2005 Senate Bill 533 (Borrow $1 billion for “competitive edge technology” spending ) (Senate Roll Call 200)
Passed in the Senate (31 to 7) on June 9, 2005, 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. [History, Amendments & Comments]
The vote was 31 in favor, 7 opposed, and 0 not voting
(Senate Roll Call 200 at Senate Journal 55)
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The following legislators supported 2005 Senate Bill 533 (Borrow $1 billion for “competitive edge technology” spending ):
The following legislators opposed 2005 Senate Bill 533 (Borrow $1 billion for “competitive edge technology” spending ):
| Bishop (R) | Cassis (R) | Gilbert (R) | Jelinek (R) | McManus (R) | Sanborn (R) |
| Toy (R) |
The following legislators did not vote on 2005 Senate Bill 533 (Borrow $1 billion for “competitive edge technology” spending ):
Most Recent Comments
1) Senate Bill 533 [by Anonymous Citizen on October 23, 2005]I am not in any way confident in the $1 billion 21st century jobs idea. This state bureaucracy has shown over and over again the lack of ability to be efficient, logical and get results. Ihis state has become so discriminatory in its various economic edicts by giving tax breaks to this one but not that one and to make a renaissance zone here but not there and to show favoritism in general. I am not sure how they can get away with these discriminatory practices. Maybe we could declare the "whole state" a renaissance zone instead (DUH!). It sort of reminds me of the old communist states who tried to control everything and did great and terrible harm in the process. As usual I am appalled again!
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...give the money back to the taxpayers NOW, instead of taking it from them piecemeal down the line to pay for this debacle.
I, and I feel confident to say everyone else for that matter, can spend their own money a lot better that those in Lansing can.
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i'm an undergraduate @ wayne state and the "omnibus" will seriously raise my tuition (AGAIN) by drastically reducing Wayne's funding (AGAIN). The 553 bill appropriates $ to businesses, not the universities (welfare, prisons, medicaid, etc) that they're taking it from. The bill should give the $ back to the universities (etc).
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