SCHOENBERG-MULLIGAN-OSMOND-DART, FRANKS, MATHIAS AND HOWARD.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status