Full Text of SB2407 93rd General Assembly
SB2407eng 93RD GENERAL ASSEMBLY
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| AN ACT concerning technology development.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Technology Development Act is amended by | 5 |
| changing Section 10
and adding Section 20 as follows:
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| (30 ILCS 265/10)
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| Sec. 10. Technology Development Account.
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| (a) The State Treasurer may segregate a portion of the | 9 |
| Treasurer's
investment
portfolio, that at no time shall be | 10 |
| greater than 1% of the portfolio, in the
Technology Development | 11 |
| Account, an account that shall be maintained separately
and | 12 |
| apart from other moneys invested by the Treasurer. The | 13 |
| Treasurer may make
investments from the Account that help | 14 |
| attract, assist, and retain quality
technology businesses in | 15 |
| Illinois. The earnings on the Account shall be
accounted for | 16 |
| separately from other investments made by the Treasurer.
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| (b) Moneys in the Account may be invested by the State | 18 |
| Treasurer
to
provide venture capital to technology businesses | 19 |
| seeking to locate, expand, or
remain in
Illinois by placing | 20 |
| money with Illinois venture capital firms for investment by
the | 21 |
| venture
capital firms in technology businesses. "Venture | 22 |
| capital", as used in this
Act, means
equity financing that is | 23 |
| provided for starting up, expanding, or relocating a
company, | 24 |
| or
related purposes such as financing for seed capital, | 25 |
| research and development,
introduction of a product or process | 26 |
| into the marketplace, or similar needs
requiring risk
capital. | 27 |
| "Technology business", as used in this Act, means a company | 28 |
| that has
as its
principal function the providing of services | 29 |
| including computer, information
transfer,
communication, | 30 |
| distribution, processing, administrative, laboratory,
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| experimental,
developmental, technical, testing services, | 32 |
| manufacture of goods or materials,
the
processing of goods or |
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| materials by physical or chemical change, computer
related
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| activities, robotics, biological or pharmaceutical industrial | 3 |
| activity, or
technology
oriented or emerging industrial | 4 |
| activity. "Illinois venture capital firms", as
used in this
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| Act, means an entity that has a majority of its
employees in
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| Illinois or that has at least one managing partner domiciled in | 7 |
| Illinois that
has made significant capital investments in | 8 |
| Illinois companies and that
provides equity financing for | 9 |
| starting up or expanding a
company, or
related purposes such as | 10 |
| financing for seed capital, research and development,
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| introduction of a product or process into the marketplace, or | 12 |
| similar needs
requiring risk
capital.
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| (c) Any fund created by an Illinois venture capital firm in | 14 |
| which the State
Treasurer places money pursuant to this Act | 15 |
| shall be required by the State
Treasurer to
seek investments in | 16 |
| technology businesses seeking to locate, expand, or remain
in
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| Illinois.
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| (d) The investment of the State Treasurer in any fund | 19 |
| created by an Illinois
venture capital firm in which the State | 20 |
| Treasurer places money pursuant to this
Act shall
not exceed | 21 |
| 10% of the total investments in the fund.
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| (e) The State Treasurer shall not invest more than | 23 |
| one-third of the
Technology
Development Account in any given | 24 |
| calendar year.
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| (f) The Treasurer may deposit no more than 10% of the | 26 |
| earnings of the
investments in the Technology Development | 27 |
| Account into the Technology
Development Fund.
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| (Source: P.A. 92-851, eff. 8-26-02.)
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| (30 ILCS 265/20 new)
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| Sec. 20. Technology Development Fund. The Technology | 31 |
| Development Fund is
created as a special fund outside the State | 32 |
| treasury with the State Treasurer
as custodian. Moneys in the | 33 |
| Fund may be used by the State Treasurer to pay
expenses related | 34 |
| to investments from the Technology Development Account. Moneys
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| in the Fund in excess of those expenses may be provided as |
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| grants to Illinois
schools to purchase computers and to upgrade | 2 |
| technology.
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| Section 99. Effective date. This Act takes effect upon | 4 |
| becoming law. |
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