State of Illinois
91st General Assembly
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91_SB1239

 
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 1        AN ACT concerning biotechnology.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Biotechnology Sector Development  Act  is
 5    amended  by  changing  Sections  10, 15, and 20 and by adding
 6    Sections 30, 35, 40, 50, 60, 65, 70, 75,  80,  85,  90,  100,
 7    110, 115, 120, and 130 as follows:

 8        (20 ILCS 230/10)
 9        Sec. 10.  Sector program.  The Department of Agriculture,
10    in  cooperation with the Department of Commerce and Community
11    Affairs  and  the  Illinois  Coalition,  shall  establish   a
12    targeted  sector  program  in  the  area of biotechnology. In
13    fulfillment of this purpose, the Department of Agriculture is
14    authorized to:
15        (a)  Analyze  on  an  ongoing  basis  the  state  of  the
16    biotechnology sector in Illinois, including, but not  limited
17    to,  its  strengths  and  weaknesses,  its  opportunities and
18    risks, its emerging products, processes, and  market  niches,
19    the  commercialization of its related technology, its capital
20    availability, its  education  and  training  needs,  and  its
21    infrastructure development.
22        (b)  Work  in conjunction with the Biotechnology Advisory
23    Council created under this Act.
24        (c)  Develop a resource guide for use  in  promoting  the
25    biotechnology sector in Illinois.
26        (d)  Explore  the  feasibility  of conducting seminars to
27    provide both entrepreneurs  and  investors  with  information
28    about the biotechnology sector in Illinois.
29        (e)  Operate,  internally  or  on a contractual basis, an
30    equipment resource referral  service  to  identify  available
31    surplus   equipment  that  could  be  used  by  biotechnology
 
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 1    entrepreneurs.
 2    (Source: P.A. 88-584, eff. 8-12-94.)


 3        (20 ILCS 230/15)
 4        Sec.  15.   Biotechnology  Advisory  Council.   There  is
 5    created  a  Biotechnology   Advisory   Council   within   the
 6    Department  of  Agriculture.   The Council is composed of the
 7    Directors,  or  their  designees,  of   the   Department   of
 8    Agriculture  and   the  Department  of Commerce and Community
 9    Affairs; the executive director, or his or her  designee,  of
10    the  Illinois Board of Higher Education; 2 representatives of
11    the  public  higher  education  community  appointed  by  the
12    Governor; 2 representatives  of the private higher  education
13    community appointed by the Governor; and 4 representatives of
14    the  private  sector  appointed by the Governor.  The members
15    appointed by the Governor shall be qualified based upon their
16    demonstrated knowledge, skill, and expertise in the field  of
17    biotechnology.
18        Appointed  members  shall  serve  2-year terms and may be
19    reappointed. Any vacancy occurring before the  expiration  of
20    the   term   of  the  vacating  member  shall  be  filled  by
21    appointment for the remainder of that  term.   Members  shall
22    serve  without  compensation  but  shall  be  reimbursed  for
23    ordinary  and  necessary expenses incurred in the performance
24    of  their  duties.   The  Director  of  the   Department   of
25    Agriculture shall serve as chair.
26        The  Governor  shall  make  initial appointments no later
27    than 60 days after the effective date of this Act.
28        The Department  of  Agriculture  and  the  Department  of
29    Commerce  and  Community  Affairs  shall  cooperate  with the
30    Council to fulfill the purposes of this Act.  The  Department
31    of Agriculture shall provide the Council with necessary staff
32    and administrative support.
 
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 1    (Source: P.A. 88-584, eff. 8-12-94.)

 2        (20 ILCS 230/20)
 3        Sec.   20.  Scope   and   functions.   The  Biotechnology
 4    Advisory Council shall:
 5        (a)  Assist  the  Department  of   Agriculture   in   the
 6    development  of a strategic plan for developing and promoting
 7    the biotechnology sector in this  State,  building  upon  the
 8    1993  report  of recommendations of the Biotechnology Working
 9    Group convened by the Department of Agriculture.
10        (b)  Recommend to the Department of Agriculture  and  the
11    Department  of  Commerce  and  Community  Affairs  changes in
12    policy  or  law  in  the  areas  of  labor  availability  and
13    training,   regulation,   capital   development,   technology
14    transfer, support facilities, and industrial recruiting  that
15    will  promote  the development of the biotechnology sector in
16    this State.
17        (c)  Recommend measures to  enhance  public  and  private
18    collaboration in the biotechnology sector.
19    (Source: P.A. 88-584, eff. 8-12-94.)

