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91_SB1239 LRB9106716MWgc 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 -2- LRB9106716MWgc 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. -3- LRB9106716MWgc 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 -4- LRB9106716MWgc 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 -5- LRB9106716MWgc 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 -6- LRB9106716MWgc 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; -7- LRB9106716MWgc 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 -8- LRB9106716MWgc 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. -9- LRB9106716MWgc 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; -10- LRB9106716MWgc 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; -11- LRB9106716MWgc 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, -12- LRB9106716MWgc 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. -13- LRB9106716MWgc 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 -14- LRB9106716MWgc 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 -15- LRB9106716MWgc 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