20 ILCS 700/1003
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 700/ - Technology Advancement and Development Act.|Article 1 - Short Title, Purpose, Definitions And General Powers

 (from Ch. 127, par. 3701-3)Sec. 1003. Definitions. The following words and phrases, for the  purposes of this Act, shall have the meanings respectively ascribed to  them, except when the context otherwise requires, or except as otherwise  provided in this Act:"Advanced technology project" means any area of basic or applied  research or development which is designed to foster greater knowledge or  understanding, or which is designed for the purposes of improving,  designing, developing, prototyping, producing or commercializing new  products, techniques, processes or technical devices in present or emerging  fields of health care and biomedical research, information and  communication systems, computing and computer services, electronics,  manufacturing, robotics and materials research, transportation and  aerospace,  agriculture and biotechnology, and finance and services."Business expense" includes working capital financing, the purchase  or lease of machinery and equipment, or the lease or purchase of real  property, including construction, renovation, or leasehold improvements,  but does not include refinancing current debt."Business project" means any specific economic development activity  of a commercial, industrial, manufacturing, agricultural, scientific,  financial, service or other not-for-profit nature, which is expected to  yield an increase in jobs or to result in the retention of jobs or an  improvement in production efficiency."Department" means the Illinois Department of Commerce and Economic Opportunity."Director" means the Director of         Commerce  and Economic Opportunity."Financial assistance" means a loan, investment, grant or the  purchase  of qualified securities or other means whereby financial aid is made to or on  behalf of a business project or advanced technology project."Intermediary organization" means any participating organization including  not-for-profit entities, for-profit entities, State development authorities,  institutions of higher education, other public or private corporations, which  may include the Illinois Coalition, or  other entities necessary  or desirable to further the purpose of this Act engaged by the Department  through any contract, agreement, memoranda of understanding, or other  cooperative arrangement to deliver programs authorized under this Act."Investment loan" means any loan structured so that the applicant repays the  principal and interest and provides a qualified security  investment to serve both as additional loan security and as an additional  source of  repayment."Loan" means acceptance of any note, bond, debenture, or evidence of  indebtedness, whether unsecured or secured by a mortgage, pledge, deed of  trust, or other lien on any property, or any certificate of, receipt for,  participation in, or an option to any of the foregoing.  A loan shall bear  such interest rate, with such terms of repayment, secured by such  collateral, with other terms and conditions, as the Department shall deem  necessary or appropriate."Participating lender or investor" means any trust company, bank,  savings bank, credit union, merchant bank, investment bank, broker, investment  trust, pension fund, building and loan association, savings and loan  association, insurance company, venture capital company or other institution,  community or State development corporation, development authority authorized to  do business by an Act of this State, or other public or private financing  intermediary approved by the Department whose purposes include financing,  promoting, or encouraging economic development financing."Qualified security investments" means any stock, convertible  security, treasury stock, limited partnership interest, certificate of  interest or participation in any profit sharing agreement, preorganization  certificate or subscription, transferable share, investment contract,  certificate of interest or participation in a patent or application or, in  general, any interest or instrument commonly known as a "security" or any  certificate for, receipt for, guarantee of, or option, warrant or right to  subscribe to or purchase any of the foregoing, but not including any  instrument which contains voting rights or which can be converted to contain  voting rights in the possession of the Department.       (Source: P.A. 94-793, eff. 5-19-06.)