2005 Senate Joint Resolution C ↩

Senate Roll Call 202: Passed

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.