May 10, 2005, Introduced by Reps. Meisner, Kolb, Tobocman, Lipsey, Mayes, Donigan, McDowell, Condino, Bieda, Gleason, Alma Smith, Espinoza, Plakas, Hood, Anderson, Gillard, Phillips, Kathleen Law, Hopgood, Farrah, Clack, Sak, Whitmer, Brown, Adamini, Leland, Zelenko, Kehrl, Miller, Accavitti, Wojno, Hunter, Clemente, Gonzales, Byrum, Cushingberry, Lemmons, Jr., Virgil Smith, McConico, Waters and Lemmons, III and referred to the Committee on Commerce.
A joint resolution proposing an amendment to the state
constitution of 1963, by adding section 15a to article IX, to
authorize the issuance of general obligation bonds, to finance the
creation of new jobs in this state, and to make certain loans,
grants, or investments in private and public entities.
Resolved by the Senate and House of Representatives of the
state of Michigan, That the following amendment to the state
constitution of 1963, to authorize the issuance of general
obligation bonds, to finance the creation of new jobs in this
state, and to make certain loans, grants, or investments in private
and public entities, is proposed, agreed to, and submitted to the
people of the state:
ARTICLE IX
Sec. 15a. (1) Notwithstanding any other provision of this
constitution, having in view the general welfare of the people of
this state, each of the following is authorized:
(a) The jobs for Michigan fund may engage in activities to
diversify the economy of this state, encourage long-term economic
growth and full employment, and create new jobs, as authorized by
law.
(b) The jobs for Michigan fund may make loans and grants to,
and investments in, public entities and private businesses and may
make pledges to secure loans or investments to assist in achieving
the objectives of the jobs for Michigan fund as authorized by law.
Investments of the jobs for Michigan fund, which may include an
investment, a subscription to, or interest in the stock of a
company, association, corporation, or other entity, shall be made
based upon recommendations of independent job creation experts as
provided by law.
(c) In addition to any other borrowing power, this state shall
borrow a sum not to exceed $2,000,000,000.00 and issue the general
obligation bonds of this state, pledging the full faith and credit
of this state for the payment of principal and interest on the
bonds. The proceeds of the bonds shall be used to finance the
activities of the jobs for Michigan fund as provided by law.
(d) The proceeds of bonds issued under this section shall be
appropriated by law to the jobs for Michigan fund for purposes
authorized by law with the assent of a majority of the members
elected to and serving in each house of the legislature and shall
be allocated by the jobs for Michigan fund as provided by law.
(2) Each year, the jobs for Michigan fund shall commission a
certified public accounting firm to conduct an independent
financial audit of fund activities funded with proceeds of bonds
authorized under this section. The results of the independent audit
shall be published by the jobs for Michigan fund as provided by
law.
(3) The jobs for Michigan fund is not authorized by law to
impose or increase any tax.
Resolved further, That the foregoing amendment shall be
submitted to the people of the state at a special election to be
held on November 8, 2005 in the manner provided by law.
Resolved further, That it is the intent of the legislature
that when submitted to the people the amendment shall be presented
with the following question:
"A proposal to authorize bonds to finance the creation of new jobs
in Michigan and the diversification of Michigan's economy
The proposed constitutional amendment would:
1. Authorize activities by the Jobs for Michigan Fund to create
jobs and diversify Michigan's economy by making loans, grants, or
investments in private businesses and public entities based on
recommendations from independent job creation experts.
2. Require annual independent audits of the fund spending and
publication of results.
3. Permit the State of Michigan to issue bonds of up to $2
billion, pledging the State's full faith and credit to repay
principal and interest, to finance the fund.
4. Require a majority vote of the Legislature for appropriation
of bond proceeds.
5. Prohibit the fund from imposing or increasing taxes.
Should this proposal be adopted?
Yes [ ]
NO [ ]".