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| [ Senate Amendment 001 ] |
92_HB3212ham001
LRB9206261JMmbam02
1 AMENDMENT TO HOUSE BILL 3212
2 AMENDMENT NO. . Amend House Bill 3212 by replacing
3 line 23 on page 1 through line 28 on page 2 with the
4 following:
5 "(b) Moneys in the Fund may be invested or expended by
6 the State Treasurer to provide venture capital to technology
7 businesses seeking to locate, expand, or remain in Illinois
8 by placing money with Illinois venture capital firms for
9 investment by the venture capital firms in technology
10 businesses. "Venture capital", as used in this Act, means
11 equity financing that is provided for starting up, expanding,
12 or relocating a company, or related purposes such as
13 financing for seed capital, research and development,
14 introduction of a product or process into the marketplace, or
15 similar needs requiring risk capital. "Technology business",
16 as used in this Act, means a company that has as its
17 principal function the providing of services including
18 computer, information transfer, communication, distribution,
19 processing, administrative, laboratory, experimental,
20 developmental, technical, testing services, manufacture of
21 goods or materials, the processing of goods or materials by
22 physical or chemical change, computer related activities,
23 robotics, biological or pharmaceutical industrial activity,
24 or technology oriented or emerging industrial activity.
-2- LRB9206261JMmbam02
1 "Illinois venture capital firms", as used in this Act, means
2 an entity incorporated in Illinois or that has a majority of
3 its employees in Illinois and that provides equity financing
4 for starting up or expanding a company, or related purposes
5 such as financing for seed capital, research and development,
6 introduction of a product or process into the marketplace, or
7 similar needs requiring risk capital.
8 (c) Any fund created by an Illinois venture capital firm
9 in which the State Treasurer places money pursuant to this
10 Act shall be required by the State Treasurer to invest an
11 amount of the fund that equals or exceeds the amount of the
12 State Treasurer's investment, in technology businesses
13 seeking to locate, expand, or remain in Illinois.
14 (d) The investment of the State Treasurer in any fund
15 created by an Illinois venture capital firm in which the
16 State Treasurer places money pursuant to this Act shall not
17 exceed 20% of the total investments in the fund.
18 (e) The State Treasurer's costs to administer the Fund
19 shall be paid from the Fund. The amount for this purpose may
20 not exceed $200,000 in any fiscal year.
21 (g) Prior to investment or expenditure, moneys in the
22 Fund may be invested by the State Treasurer in the same
23 manner, in the same types of investments, and subject to the
24 same limitations provided for investments of other funds in
25 the State Treasury.".