15 ILCS 560/10 — Illinois Code / Chapter 15 / Act 560 / Section 10
Section 10
Status: in_force

(15 ILCS 560/10) Sec. 10. Infrastructure Development Account. (a) The State Treasurer shall segregate a portion of the Treasurer's State investment portfolio, which at no time shall be greater than 5% of the portfolio, in the Infrastructure Development Account, an account that shall be maintained separately and apart from other moneys invested by the State Treasurer. Distributions from the investments in the Infrastructure Development Account may be reinvested into the Infrastructure Development Account without being counted against the 5% cap. The aggregate investment in the Infrastructure Development Account and the aggregate commitment of investment capital in an Infrastructure Development Account-Recipient Fund shall at no time be greater than 5% of the State's investment portfolio, which shall be calculated as: (i) the balance at the inception of the State fiscal year; or (ii) the average balance in the immediately preceding 5 fiscal years, whichever number is greater. Distributions from an Infrastructure Development Account-Recipient Fund, in an amount not to exceed the commitment amount and the total distributions, may be reinvested into the Infrastructure Development Account without being counted against the 5% cap. The State Treasurer may make investments from the Infrastructure Development Account that help attract, assist, and support quality infrastructure development projects in Illinois. A portion of the investment earnings on the Infrastructure Development Account may be deposited into the Infrastructure Development Fund and reinvested by the State Treasurer. (b) The State Treasurer may solicit proposals from entities to manage the Infrastructure Development Account consisting of investments from private sector investors that must invest, at the direction of the general partner, in tandem with the Infrastructure Development Account in a pro-rata portion. The State Treasurer may enter into an agreement with the entity managing the Infrastructure Development Account to advise on the investment strategy of the Infrastructure Development Account and fulfill other mutually agreeable terms. Funds in the Infrastructure Development Account shall be kept separate and apart from moneys in the State treasury. (c) All or a portion of the moneys in the Infrastructure Development Account shall be invested by the State Treasurer to provide development capital to infrastructure development projects, seeking to locate, expand, or remain in Illinois by placing money with Illinois infrastructure development firms. In no case shall more than 15% of the capital in the Infrastructure Development Account be invested in firms based outside of Illinois. (d) Any Infrastructure Development Account-Recipient Fund created by an Illinois infrastructure development firm in which the State Treasurer places money pursuant to this Section shall be required by the State Treasurer to seek investments in Illinois infrastructure development projects seeking to locate, expand, or remain in Illinois. Any Infrastructure Development Account-Recipient Fund created by an Illinois infrastructure development firm in which the State Treasurer places money under this Section shall invest a minimum of twice the aggregate amount of investable capital that is received from the State Treasurer under this Section in Illinois infrastructure development projects during the life of the fund. Investable capital is calculated as committed capital, as defined in the firm's applicable fund's governing documents, less related estimated fees and expenses to be incurred during the life of the fund. (e) All Infrastructure Development Account-Recipient Funds shall also invest additional capital in Illinois infrastructure development projects during the life of the fund if, as determined by the fund's manager, the investment: (1) is consistent with the firm's fiduciary responsibility to its limited partners; (2) is consistent with the fund manager's investment strategy; and (3) demonstrates the potential to create risk-adjusted financial returns consistent with