92nd General Assembly
Summary of HB3212
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Short description: 
TECH DEVELOPMENT FUND                                                      

Synopsis of Bill as introduced:
        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.                                    
Last action on Bill: PUBLIC ACT.............................. 92-0851

   Last action date: AUG-26-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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