20        (20 ILCS 230/30 new)
21        Sec.  30.  Creation of Illinois Biotechnology Development
22    Authority.  There is created an entity to  be  known  as  the
23    Illinois  Biotechnology Development Authority.  The Authority
24    may maintain an office or branch office anywhere in the State
25    and  may  use,  without  the  payment  of  rent,  any  office
26    facilities that the State may conveniently make available  to
27    it.

28        (20 ILCS 230/35 new)
29        Sec.   35.   Purpose.    The  purposes  of  the  Illinois
30    Biotechnology Development Authority are:
31             (a)  to   develop    and    operate    comprehensive
 
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 1        information  systems for the improvement and coordination
 2        of all aspects of biotechnology;
 3             (b)  to define,  develop,  evaluate,  and  correlate
 4        State and local programs and projects associated with the
 5        improvement of biotechnology;
 6             (c)  to  act  as  a  central repository and clearing
 7        house for federal, State,  and  local  research  studies,
 8        plans,   projects,   proposals,   and  other  information
 9        relating to all aspects of biotechnology and to encourage
10        educational programs for citizen  support  of  State  and
11        local efforts to make those improvements;
12             (d)  to   undertake   research  studies  to  aid  in
13        accomplishing its purposes;
14             (e)  to advise and to make  recommendations  to  the
15        Governor and the General Assembly on policies relating to
16        biotechnology;
17             (f)  to   direct   all   other  agencies  under  the
18        jurisdiction  of  the  Governor   to   provide   whatever
19        assistance  and  information  the  Authority may lawfully
20        require to carry out its functions; and
21             (g)  to  exercise  any   other   powers   that   are
22        reasonable  and necessary to fulfill the responsibilities
23        of the Authority under this Act and to  comply  with  the
24        requirements of applicable federal law or regulation.

25        (20 ILCS 230/40 new)
26        Sec. 40. Members of Authority; terms.
27        (a)  The  governing  and  administrative  powers  of  the
28    Illinois  Biotechnology Development Authority shall be vested
29    in a Board consisting of 4 nonvoting members  and  13  voting
30    members appointed or designated as follows:
31             (1)  the  Director of Commerce and Community Affairs
32        or his or her designee;
33             (2)  the Director  of  Agriculture  or  his  or  her
 
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 1        designee;
 2             (3)  the dean of a public university with a research
 3        park  college  of  agriculture  appointed by the Governor
 4        with the advice and consent of the Senate;
 5             (4)  the dean of a public university with a research
 6        park college of engineering  appointed  by  the  Governor
 7        with the advice and consent of the Senate;
 8             (5)  the  dean  of a public college of medicine at a
 9        university with a  teaching  hospital  appointed  by  the
10        Governor with the advice and consent of the Senate;
11             (6)  four  members of the General Assembly, one each
12        appointed by the President of the  Senate,  the  Minority
13        Leader  of  the  Senate,  the  Speaker  of  the  House of
14        Representatives, and the Minority Leader of the House  of
15        Representatives;  these  4  members  shall  be ex officio
16        nonvoting members;
17             (7)  the President of the Chicago Technology Park;
18             (8)  the President of the Illinois Coalition;
19             (9)  two representatives from Illinois  agricultural
20        trade  associations  appointed  by  the Governor with the
21        advice and consent of the Senate; and
22             (10)  four members  of  the  general  public  to  be
23        appointed  by the Governor with the advice and consent of
24        the Senate.
25        (b)  All of the members shall be residents of the  State.
26    All  of  the  members  appointed  by  the Governor shall have
27    recognized ability and experience  in  one  or  more  of  the
28    following  areas: higher education, research and development,
29    science   and   technology,   medicine,    engineering,    or
30    bioagricultural    development.        A    Chairperson   and
31    Vice-chairperson of the Board shall be elected by  the  Board
32    annually from among its members.
33        (c)  The terms of all members of the Board shall begin 30
34    days  after  the  effective date of this Act.  Of the members
 
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 1    initially appointed by the Governor, 4 shall serve until  the
 2    third  Monday  in  January, 2002, and 5 shall serve until the
 3    third Monday in January, 2003.   Each  successor  shall  hold
 4    office  for  a term of 4 years commencing the third Monday in
 5    January of the year in  which  his  or  her  term  commences,
 6    except  in case of an appointment to fill a vacancy.  In case
 7    of vacancy when the Senate is not in  session,  the  Governor
 8    may  make  a  temporary appointment until the next meeting of
 9    the Senate when a person  shall  be  nominated  to  fill  the
10    office  and  any  person so nominated who is confirmed by the
11    Senate shall hold office during the remainder of the term and
12    until a successor is appointed and qualified.

