Illinois General Assembly - Full Text of SR0089
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Full Text of SR0089  93rd General Assembly

SR0089 93rd General Assembly


                                     LRB093 11299 HSS 13224 r

 1                          SENATE RESOLUTION

 2        WHEREAS, The State is in need of substantial support  for
 3    private equity, technology and economic development; and

 4        WHEREAS, Private equity is a vital aspect of the Illinois
 5    economy  providing  needed  private capital to early and late
 6    stage companies in  various  industries,  including  but  not
 7    limited to: retail, restaurant, manufacturing, biotechnology,
 8    pharmaceutical, medical devices, homeland security, software,
 9    wireless communications, transportation, and agriculture; and

10        WHEREAS,  The development of the private equity sector of
11    the  Illinois  economy  offers  the  best   opportunity   for
12    long-term  economic  vitality, for the expansion of jobs, for
13    the improvement of productivity and  a  quality  standard  of
14    living,  and  for  providing  the greatest number of citizens
15    with genuine opportunity; and

16        WHEREAS,  Significant  functions  of  government  are  to
17    increase opportunities for gainful employment,  to  encourage
18    the flow of private capital for investment in small and large
19    enterprises, and to otherwise improve the prosperity, health,
20    and   general  welfare  of  the  inhabitants  of  the  State;
21    therefore, be it

23    ASSEMBLY  OF THE STATE OF ILLINOIS, that there is created the
24    Private  Equity  Task  Force  consisting  of  6  members,   3
25    appointed  by the President of the Senate, 2 appointed by the
26    Senate Minority Leader, and one appointed  by  the  Governor,
27    all  of  whom  shall  serve without compensation but shall be
28    reimbursed for their reasonable and necessary  expenses  from
29    funds appropriated for that purpose; and be it further

30        RESOLVED,  That the Task Force shall study various issues
31    relating to private equity  in  Illinois  and  the  needs  of
                            -2-      LRB093 11299 HSS 13224 r
 1    businesses  receiving  private  capital  investment; the Task
 2    Force shall examine, among any other  issues  it  chooses  to
 3    investigate  with respect to venture capital, private equity,
 4    and technology, the following issues:
 5        1)  the  appropriate   role   of   public   and   private
 6    collaboration in private equity investing,
 7        2)  the  relationship between public limited partners and
 8    Illinois private equity partnerships,
 9        3)  the   opportunities   for   employment   in   private
10    equity-backed businesses and industries,
11        4)  the  review  of existing State resources and programs
12    that assist in the development of biotechnology and  homeland
13    security,
14        5)  the  status  and successes of technology transfer and
15    entrepreneurial  development  in  Illinois  and  the   United
16    States; and
17        6)  the  tax  structure affecting Illinois private equity
18    and portfolio companies; and be it further

19        RESOLVED,  That  the  Task  Force   shall   receive   the
20    assistance  of  legislative staff, may employ skilled experts
21    with the approval of the President of the Senate,  and  shall
22    report  its  findings  to  the  General Assembly on or before
23    March 1, 2004.