SB3028 - Infrastructure Development Act

• State Treasurer creates and manages an Infrastructure Development Account with up to 5% of the state's investment portfolio to finance infrastructure projects in Illinois.

• Funds invested through Illinois infrastructure development firms that meet specific criteria: majority Illinois employees, at least one general partner/principal domiciled in Illinois, or track record of investing in Illinois infrastructure projects.

• Infrastructure Development Account-Recipient Funds must invest a minimum of twice the state's capital contribution in Illinois infrastructure development projects (including real assets like land, buildings, transportation, utilities, renewable energy, schools, and healthcare).

• Recipient funds must report quarterly or annually on investments including project names, locations, investment dates, costs, and fair market values; State Treasurer can terminate commitments if minimum investment requirements are not met within 180 days of notice.

• Creates Infrastructure Development Fund as special state treasury fund to receive earnings from the Infrastructure Development Account and pay expenses related to the act; State Treasurer may adopt rules for implementation.