13        (20 ILCS 230/50 new)
14        Sec. 50.  Executive director.   The  Governor,  with  the
15    advice  and consent of the Senate, shall appoint an executive
16    director of the  Authority.   The  executive  director  shall
17    employ,  in  accordance  with  the provisions of the Illinois
18    Personnel Code, any administrative,  professional,  clerical,
19    and  other  personnel  that  may  be required.  The executive
20    director may organize the staff of the Authority as he or she
21    may deem appropriate.

22        (20 ILCS 230/60 new)
23        Sec. 60. General powers.
24        (a)  The  Illinois  Biotechnology  Development  Authority
25    shall   have    the    following    powers,    duties,    and
26    responsibilities:
27             (1)  to  enter into loans, contracts, mortgages, and
28        inter-governmental, inter-agency, or other agreements  in
29        furtherance  of  any project approved by the Authority or
30        otherwise  in  any  matter  connected  with  any  of  its
31        corporate purposes;
32             (2)  to invest the funds of the Authority;
 
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 1             (3)  to sue and be sued;
 2             (4)  to employ agents,  employees,  and  independent
 3        contractors necessary to carry out its corporate purposes
 4        and  to  fix  their compensation, benefits, and terms and
 5        conditions of employment;
 6             (5)  to have and use a common seal and to alter  the
 7        seal at its discretion;
 8             (6)  to adopt all necessary ordinances, resolutions,
 9        by-laws,  and  rules  for the conduct of its business and
10        affairs and for the management and use  of  the  projects
11        implemented,   developed,   constructed,   acquired,  and
12        improved in furtherance of its corporate purposes;
13             (7)  to designate and change the fiscal year for the
14        Authority;
15             (8)  to accept and  expend  appropriations  for  any
16        purpose of the Authority;
17             (9)  as  a  designated intermediary organization, to
18        enter into agreements with  and  accept  funds  from  the
19        Department   of   Commerce  and  Community  Affairs,  the
20        Department of Agriculture, and other  State  entities  or
21        agencies for the purposes of this Act;
22             (10)  to   fix,   determine,   charge,  and  collect
23        premiums, fees, charges, costs,  and  expenses  from  any
24        person in connection with its activities under this Act;
25             (11)  to  create  and  establish  reserve  funds and
26        accounts that may be necessary or desirable to accomplish
27        its purposes under this Act and to deposit its  available
28        moneys into the funds and accounts;
29             (12)  to  charge to and apportion among projects the
30        administrative  costs  and  expenses  of  the   Authority
31        incurred  in  the  exercise  of  the  powers  and  duties
32        conferred by this Act;
33             (13)  to   develop,   construct,   and  improve  any
34        project,  either  under  its  own  direction  or  through
 
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 1        collaboration with any approved applicant; to acquire any
 2        project, through purchase or otherwise, and  to  use  for
 3        that  purpose proceeds derived from governmental loans or
 4        grants or from any other legally authorized and available
 5        source; and to hold title in the name of the Authority to
 6        any projects or portions thereof;
 7             (14)  to lease, under one or more lease  agreements,
 8        all  or  parts  of  a  project  to the approved lessee or
 9        lessees  on  any  terms  and  conditions  that   may   be
10        appropriate  to  further  the purposes of this Act and to
11        maintain the credit of the Authority; and
12             (15)  to have and exercise all powers and be subject
13        to all duties usually incident to boards of directors  of
14        corporations.
15        (b)  For the purpose of this Section, "project" means any
16    activities,  programs,  or initiatives to further the purpose
17    of this Act and to enhance the  position  of  Illinois  as  a
18    leader   in   biotechnology  and  the  commercialization  and
19    application of new products and  processes,  with  particular
20    emphasis  on  building  on  and  preserving Illinois' leading
21    position   in   the   lifesciences   biotechnology    sector,
22    bioagriculture sector, and biomedical technology transfer and
23    commercialization.

