State of Illinois
92nd General Assembly
Legislation

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[ Engrossed ][ Enrolled ][ House Amendment 001 ]
[ Senate Amendment 001 ]


92_HB3212

 
                                               LRB9206261JMmb

 1        AN ACT concerning technology.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 1.  Short title.  This Act may be  cited  as  the
 5    Technology Development Act.

 6        Section  5.  Policy.  The Illinois General Assembly finds
 7    that it is important for the State  to  encourage  technology
 8    development  in  the  State.   The  purpose of this Act is to
 9    attract, assist, and retain quality technology businesses  in
10    Illinois.   The  creation  of the Technology Development Fund
11    will allow the State to bring together, and add to, Illinois'
12    rich science, technology, and business communities.

13        Section 10.  Technology Development Fund.
14        (a)  The Technology Development  Fund  is  created  as  a
15    special  fund  in  the State treasury to be held by the State
16    Treasurer separate and apart from all other State moneys. The
17    Fund shall be administered by the State Treasurer to attract,
18    assist, and retain quality technology businesses in Illinois.
19    The State Treasurer may make a one-time transfer of moneys to
20    the Fund from the General Revenue Fund in an amount that does
21    not exceed  $50,000,000.   All  earnings  on  the  Technology
22    Development Fund shall be credited to the Fund.
23        (b)  Moneys  in  the  Fund may be invested or expended by
24    the State Treasurer as follows:
25             (1)  To  provide  venture  capital   to   technology
26        businesses  seeking  to  locate,  expand,  or  remain  in
27        Illinois   by   placing  money  with  venture  firms  for
28        investment by the venture  capital  firms  in  technology
29        businesses.   "Venture  capital",  as  used  in this Act,
30        means equity financing that is provided for starting  up,
 
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 1        expanding,   or  relocating  a  company  or  for  related
 2        purposes such as financing for seed capital, research and
 3        development, introduction of a product  or  process  into
 4        the marketplace, or similar needs requiring risk capital.
 5        "Technology  business",  as  used  in  this  Act, means a
 6        company that has as its principal function the  providing
 7        of  services  including  computer,  information transfer,
 8        communication, distribution, processing,  administrative,
 9        laboratory,   experimental,   developmental,   technical,
10        testing  services, manufacture of goods or materials, the
11        processing of goods or materials by physical or  chemical
12        change, computer related activities, robotics, biological
13        or  pharmaceutical  industrial  activity,  or  technology
14        oriented   or   emerging  industrial  activity.  "Venture
15        capital firms", as used in this Act, means an entity that
16        provides equity financing for starting up or expanding  a
17        company  or  for  related  purposes such as financing for
18        seed capital, research and development, introduction of a
19        product or process into the marketplace, or similar needs
20        requiring risk capital.
21             (2)  To  pay  the   State   Treasurer's   costs   to
22        administer the Fund.  The amount for this purpose may not
23        exceed 1% in any fiscal year of the balance of the Fund.
24        (c)  Prior  to  investment  or expenditure, moneys in the
25    Fund may be invested by the Treasurer in the same manner,  in
26    the  same  types  of  investments,  and  subject  to the same
27    limitations provided for investments of other  funds  in  the
28    State Treasury.

29        Section  15.   Discounted  deposits.  The State Treasurer
30    may place deposits totalling  no  more  than  $50,000,000  in
31    financial  institutions at reduced rates of interest provided
32    that such institutions document the use  of  deposited  funds
33    for  development  of  technology  initiatives in the State of
 
                            -3-                LRB9206261JMmb
 1    Illinois.

 2        Section 20.  Rules.  The State Treasurer  may  promulgate
 3    rules to implement this Act.

 4        Section  99.  Effective date.  This Act takes effect upon
 5    becoming law.

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