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-SB-488">Senate Bill 488</a>. This measure was proposed by Gov. Jennifer Granholm in her 2005 State of the State address.
Referred to the Committee on Appropriations
Substitute offered
To adopt a version of the resolution that does not repeal the constitutional prohibition on state ownership of private companies, but does allows the $1 billion bond issue proposed by <a href="http://www.michiganvotes.org/2005-SB-533">Senate Bill 533</a> to be placed on the ballot in November of 2005. Under current law this would have to go on the ballot in the next "general election," meaning November of 2006.
The substitute passed by voice vote
Amendment offered
by
To raise the amount of new government debt the measure would authorize from $1 billion to $2 billion. Assuming a 5-percent interest rate and 30 year amortization, this would raise the annual debt service payments from $66 million to $132 million, and increase the total interest expense from approximately $932 million to $1.865 billion. The amendment failed in the Senate by voice vote on June 9, 2005.
The amendment failed by voice vote
Co-sponsored by Sens.
To change the name of the proposed initiative and fund to the "Jobs for Michigan Fund”.
The amendment passed by voice vote
Amendment offered
by
To clarify that the new government bodies created by the proposed initiative would not have the authority to raise taxes.
The amendment passed 38 to 0 (details)
Passed in the Senate 32 to 6 (details)
To place before voters in a Nov. 8, 2005 statewide election an initiative to authorize $1 billion in government borrowing (bonds) for grants and loans to public entities and private businesses engaged in the research, development, marketing and commercialization of various “competitive edge” technologies identified by the state (see <a href="http://www.michiganvotes.org/2005-SB-533">Senate Bill 533 substitute</a>substitute for details). A government “Strategic Economic Investment Board” composed of government officials and representatives of the types of organizations likely to receive the money would disburse the borrowed money. Assuming a 5-percent interest rate and 30 year amortization, the new debt would require annual debt service payments of $66 million, and incur approximately $930 million in interest expense.
Referred to the Committee on Appropriations
Referred to the Committee on Commerce