24        (20 ILCS 230/65 new)
25        Sec.  65.  Board  members;  compensation.  The members of
26    the  Illinois  Biotechnology  Development   Authority   shall
27    receive  no  compensation for the performance of their duties
28    as  members,  but  each  member  shall  be   reimbursed   for
29    reasonable  and  necessary  expenses  while  engaged  in  the
30    performance of his or her duties.

31        (20 ILCS 230/70 new)
32        Sec. 70.  Bonds and notes.
 
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 1        (a)(1)  The  Illinois Biotechnology Development Authority
 2    may, with the written approval of the Governor, at  any  time
 3    and from time to time issue bonds and notes for any corporate
 4    purpose,  including  the  establishment  of  reserves and the
 5    payment of interest.  In this Act, the term "bonds"  includes
 6    notes  of any kind, interim certificates, refunding bonds, or
 7    any other evidence of obligation.
 8        (2)  The bonds of any issue shall be payable solely  from
 9    the property or receipts of the Authority, including, without
10    limitation:
11             (A)  fees, charges, or other revenues payable to the
12        Authority;
13             (B)  payments  by  financial institutions, insurance
14        companies, or others pursuant  to  letters  or  lines  of
15        credit, policies of insurance, or purchase agreements;
16             (C)  investment  earnings  from  funds  or  accounts
17        maintained   pursuant  to  a  bond  resolution  or  trust
18        agreement; and
19             (D)  proceeds of refunding bonds.
20        (3)  Bonds shall be authorized by  a  resolution  of  the
21    Authority  and  may  be  secured  by a trust agreement by and
22    between the Authority and a  corporate  trustee  or  trustees
23    that  may be any trust company or bank having the powers of a
24    trust company within or without the State.  Bonds shall:
25             (A)  be issued at, above, or  below  par  value  for
26        cash  or other valuable consideration and may mature at a
27        time or times, whether as serial bonds, as term bonds, or
28        both, not exceeding 40 years from their  respective  date
29        of  issue;  however,  the  length of the term of the bond
30        should bear a reasonable relationship to the  value  life
31        of the item financed;
32             (B)  bear  interest at the fixed or variable rate or
33        rates determined by the method provided in the resolution
34        or trust agreement;
 
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 1             (C)  be  payable  at  a  time  or   times   in   the
 2        denominations  and  form,  either  coupon, registered, or
 3        both, and carry the registration  and  privileges  as  to
 4        conversion  and  the  replacement  of mutilated, lost, or
 5        destroyed bonds that the resolution  or  trust  agreement
 6        may provide;
 7             (D)  be payable in lawful money of the United States
 8        at a designated place;
 9             (E)  be  subject  to the terms of purchase, payment,
10        redemption, refunding, or refinancing that the resolution
11        or trust agreement provides;
12             (F)  be  executed  by  the   manual   or   facsimile
13        signatures of the officers of the Authority designated by
14        the   Authority,  which  signatures  shall  be  valid  at
15        delivery even for one who has ceased to hold office; and
16             (G)  be sold  in  the  manner  and  upon  the  terms
17        determined by the Authority.
18        (b)  Any   resolution  or  trust  agreement  may  contain
19    provisions that shall be a part  of  the  contract  with  the
20    holders of the bonds as to:
21        (1)  pledging,   assigning,   or   directing   the   use,
22    investment,  or  disposition  of receipts of the Authority or
23    the proceeds or benefits of any  contract  and  conveying  or
24    otherwise securing any property or property rights;
25        (2)  the  setting  aside  of  loan funding deposits, debt
26    service reserves,  capitalized  interest  accounts,  cost  of
27    issuance  accounts,  and  sinking  funds and the regulations,
28    investment, and disposition thereof;
29        (3)  limitations  on  the  purpose  to   which   or   the
30    investments  in  which  the  proceeds of sale of any issue of
31    bonds may  be  applied  and  restrictions  to  investment  of
32    revenues or bond proceeds in government obligations for which
33    principal  and interest are unconditionally guaranteed by the
34    United States of America;
 
