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| [ Introduced ] | [ Enrolled ] | [ House Amendment 001 ] |
| [ Senate Amendment 001 ] |
92_HB3212eng HB3212 Engrossed 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 to provide venture capital to technology 25 businesses seeking to locate, expand, or remain in Illinois 26 by placing money with Illinois venture capital firms for 27 investment by the venture capital firms in technology 28 businesses. "Venture capital", as used in this Act, means 29 equity financing that is provided for starting up, expanding, 30 or relocating a company, or related purposes such as HB3212 Engrossed -2- LRB9206261JMmb 1 financing for seed capital, research and development, 2 introduction of a product or process into the marketplace, or 3 similar needs requiring risk capital. "Technology business", 4 as used in this Act, means a company that has as its 5 principal function the providing of services including 6 computer, information transfer, communication, distribution, 7 processing, administrative, laboratory, experimental, 8 developmental, technical, testing services, manufacture of 9 goods or materials, the processing of goods or materials by 10 physical or chemical change, computer related activities, 11 robotics, biological or pharmaceutical industrial activity, 12 or technology oriented or emerging industrial activity. 13 "Illinois venture capital firms", as used in this Act, means 14 an entity incorporated in Illinois or that has a majority of 15 its employees in Illinois and that provides equity financing 16 for starting up or expanding a company, or related purposes 17 such as financing for seed capital, research and development, 18 introduction of a product or process into the marketplace, or 19 similar needs requiring risk capital. 20 (c) Any fund created by an Illinois venture capital firm 21 in which the State Treasurer places money pursuant to this 22 Act shall be required by the State Treasurer to invest an 23 amount of the fund that equals or exceeds the amount of the 24 State Treasurer's investment, in technology businesses 25 seeking to locate, expand, or remain in Illinois. 26 (d) The investment of the State Treasurer in any fund 27 created by an Illinois venture capital firm in which the 28 State Treasurer places money pursuant to this Act shall not 29 exceed 20% of the total investments in the fund. 30 (e) The State Treasurer's costs to administer the Fund 31 shall be paid from the Fund. The amount for this purpose may 32 not exceed $200,000 in any fiscal year. 33 (f) Prior to investment or expenditure, moneys in the 34 Fund may be invested by the State Treasurer in the same HB3212 Engrossed -3- LRB9206261JMmb 1 manner, in the same types of investments, and subject to the 2 same limitations provided for investments of other funds in 3 the State treasury. 4 Section 15. Discounted deposits. The State Treasurer 5 may place deposits totalling no more than $50,000,000 in 6 financial institutions at reduced rates of interest provided 7 that such institutions document the use of deposited funds 8 for development of technology initiatives in the State of 9 Illinois. 10 Section 20. Rules. The State Treasurer may promulgate 11 rules to implement this Act. 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.