Article IV
Sec. 54: (1) The legislature shall provide by law for the creation of, and prescribe the powers and duties of, a railroad redevelopment authority.
(2) The authority may issue general obligation bonds or notes in an amount not to exceed $175,000,000.00 outstanding at any period of time, excluding bonds and notes issued to refund outstanding bonds and notes. The state shall pledge its faith and credit for the bonds and notes.
(3) The authority may make loans to railroads with trackage in this state for the purpose of redevelopment projects in the state of Michigan which the authority considers to be in the interest of the national defense or to meet the present and future needs of those industries located within this state which use the railroads as the primary means of transporting their goods.
(4) The legislature shall further implement this section by law.