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 1        (4)  limitations on the issue of  additional  bonds,  the
 2    terms  upon which additional bonds may be issued and secured,
 3    and the terms upon which  additional  bonds  may  rank  on  a
 4    parity with, or be subordinate or superior to, other bonds;
 5        (5)  the refunding or refinancing of outstanding bonds;
 6        (6)  the  procedure,  if  any,  by which the terms of any
 7    contract with bondholders may be altered or amended  and  the
 8    amount  of  bonds  that  and  number  of bondholders who must
 9    consent thereto and the manner  in  which  consent  shall  be
10    given;
11        (7)  defining the acts or omissions that shall constitute
12    a  default in the duties of the Authority to holders of bonds
13    and providing the rights or remedies of the  holders  in  the
14    event  of  a  default that may include provisions restricting
15    individual right of action by bondholders;
16        (8)  providing  for  guarantees,  pledges  of   property,
17    letters  of  credit,  or  other security or insurance for the
18    benefit of bondholders; and
19        (9)  any other matter relating  to  the  bonds  that  the
20    Authority determines appropriate.
21        (c)  No  member of the Authority nor any person executing
22    the bonds shall be liable personally on the bonds or  subject
23    to  any  personal  liability by reason of the issuance of the
24    bonds.
25        (d)  The Authority may enter into agreements with agents,
26    banks, insurers, or others for the purpose of  enhancing  the
27    marketability of or as security for its bonds.
28        (e)  A  pledge  by  the Authority of revenues as security
29    for an issue of bonds shall be valid  and  binding  from  the
30    time when the pledge is made.
31        The  revenues pledged shall immediately be subject to the
32    lien of the pledge without any physical delivery  or  further
33    act  and  the  lien  of any pledge shall be valid and binding
34    against any person having any claim  of  any  kind  in  tort,
 
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 1    contract, or otherwise against the Authority, irrespective of
 2    whether the person has notice.
 3        No  resolution,  trust  agreement or financing statement,
 4    continuation  statement,  or  other  instrument  adopted   or
 5    entered  into  by  the Authority need be filed or recorded in
 6    any public record other than the records of the Authority  in
 7    order  to  perfect the lien against third persons, regardless
 8    of any contrary provision of law.
 9        (f)  The Authority may issue bonds to refund any  of  its
10    bonds   then   outstanding,  including  the  payment  of  any
11    redemption premium and any interest accrued or to  accrue  to
12    the  earliest or any subsequent date of redemption, purchase,
13    or maturity of the bonds.  Refunding bonds may be issued  for
14    the  public  purposes  of  realizing savings in the effective
15    costs  of  debt  service,  directly   or   through   a   debt
16    restructuring,  for  alleviating  impending or actual default
17    and may be issued in one or  more  series  in  an  amount  in
18    excess of that of the bonds to be refunded.
19        (g)  Bonds  or  notes of the Authority may be sold by the
20    Authority  through  the  process  of   competitive   bid   or
21    negotiated sale.
22        (h)  At  no  time  shall  the total outstanding bonds and
23    notes of the Authority exceed $100,000,000.
24        (i)  The bonds and notes of the Authority  shall  not  be
25    debts of the State.
26        (j)  In no event may proceeds of bonds or notes issued by
27    the  Authority  be  used to finance any structure that is not
28    constructed pursuant to an agreement  between  the  Authority
29    and a party, that provides for the delivery by the party of a
30    completed  structure  constructed  pursuant  to a fixed price
31    contract, and that provides for the delivery of the structure
32    at a fixed price to be insured or guaranteed by a third party
33    determined by the  Authority  to  be  capable  of  completing
34    construction of that structure.
 
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 1        (20 ILCS 230/75 new)
 2        Sec.  75. Moneys for payment of principal of and interest
 3    on bonds.  In  the  event  that  the  Illinois  Biotechnology
 4    Development Authority determines that moneys of the Authority
 5    will  not  be  sufficient for the payment of the principal of
 6    and interest on its bonds during the next State fiscal  year,
 7    the Chairperson, as soon as practicable, shall certify to the
 8    Governor the amount required by the Authority to enable it to
 9    pay  the principal of and interest on the bonds. The Governor
10    shall submit the amount so certified to the General  Assembly
11    as  soon  as  practicable,  but  no later than the end of the
12    current State fiscal year. This Section shall  not  apply  to
13    any  bonds  or  notes  as  to  which the Authority shall have
14    determined, in the resolution authorizing the issuance of the
15    bonds or notes, that this Section shall not apply.   Whenever
16    the  Authority makes such a determination, that fact shall be
17    plainly stated on the face of the bonds  or  notes  and  that
18    fact shall also be reported to the Governor.
19        In  the  event  of  a withdrawal of moneys from a reserve
20    fund established with respect to any issue or issues of bonds
21    of the Authority to pay principal or interest on those bonds,
22    the Chairman of the Authority, as soon as practicable,  shall
23    certify  to  the  Governor the amount required to restore the
24    reserve fund to the  level  required  in  the  resolution  or
25    indenture securing those bonds. The Governor shall submit the
26    amount  so  certified  to  the  General  Assembly  as soon as
27    practicable, but no later than the end of the  current  State
28    fiscal year.

