2004 Senate Bill 1349 / Public Act 342

Sugar beet factory subsidy

Introduced in the Senate

Sept. 8, 2004

Introduced by Sen. Jim Barcia (D-31)

To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.

Referred to the Committee on Appropriations

Sept. 14, 2004

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Sept. 15, 2004

Substitute offered

To establish that the state treasurer may subordinate to commercial lenders the state's right to claim repayment of the loan in the event of a bankruptcy, rather than "shall" subordinate it.

The substitute passed by voice vote

Passed in the Senate 38 to 0 (details)

To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to allow the state treasurer to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.

Received in the House

Sept. 15, 2004

Referred to the Committee on Agriculture and Resource Management

Sept. 22, 2004

Amendment offered by Rep. Jim Howell (R-94)

To establish that the state treasurer shall subordinate to commercial lenders the state's right to claim repayment of the loan in the event of a bankruptcy, rather than "may" subordinate it.

The amendment passed by voice vote

Passed in the House 101 to 5 (details)

To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.

Received in the Senate

Sept. 23, 2004

Passed in the Senate 38 to 0 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Jennifer Granholm

Sept. 28, 2004