House Sponsors: SCHOENBERG-MULLIGAN-OSMOND-DART, FRANKS, MATHIAS AND HOWARD. Senate Sponsors: DILLARD-PARKER-SULLIVAN-OBAMA 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 END OF INQUIRY Full Text Bill Status