2005 Illinois Code - 20 ILCS 700/ Technology Advancement and Development Act. Article 1 - Short Title, Purpose, Definitions And General Powers
(20 ILCS 700/Art. 1 heading)
ARTICLE 1
SHORT TITLE, PURPOSE, DEFINITIONS
AND GENERAL POWERS
(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.)
(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 participation grants,
loans or qualified security investments to, or on behalf of, eligible
applicants. Loans, grants and investments shall be made for the purpose of
increasing research and development, commercializing technology, adopting
advanced production and processing techniques, and promoting job creation and
retention within Illinois;
(b) To enter into agreements, accept funds or grants, and engage in
cooperation with agencies of the federal government, local units of
government, universities, research foundations or institutions, regional
economic development corporations or other organizations for the purposes of
this Act;
(c) To enter into contracts, agreements,
and
memoranda of understanding; and to
provide funds for participation agreements or to make any other agreements
or contracts or to invest, grant, or loan funds to any participating
intermediary organizations including, not‑for‑profit entities,
for‑profit entities, State agencies or authorities, government owned and
contract operated facilities, institutions of higher education, other
public or private development corporations, or other
entities necessary or desirable to further the purpose of this
Act. Any such
agreement
or contract by an intermediary
organization to deliver programs authorized under this Act may include terms
and provisions
including, but not limited to
organization and development of documentation, review and approval of projects,
servicing and disbursement of funds and other related activities;
(d) To fix, determine, charge and collect any premiums, fees, charges,
costs and expenses, including without limitation, any application fees,
commitment fees, program fees, financing charges, or publication fees in
connection with the Department's activities under this Act;
(e) To establish forms for applications, notifications, contracts, or
any other agreements, and to promulgate procedures, rules or regulations
deemed necessary and appropriate;
(f) To establish and regulate the terms and conditions of the
Department's agreements and to consent, subject to the provisions of any
agreement with another party, to the modification or restructuring of any
agreement to which the Department is a party;
(g) To require that recipients of financial assistance shall at all
times keep proper books of record and account in accordance with generally
accepted accounting principles consistently applied, with such books open
for reasonable Department inspection and audits, including, without
limitation, the making of copies thereof;
(h) To require applicants or grantees receiving funds under this Act to
permit the Department to: (i) inspect and audit any books, records or
papers related to the project in the custody or control of the applicant,
including the making of copies or extracts thereof, and (ii) inspect or
appraise any of the applicant's or grantee's business assets;
(i) To require applicants or grantees, upon written request by the
Department, to issue any necessary authorization to the appropriate
federal, State or local authority for the release of information concerning
a business or business project financed under the provisions of this Act,
with the information requested to include, but not be limited to, financial
reports, returns, or records relating to that business or business project;
(i‑5) To provide staffing, administration, and related support
required to manage the programs authorized under this Act and to pay for
staffing and administration as
appropriated by
the General Assembly.
Administrative responsibilities may include, but are not limited to, research
and identification of the needs of commerce and industry in this State; design
of
comprehensive statewide plans and programs; direction, management, and control
of specific
projects;
and
communication and cooperation with entities about technology
commercialization and business modernization;
(j) To take whatever actions are necessary or appropriate to protect the
State's interest in the event of bankruptcy, default, foreclosure or
noncompliance with the terms and conditions of financial assistance or
participation required under this Act, including the power to sell,
dispose, lease or rent, upon terms and conditions determined by the
Director to be appropriate, real or personal property which the Department
may receive as a result thereof; and
(k) Exercise such other powers as are necessary to carry out the
purposes of this Act.
(Source: P.A. 94‑91, eff. 7‑1‑05.)
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