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90_HB1477
20 ILCS 605/47.3 new
Amends the Civil Administrative Code of Illinois.
Requires the Department of Commerce and Community Affairs to
develop a program of grants, loans, and loan guarantees to
promote cooperation between businesses in Illinois and the
State's colleges and universities in the research,
development, and marketing of new technologies and processes.
Requires grants, loans, or loan guarantees to be for the
exclusive purpose of offsetting the costs of cooperative
ventures between a business and a college or university that
involves the research, development, or marketing of a new
technology or process. Creates the Technology Advisory
Panel. Provides that the Panel shall work with the Director
of Commerce and Community Affairs to develop general criteria
and standards governing the issuance of grants, loans, and
loan guarantees.
LRB9004515DNmb
LRB9004515DNmb
1 AN ACT to amend the Civil Administrative Code of Illinois
2 by adding Section 47.3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Civil Administrative Code of Illinois is
6 amended by adding Section 47.3 as follows:
7 (20 ILCS 605/47.3 new)
8 Sec. 47.3. Technology Advisory Panel.
9 (a) The Department of Commerce and Community Affairs
10 shall develop a program of grants, loans, and loan guarantees
11 to promote cooperation between businesses in Illinois and the
12 State's colleges and universities in the research,
13 development, and marketing of new technologies and
14 processes.
15 (b) For purposes of this Section:
16 "Business" includes any private enterprise located in
17 Illinois.
18 "College" and "University" includes all private and
19 public institutions of higher education offering, at a
20 minimum, a bachelor's degree in scientific or engineering
21 subjects.
22 (c) A grant, loan, or loan guarantee under this Section
23 shall be for the exclusive purpose of offsetting the costs of
24 cooperative ventures between a business and a college or
25 university that involves the research, development, or
26 marketing of a new technology or process.
27 (d) There is hereby created the Technology Advisory
28 Panel within the Department of Commerce and Community
29 Affairs. The Panel shall consist of 12 members appointed by
30 the Governor. Six members of the panel shall be currently
31 employed by colleges and universities and 6 members shall be
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1 currently employed by businesses. At least 10 members of the
2 panel shall have expertise in science or engineering subjects
3 and at least 2 members shall have expertise in finance or
4 marketing. The terms of the members initially appointed to
5 the Panel shall commence on January 1, 1998. The terms of 6
6 of the initial members of the panel shall expire on January
7 1, 2000 and the terms of the remaining members shall expire
8 on January 1, 2002. Thereafter, all members shall serve
9 4-year terms. Panel members shall not receive compensation
10 except for necessary expenses. The Panel shall work with the
11 Director to develop general criteria and standards governing
12 the issuance of grants, loans, and loan guarantees under this
13 Section. These criteria and standards shall include, but not
14 be limited to, the following:
15 (1) An evaluation of which industries and which
16 specific programs of scientific and technological
17 research, development, and marketing could benefit the
18 most from financial support from the State.
19 (2) The appropriate allocation of grants, loans,
20 and loan guarantees between (i) specific regions of the
21 State, (ii) small, medium, and large businesses, and
22 (iii) various colleges and universities, and departments
23 and programs within the colleges and universities.
24 (3) Methodologies for approving or disapproving
25 specific requests for grants, loans, or loan guarantees.
26 (4) Optimal means of leveraging State funds with
27 funds available in the private sector.
28 In performing its duties, the panel may utilize the staff
29 and resources of the Department.