JOBS FOR MICHIGAN BOND FUND S.J.R. C (S-7): FLOOR ANALYSIS






Senate Joint Resolution C (Substitute S-7 as reported by the Committee of the Whole)
Sponsor: Senator Gilda Z. Jacobs
Committee: Appropriations

CONTENT
This joint resolution proposes an amendment to Article IX, Section 15 of the State Constitution authorizing the State to sell $1.0 billion in general obligation bonds, backed by the full faith and credit of the State for repayment of principal and interest. Revenue from these bonds would be deposited into the Jobs for Michigan Bond Fund. The Jobs for Michigan Bond Fund, proposed by Senate Bill 533, would be authorized to administer the proceeds of the sale of the bonds to encourage the "development of competitive edge technology with high probability to create jobs".


The resolution would require the Legislature to create a Strategic Economic Investment Board, which would have the authority to spend the proceeds from the sale of these bonds under the parameters that would be established in Senate Bill 533. The Legislature would be required to appropriate the proceeds from the bond fund for the purposes outlined in Senate Bill 533.


The Auditor General would be required to perform an annual performance and financial audit of the activities of the Board.


The resolution would permit activities authorized by the resolution that resulted in the granting of the State's credit to, or in aid of, any person, association, or corporation, either public or private.


The resolution would require the Legislature to provide by law for the issuance of the bonds and for the implementation of this amendment.


The joint resolution would have to be submitted to voters of the State at a special election on November 8, 2005. FISCAL IMPACT
Please see the Senate Fiscal Agency Floor Analysis of Senate Bill 533, dated 6-8-05.


Date Completed: 6-8-05 Fiscal Analyst: Maria Tyszkiewicz Elizabeth Pratt




floor\S.J.R.C Analysis available @ http://www.michiganlegislature.org
 This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.

Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sjrc/0506