Introduced
by
To place before voters in a Nov. 8, 2005 special election a Constitutional amendment to allow the state to buy shares in private companies engaged in “competitive edge technologies.” (State ownership of private companies was prohibited by the Constitution of 1851 after millions were lost investing in railroads, canals, etc.) The measure authorizes $2 billion in government borrowing (bonds) for a “Jobs for Michigan Fund,” which would make grants, loans or equity purchases in public entities and private businesses engaged in activities described by <a href="http://www.michiganvotes.org/2005-HB-4768">House Bill 4768</a>. This measure was proposed by Gov. Jennifer Granholm in her 2005 State of the State address.
Referred to the Committee on Commerce
