Sec. 9-5.2. Illinois Equity Fund.

308 words·~1 min read·/il/chapter-30/act-750/9-5-2

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

(a)There is created the Illinois Equity Fund, to be held as a separate fund within the State Treasury. The purpose of the Illinois Equity Fund is to make equity investments in Illinois. All financing will be done in conjunction with participating lenders or other investors. Investment proceeds may be directed to working capital expenses associated with the introduction of new technical products or services of individual business projects or may be used for equity finance pools operated by intermediaries.

(b)There shall be deposited in the Illinois Equity Fund such amounts, including but not limited to:

(i)All receipts including dividends, principal and interest payments, royalties, or

other return on investment from any applicable loan made from the Illinois Equity Fund, from direct appropriations by the General Assembly from the Build Illinois Fund or from intermediary agreements made from the Illinois Equity Fund entered into by the Department;

(ii)All proceeds of assets of whatever nature received by the Department as a result of

default or delinquency with respect to loan agreements made from the Illinois Equity Fund, or from direct appropriations by the General Assembly including proceeds from the sale, disposal, lease or rental of real or personal property which the Department may receive as a result thereof;

(iii)any appropriations, grants or gifts made to the Illinois Equity Fund;

(iv)any income received from interest on investments of moneys in the Illinois Equity

Fund.

(c)The Treasurer may invest moneys in the Illinois Equity Fund in securities constituting direct obligations of the United States Government, or in obligations the principal of and interest on which are guaranteed by the United States Government, or in certificates of deposit of any State or national bank which are fully secured by obligations guaranteed as to principal and interest by the United States Government.