29        (20 ILCS 230/80 new)
30        Sec.   80.    Legality  for  investment.   Any  financial
31    institution,  investment  company,  insurance   company,   or
32    association   and   any  personal  representative,  guardian,
33    trustee, or other fiduciary may  legally  invest  any  moneys
 
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 1    belonging to them or within their control in any bonds issued
 2    by the Illinois Biotechnology Development Authority.

 3        (20 ILCS 230/85 new)
 4        Sec.  85.   Tax  exemption.   The  Illinois Biotechnology
 5    Development Authority shall not be required to pay any  taxes
 6    or  assessments  of  any kind whatsoever and its bonds, their
 7    transfer, the  interest  payable  on  them,  and  any  income
 8    derived  from  them  may  be  exempt  by  the election of the
 9    Authority at the time of issuance and at all times from every
10    kind and nature of taxation by this State or by  any  of  its
11    political  subdivisions,  municipal  corporations,  or public
12    agencies of  any  kind,  except  for  estate,  transfer,  and
13    inheritance taxes, as provided in Section 90. For purposes of
14    Section  250 of the Illinois Income Tax Act, the exemption of
15    the income from bonds issued by the Authority shall terminate
16    after all of the bonds have been  paid.  The  amount  of  the
17    income  that  shall  be  added  and  then  subtracted  on the
18    Illinois income tax return of a taxpayer, pursuant to Section
19    203 of the Illinois Income Tax  Act,  from  federal  adjusted
20    gross  income or federal taxable income in computing Illinois
21    base income shall be the interest net  of  any  bond  premium
22    amortization.

23        (20 ILCS 230/90 new)
24        Sec.  90.   Bond and notes; exemption from taxation.  The
25    creation of the Illinois Biotechnology Development  Authority
26    is  in all respects for the benefit of the people of Illinois
27    and for the improvement of  their  health,  safety,  welfare,
28    comfort,  and  security and its purposes are public purposes.
29    In  consideration  thereof,  the  notes  and  bonds  of   the
30    Authority   issued  pursuant  to  this  Act  and  the  income
31    therefrom may be free from all taxation by the State  or  its
32    political   subdivisions  except  for  estate,  transfer  and
 
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 1    inheritance taxes.  The exemption from taxation  provided  by
 2    the preceding sentence shall apply to the income on any notes
 3    or  bonds  of the Authority only if the Authority in its sole
 4    judgment  determines  that   the   exemption   enhances   the
 5    marketability  of  the bonds or notes or reduces the interest
 6    rates that would otherwise be borne by the  bonds  or  notes.
 7    For  purposes  of Section 250 of the Illinois Income Tax Act,
 8    the  exemption  of  the  income  from  bonds  issued  by  the
 9    Authority shall terminate after all of the  bonds  have  been
10    paid.  The  amount of the income that shall be added and then
11    subtracted on the Illinois income tax return of  a  taxpayer,
12    pursuant  to Section 203 of the Illinois Income Tax Act, from
13    federal adjusted gross income or federal  taxable  income  in
14    computing  Illinois  base income shall be the interest net of
15    any bond premium amortization.

16        (20 ILCS 230/100 new)
17        Sec. 100.  No taxing power; exemption from taxation.  The
18    Illinois Biotechnology Development Authority shall  not  have
19    the power to levy taxes for any purpose.  The exercise of the
20    powers  granted  by  this  Act  shall  be the increase of the
21    commerce, welfare, and prosperity and the improvement of  the
22    health   and   living  conditions  of  the  public.   As  the
23    activities of the Authority or the operation and  maintenance
24    of  facilities  or real or personal property by the Authority
25    or its agent will constitute the performance of an  essential
26    public function, neither the Authority nor its agent shall be
27    required  to pay any taxes or assessments, including mortgage
28    recording taxes, upon or in respect to any of the  activities
29    of the Authority or any facility or real or personal property
30    acquired  or  used  by  the  Authority or its agent under the
31    provisions of this Act and the income therefrom shall at  all
32    times  be  free from taxation of any kind by the State and by
33    the municipalities and other political  subdivisions  of  the
 
                            -16-               LRB9106716MWgc
 1    State.

