92nd General Assembly
Status of HB3212
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SCHOENBERG-MULLIGAN-OSMOND-DART, FRANKS, MATHIAS AND HOWARD.

(DILLARD-PARKER-SULLIVAN-OBAMA)

   New Act                                                                     

        Creates the Technology Development Act.  Creates  the  Technology      
   Development  Fund  as  a  special  fund  held  separately by the State      
   Treasurer and used by the  State  Treasurer  to  attract,  assist,  or      
   retain  quality  technology businesses in Illinois.  Permits the State      
   Treasurer to make a one-time transfer to the  Fund  from  the  General      
   Revenue  Fund  in  an  amount  not to exceed $50,000,000.  Permits the      
   State Treasurer to deposit up to $50,000,000 at reduced interest rates      
   in financial institutions that  use  the  moneys  for  development  of      
   technology initiatives in Illinois. Effective immediately.                  
          FISCAL NOTE (Treasurer of the State of Illinois)                     
          HB 3212 will create the Technology Development Fund and fund         
          it with a transfer not to exceed $50,000,000. Administrative         
          costs are expeced to be $300,000. An estimate of the revenue         
          generated from the fund is not possible at this time. It is          
          possible the program could generate sufficient revenues over         
          what would normally be earned in interest to offset the costs        
          or could return less than normal.                                    
        HOUSE AMENDMENT NO. 1.                                                 
        Requires that any venture capital firm's fund in which the  State      
   Treasurer  invests  must  invest  in  technology businesses seeking to      
   locate, expand, or remain in Illinois in an amount equal to or greater      
   than the State Treasurer's investment.  Limits the  State  Treasurer's      
   investment  in  such  a  fund to 20% of that fund's total investments.      
   Changes the maximum  administrative  expenses  to  be  paid  from  the      
   Technology Development Fund to $200,000 per fiscal year.                    
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          15 ILCS 520/22.5                from Ch. 130, par. 41a               
        Deletes  everything  after  the  enacting  clause.   Creates  the      
   Technology  Development  Act.   Authorizes  the  State  Treasurer   to      
   establish the Technology Development Account, a limited portion of the      
   Treasurer's  investment  portfolio that may be used for investments to      
   attract, assist, and retain quality technology businesses in Illinois.      
   Defines an Illinois venture capital firm as one with (i) a majority of      
   its employees in Illinois  or  (ii)  at  least  one  managing  partner      
   domiciled   in  Illinois  with  significant  investments  in  Illinois      
   companies. Limits the State Treasurer's  participation  in  a  venture      
   capital  fund  to  10%  of  the  fund's investments.  Limits the State      
   Treasurer to investing one-third of  the  Account  in  any  one  year.      
   Amends  the  Deposit  of  State  Moneys  Act.   Authorizes  the  State      
   Treasurer  to  invest  State  moneys in accordance with the Technology      
   Development Act.  Effective immediately.                                    
   MAR-01-2001  H  FILED WITH CLERK                                               
   MAR-01-2001  H  FIRST READING                                                  
   MAR-01-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   MAR-06-2001  H       ASSIGNED TO COMMITTEE               COMM BUSS DEV         
   MAR-14-2001  H  ADDED AS A JOINT SPONSOR                 MULLIGAN              
   MAR-15-2001  H  DO PASS/STANDARD DEBATE                  006-003-001   HCBD    
   MAR-15-2001  H  PLACED CAL 2ND READING-STANDARD DEBATE                         
   MAR-21-2001  H                         FISCAL NOTE FILED                       
   MAR-21-2001  H                             AMENDMENT NO. 01-SCOTT              
   MAR-21-2001  H                     AMENDMENT REFERRED TO HRUL                  
