2005 Senate Bill 533 ↩

Senate Roll Call 200: Passed

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 Senate 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. The proposal would be on the Nov. 8, 2005 ballot.