Illinois Compiled Statutes 20 ILCS 745/1-20 – Duties
Current as of: 2024 | Check for updates
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The Partnership shall have the following duties:
(1) Subject to appropriation and matching private
(1) Subject to appropriation and matching private
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funds as provided in Section 1-25, the Partnership shall develop and direct efforts to attract companies to use existing Illinois facilities for research, development, and pre-commercialization activities. Those efforts may include, without limitation: (i) representing Illinois at biotechnology conferences; (ii) developing promotional and marketing materials in coordination with existing research facilities to encourage the use of Illinois facilities; and (iii) facilitating meetings for companies that are prospective candidates for establishing a presence in this State.
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(2) Subject to appropriation and matching private
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funds as provided in Section 1-25, the Partnership may develop programs to encourage emerging research, development, and commercializing biotechnology companies to locate production facilities in Illinois, including, but not limited to: (i) acting as an information clearinghouse for new companies on all State programs and investment incentives; and (ii) working with local and regional economic development groups.
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(3) The Partnership may provide advice and
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recommendations to State agencies on the administration of grant programs directed at industrial biotechnology.
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(4) On or before January 31 of the next calendar year
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to occur after the last day of any State fiscal year in which the Partnership receives State funding, the Partnership shall submit a report to the Department describing the use of appropriated funds by the Partnership in the State fiscal year for which the funds were allocated. The report shall include, but not be limited to, marketing materials produced by the Partnership, meetings attended by members of the Partnership related to Partnership business, and the hosting of companies visiting this State.
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Terms Used In Illinois Compiled Statutes 20 ILCS 745/1-20
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14