(20 ILCS 700/1003)
(from Ch. 127, par. 3701-3)
The following words and phrases, for the
purposes of this Act, shall have the meanings respectively ascribed to
them, except when the context otherwise requires, or except as otherwise
provided in this Act:
"Advanced technology project" means any area of basic or applied
research or development which is designed to foster greater knowledge or
understanding, or which is designed for the purposes of improving,
designing, developing, prototyping, producing or commercializing new
products, techniques, processes or technical devices in present or emerging
fields of health care and biomedical research, information and
communication systems, computing and computer services, electronics,
manufacturing, robotics and materials research, transportation and
agriculture and biotechnology, and finance and services.
"Business expense" includes working capital financing, the purchase
or lease of machinery and equipment, or the lease or purchase of real
property, including construction, renovation, or leasehold improvements,
but does not include refinancing current debt.
"Business project" means any specific economic development activity
of a commercial, industrial, manufacturing, agricultural, scientific,
financial, service or other not-for-profit nature, which is expected to
yield an increase in jobs or to result in the retention of jobs or an
improvement in production efficiency.
"Department" means the Illinois Department of Commerce and Economic Opportunity.
"Director" means the Director of
and Economic Opportunity.
"Financial assistance" means a loan, investment, grant or the
of qualified securities or other means whereby financial aid is made to or on
behalf of a business project or advanced technology project.
"Intermediary organization" means any participating organization including
not-for-profit entities, for-profit entities, State development authorities,
institutions of higher education, other public or private corporations, which
may include the Illinois Coalition, or
other entities necessary
or desirable to further the purpose of this Act engaged by the Department
through any contract, agreement, memoranda of understanding, or other
cooperative arrangement to deliver programs authorized under this Act.
"Investment loan" means any loan structured so that the applicant repays the
principal and interest and provides a qualified security
investment to serve both as additional loan security and as an additional
"Loan" means acceptance of any note, bond, debenture, or evidence of
indebtedness, whether unsecured or secured by a mortgage, pledge, deed of
trust, or other lien on any property, or any certificate of, receipt for,
participation in, or an option to any of the foregoing. A loan shall bear
such interest rate, with such terms of repayment, secured by such
collateral, with other terms and conditions, as the Department shall deem
necessary or appropriate.
"Participating lender or investor" means any trust company, bank,
savings bank, credit union, merchant bank, investment bank, broker, investment
trust, pension fund, building and loan association, savings and loan
association, insurance company, venture capital company or other institution,
community or State development corporation, development authority authorized to
do business by an Act of this State, or other public or private financing
intermediary approved by the Department whose purposes include financing,
promoting, or encouraging economic development financing.
"Qualified security investments" means any stock, convertible
security, treasury stock, limited partnership interest, certificate of
interest or participation in any profit sharing agreement, preorganization
certificate or subscription, transferable share, investment contract,
certificate of interest or participation in a patent or application or, in
general, any interest or instrument commonly known as a "security" or any
certificate for, receipt for, guarantee of, or option, warrant or right to
subscribe to or purchase any of the foregoing, but not including any
instrument which contains voting rights or which can be converted to contain
voting rights in the possession of the Department.
(Source: P.A. 94-793, eff. 5-19-06.)