(20 ILCS 700/Art. 1 heading) ARTICLE 1
SHORT TITLE, PURPOSE, DEFINITIONS
AND GENERAL POWERS
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(20 ILCS 700/1001) (from Ch. 127, par. 3701-1)
Sec. 1001.
Short title.
This Act shall be known and may be cited as
the Technology Advancement and Development Act.
(Source: P.A. 86-870.)
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(20 ILCS 700/1002) (from Ch. 127, par. 3701-2)
Sec. 1002.
Findings and declaration of policy.
The General Assembly
hereby finds that numerous economic challenges confront the State,
including dramatic increases in foreign productivity and global market
competition which have forced a retrenchment in key business sectors and a
reduction in high paying manufacturing jobs which threaten to undermine
Illinois' standard of living and quality of life. In order to avoid
economic stagnation and decline, Illinois must keep pace with the global
revolution in manufacturing technology that is occurring in virtually every
major industrialized nation competing in the international marketplace.
The General Assembly further finds that an appropriate economic response
would require increasing the level of investment in research and
development;
utilizing industry, State and local government, labor, and
academia to
create state-wide programs; and fostering an improved environment for
productivity and technological competitiveness. These various programs
would utilize Illinois' present resources in many developing areas
including health care and biomedical research, information and
telecommunications, computing and electronic equipment, manufacturing
technologies and materials research, transportation and aerospace,
geoscience, financial and service industries, and agriculture and
biotechnology.
It is the purpose of this Act to identify, develop and commercialize
technology which will permit Illinois firms to successfully compete in
today's world markets, and to authorize State and local government to
promote systematically, within the provisions of this Act, those private
sector and nonprofit research institution efforts that will serve as
intermediaries to achieve the programs authorized under this Act; and
continue
to
insure Illinois' economic vitality and competitiveness through (i)
commercialization of new technology products; (ii) modernization of services by
technology enterprises; and (iii) modernization
of the industrial base of small and medium-sized manufacturers.
(Source: P.A. 91-476, eff. 8-11-99.)
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(20 ILCS 700/1003) (from Ch. 127, par. 3701-3)
Sec. 1003. Definitions. 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
aerospace,
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
Commerce
and Economic Opportunity.
"Financial assistance" means a loan, investment, grant or the
purchase
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
source of
repayment.
"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.)
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(20 ILCS 700/1004) (from Ch. 127, par. 3701-4)
Sec. 1004. Duties and powers. The Department of Commerce and
Economic Opportunity shall establish and administer any of the programs
authorized under
this Act subject to the availability of funds appropriated by the General
Assembly. The Department may
make awards from
general revenue fund appropriations, federal reimbursement funds, and
the
Technology
Cooperation Fund, as provided under the
provisions of this
Act. The Department, in addition to those powers granted under the Civil
Administrative Code of Illinois, is granted the following powers to
help administer the provisions of this Act:
(a) To provide financial assistance as direct or | ||
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(b) To enter into agreements, accept funds or grants, | ||
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(c) To enter into contracts, agreements, and | ||
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(d) To fix, determine, charge, and collect any | ||
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(e) To establish forms for applications, | ||
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(f) To establish and regulate the terms and | ||
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(g) To require that recipients of financial | ||
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(h) To require applicants or grantees receiving funds | ||
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(i) To require applicants or grantees, upon written | ||
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(i-5) To provide staffing, administration, and | ||
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(j) To take whatever actions are necessary or | ||
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(k) To exercise such other powers as are necessary to | ||
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(Source: P.A. 100-201, eff. 8-18-17.)
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