GOP Senators Advance Competing Bond in Bond Initiative

By  | 

The state Senate has voted to put before voters a plan for selling one billion dollars in bonds over ten years to encourage investment in Michigan's struggling economy.

The legislation is Senate Republicans' alternative to Governor Jennifer Granholm's proposal to sell two billion dollars in bonds.

The proposal, which got the necessary two-thirds vote in the Senate, now heads to the House.

If approved by the Legislature and the governor, the measure would go on this November's ballot.

Supporters say the bond money would help attract entrepreneurs and job providers in life sciences, advanced automotive manufacturing, homeland security, and alternative energy technology.