Sec. 20. Technology Development Fund.

198 words·~1 min read·/il/chapter-30/act-265/20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Technology Development Fund is created as a nonappropriated trust fund within the State treasury. Moneys in the Fund may be used by the State Treasurer to pay expenses related to investments from the Technology Development Account. Moneys in the Fund in excess of those expenses may be provided as grants to:

(i)Illinois schools to purchase computers, upgrade technology, and support career and technical education; or

(ii)incubators, accelerators, innovation research, technology transfer, and educational programs that provide training, support, and other resources to technology businesses to promote the growth of jobs and entrepreneurial and venture capital environments in communities of color or underrepresented or under-resourced communities in the State.

(b)On or before January 31, 2023 and each year thereafter, the Treasurer shall publish on his or her official website the following information regarding the Technology Development Fund for the previous fiscal year:

(1)moneys spent on administration expenses;

(2)moneys provided as grants to Illinois schools to purchase computers, upgrade

technology, and support career and technical education;

(3)moneys provided as grants to incubators, accelerators, innovation research,

technology transfer, and educational programs; and

(4)notice of all grants awarded.