By Staff
LANSING - The state Senate Thursday approved Republicans' $1 billion bond proposal designed to diversify Michigan's economy and provide job opportunities for Michigan workers.
Sikkema said that if approved by voters in November 2005, the bond will help attract entrepreneurs and job providers in competitive edge technologies.
These technologies include life sciences, advanced manufacturing, homeland security, nanotechnology and alternative energy technology.
Testimony taken during committee hearings on the bond proposal confirmed that bonding, when done properly, can diversify the economy.
High unemployment is affecting the whole state; therefore a solution that will bring new job opportunities into all of Michigan's communities is needed.
The Senate plan earmarks at least 50 percent of the bond to be used for life science technology businesses.
The plan also limits the amount of administrative costs that can be covered by the bonds to 3 percent.
While the Senate plan calls for a constitutional amendment to allow a vote in an odd-numbered year, it does not allow for the state to take an equity stake in any private companies.