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2005 Senate Bill 488: Borrow $2 billion for “competitive edge technology” spending
Introduced by Sen. Mark Schauer D- on May 10, 2005
To authorize $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 basic research, development and commercialization of “competitive edge technologies,” including life sciences; advanced automotive, manufacturing, and materials technology; alternative energy technology; homeland security and defense technology; and "electronic device technology." The Michigan Economic Development Corporation (MEDC) would disburse the borrowed money, with advice and review from a steering committee composed of representatives of the various organizations likely to receive the money. To evaluate requests for the borrowed money MEDC would engage an "independent job creation expert” with the “appropriate expertise to conduct an independent, unbiased, objective, and competitive evaluation” of the requests. Approximately $300 million of the borrowed money would be used to buy shares in private companies, $750 million for loans, and $950 million for grants. (Senate Joint Resolution C would repeal an 1851 prohibition on such share purchases by the state.) This measure was proposed by Gov. Jennifer Granholm in her 2005 State of the State address.   Official Text and Analysis.
Referred to the Senate Appropriations Committee on May 10, 2005