Acceptable investments. Investments by | ||||||
13 | designated investors in
the
Illinois Opportunity Fund shall be | ||||||
14 | deemed permissible investments for State
chartered
banks and | ||||||
15 | for domestic insurance companies under the appropriate laws of | ||||||
16 | the
State of
Illinois.
| ||||||
17 | Section 40. Business development grants. DCEO may | ||||||
18 | establish a business
planning and development assistance grant | ||||||
19 | program to provide grant funds to
help entrepreneurs with | ||||||
20 | business creation and expansion or related activities,
subject | ||||||
21 | to appropriation.
| ||||||
22 | Section 45. Illinois Opportunity Special Projects Fund. |
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| |||||||
1 | The Illinois
Opportunity Special Projects Fund is created as a | ||||||
2 | special fund in the State
treasury. DCEO may accept | ||||||
3 | disbursements from the Illinois Opportunity Fund for
deposit | ||||||
4 | into the Illinois Opportunity Special Projects Fund and
expend | ||||||
5 | those funds for the purposes set forth in subsection (g) of | ||||||
6 | Section 15 and subsection (c) of Section 20 of
this Act, | ||||||
7 | subject to appropriation.
| ||||||
8 | Section 95. The State Finance Act is amended by adding | ||||||
9 | Section 5.708 as follows: | ||||||
10 | (30 ILCS 105/5.708 new) | ||||||
11 | Sec. 5.708. The Illinois Opportunity Special Projects | ||||||
12 | Fund.
| ||||||
13 | Section 99. This Act takes effect upon becoming law.
|