   MAR-21-2001  H  CALENDAR ORDER 2ND READING-STANDARD DBT                        
   MAR-22-2001  H  ADDED AS A JOINT SPONSOR                 OSMOND                
   MAR-26-2001  H                             AMENDMENT NO. 01-SCOTT              
   MAR-26-2001  H  RECOMMENDS BE ADOPTED                    HRUL/004-000-000      
   MAR-26-2001  H  CALENDAR ORDER 2ND READING-STANDARD DBT                        
   MAR-26-2001  H  ADDED AS A JOINT SPONSOR                 SCHOENBERG            
   MAR-30-2001  H  SECOND READING-STANDARD DEBATE                                 
   MAR-30-2001  H                             AMENDMENT NO. 01-SCOTT              
   MAR-30-2001  H                                   ADOPTED                       
   MAR-30-2001  H  PLCD CAL ORDER 3RD READING-STNDRD DEBATE                       
   APR-05-2001  H  THIRD READING/STANDARD DEBATE/PASS       116-000-000           
   APR-05-2001  S  ARRIVE IN SENATE                                               
   APR-05-2001  S  PLACED CALENDAR ORDER OF FIRST READING   01-04-06              
   APR-05-2001  S  CHIEF SPONSOR                            DILLARD               
   APR-05-2001  H  ADDED AS A JOINT SPONSOR                 DART                  
   APR-05-2001  H  ADDED AS A CO-SPONSOR                    FRANKS                
   APR-05-2001  H  ADDED AS A CO-SPONSOR                    MATHIAS               
   APR-05-2001  H  ADDED AS A CO-SPONSOR                    HOWARD                
   APR-06-2001  S  FIRST READING                                                  
   APR-06-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   APR-09-2001  S  ADDED AS A CHIEF CO-SPONSOR              PARKER                
   FEB-07-2002  H  PRIMARY SPONSOR CHANGED TO               SCHOENBERG            
   APR-17-2002  S       ASSIGNED TO COMMITTEE               EXECUTIVE             
   APR-24-2002  S  ADDED AS A CHIEF CO-SPONSOR              SULLIVAN              
   APR-24-2002  S                             AMENDMENT NO. 01-EXECUTIVE     S    
   APR-24-2002  S                                   ADOPTED                       
   APR-25-2002  S       DO PASS AS AMENDED                  013-000-000   SEXC    
   APR-25-2002  S  PLACED ON CALENDAR ORDER OF 2ND READING  02-05-06              
   APR-25-2002  S  ADDED AS A CHIEF CO-SPONSOR              OBAMA                 
   MAY-07-2002  S  SECOND READING                                                 
   MAY-07-2002  S  PLACED ON CALENDAR ORDER OF 3RD READING  02-05-08              
   MAY-09-2002  S  THIRD READING - PASSED                   056-000-000           
   MAY-09-2002  H  ARRIVE IN HOUSE                                                
   MAY-09-2002  H  PLACED ON CALENDAR ORDER OF CONCURRENCE  01                    
   MAY-09-2002  H  MOTION FILED CONCUR                      01/SCHOENBERG         
   MAY-09-2002  H                        MOTION REFERRED TO HRUL                  
   MAY-09-2002  H  CALENDAR ORDER OF CONCURRENCE            01                    
   MAY-15-2002  H  FINAL PASSAGE DEADLINE EXTENDED-RULE     9(B) TO 5/31/02       
   MAY-15-2002  H  CALENDAR ORDER OF CONCURRENCE            01                    
   MAY-21-2002  H  MOTION TO CONCUR/SENATE AMENDMENT NO.(S) 01                    
   MAY-21-2002  H                           RULES REFERS TO HCBD                  
   MAY-21-2002  H  CALENDAR ORDER OF CONCURRENCE            01                    
   MAY-23-2002  H  MOTION TO CONCUR/SENATE AMENDMENT NO.(S) 01                    
   MAY-23-2002  H  RECOMMENDS BE ADOPTED                    HCBD/007-000-000      
   MAY-23-2002  H  CALENDAR ORDER OF CONCURRENCE            01                    
   MAY-29-2002  H  HSE CONCURS IN SEN AMENDMENTS (NO.)      01/116-001-000        
   MAY-29-2002  H  PASSED BOTH HOUSES                                             
   JUN-27-2002  H  SENT TO THE GOVERNOR                                           
   AUG-26-2002  H  GOVERNOR APPROVED                                              
   AUG-26-2002  H                            EFFECTIVE DATE 02-08-26              
   AUG-26-2002  H  PUBLIC ACT.............................. 92-0851               

   END OF INQUIRY 



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