Illinois § 3002 Investment requirements

Illinois Statutes

§ 3002 — Investment requirements

Illinois § 3002

JurisdictionIllinois

TopicGOVERNMENT

Ch. 20EXECUTIVE BRANCH

Act 20 ILCS 700/Technology Advancement and Development Act.

Art.Article 3 - Illinois Technology Enterprise Development And Investment Program

This text of Illinois § 3002 (Investment requirements) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

20 Ill. Comp. Stat. 3002 (2026).

Text

Any direct financial assistance shall:

(a)Be awarded only if other financing with respect to the business project is provided. Other financing may be in the form of any loan, equity position, convertible preferred stock, letter of credit, guarantee, limited partnership interest, bond purchase or any other form approved by the Department;

(b)Be protected by adequate security. Financial assistance may be secured by first or second mortgage positions on real or personal property, by royalty payments, by personal notes or guarantees, or by any other security satisfactory to the Department to secure repayment, if required, by the financial assistance agreement;

(c)Be in such principal amount and form, and contain such terms and provisions with respect to the property, insurance, repairs, alt

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Any direct financial assistance shall: (a) Be awarded only if other financing with respect to the business project is provided. Other financing may be in the form of any loan, equity position, convertible preferred stock, letter of credit, guarantee, limited partnership interest, bond purchase or any other form approved by the Department; (b) Be protected by adequate security. Financial assistance may be secured by first or second mortgage positions on real or personal property, by royalty payments, by personal notes or guarantees, or by any other security satisfactory to the Department to secure repayment, if required, by the financial assistance agreement; (c) Be in such principal amount and form, and contain such terms and provisions with respect to the property, insurance, repairs, alteration, payment of taxes and assessments, delinquency charges, default remedies, additional security and other matters as the Department shall determine adequate to protect the public interest.