 2        (20 ILCS 230/110 new)
 3        Sec.  110.   Annual  report.   The Illinois Biotechnology
 4    Development Authority shall keep an accurate account  of  all
 5    its  activities  and  its receipts and expenditures and shall
 6    annually, in the month of January, make a report  thereof  to
 7    its  members  and to the Governor, the State Comptroller, the
 8    General  Assembly,  and  the  Illinois  Economic  and  Fiscal
 9    Commission. The report shall be a public record and open  for
10    inspection  at  the  offices  of  the Authority during normal
11    business hours. Among other matters, the report shall include
12    an assessment of  the  current  state  of  the  biotechnology
13    sector  of  the  State  and  contain  recommendations for new
14    initiatives and efforts to further enhance and  position  the
15    State's environment for the biotechnology for the future.
16        The  requirement  for  reporting  to the General Assembly
17    shall be satisfied by filing copies of the  report  with  the
18    Speaker,  the  Minority Leader, and the Clerk of the House of
19    Representatives, and the President, the Minority Leader,  and
20    the  Secretary  of  the  Senate, and the Legislative Research
21    Unit as required by  Section  3.1  of  the  General  Assembly
22    Organization Act and by filing any additional copies with the
23    State  Government  Report Distribution Center for the General
24    Assembly as required under paragraph (t) of Section 7 of  the
25    State Library Act.

26        (20 ILCS 230/115 new)
27        Sec. 115. Biotechnology Projects Fund.  The Biotechnology
28    Development Projects Fund is created as a special fund in the
29    State  treasury.   Grants  and  other  moneys obtained by the
30    Illinois Biotechnology Authority from  governmental  entities
31    (other  than  the  federal  government), private sources, and
32    not-for-profit organizations for use  in  projects  shall  be
 
                            -17-               LRB9106716MWgc
 1    deposited  into  the Fund.  Moneys in the Fund may be used by
 2    the Authority,  subject  to  appropriation,  for  undertaking
 3    projects  and  for  the  operating  and other expenses of the
 4    Authority incidental to those projects.

 5        (20 ILCS 230/120 new)
 6        Sec.  120.   Administrative  action  and   review.    The
 7    Illinois  Administrative  Procedure  Act  and  the  rules and
 8    regulations adopted thereunder shall apply to and govern  all
 9    administrative   actions   taken   by  the  Authority,  where
10    applicable,  unless  otherwise  prescribed   by   this   Act.
11    Judicial  review of final administrative decisions may be had
12    in accordance with the Administrative Review Law.

13        (20 ILCS 230/130 new)
14        Sec.  130.  Construction  of  Act.   This  Act  shall  be
15    liberally construed to achieve  the  purposes  set  forth  in
16    Section 35 of this Act.

17        Section  10.  The  State Finance Act is amended by adding
18    Section 4.490 as follows:

19        (30 ILCS 105/5.490 new)
20        Sec. 5.490.  The Biotechnology Projects Fund.

21        Section 99.  Effective date.  This Act takes effect  upon
22    becoming law.
 
                            -18-               LRB9106716MWgc
 1                                INDEX
 2               Statutes amended in order of appearance
 3    20 ILCS 230/10
 4    20 ILCS 230/15
 5    20 ILCS 230/20
 6    20 ILCS 230/30 new
 7    20 ILCS 230/35 new
 8    20 ILCS 230/40 new
 9    20 ILCS 230/50 new
10    20 ILCS 230/60 new
11    20 ILCS 230/65 new
12    20 ILCS 230/70 new
13    20 ILCS 230/75 new
14    20 ILCS 230/80 new
15    20 ILCS 230/85 new
16    20 ILCS 230/90 new
17    20 ILCS 230/100 new
18    20 ILCS 230/110 new
19    20 ILCS 230/115 new
20    20 ILCS 230/120 new
21    20 ILCS 230/130 new
22    30 ILCS 105/5.490 new

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