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2007 House Bill 4851: Use borrowed college grant money to pay for current spending

Public Act 34 of 2007

Introduced by Rep. Andy Meisner (D) on May 24, 2007 To give the Michigan higher education student loan authority the authority to transfer money to the Michigan merit award trust fund, which was created to hold revenue from the 1998 tobacco company lawsuit settlement. Unlike money controlled by the authority directly, there is no restriction on the legislature using money in the merit award fund (which is a “trust” fund in name only) for any other purpose. The bill is part of an agreement to avoid spending cuts in the current fiscal year budget by borrowing up to $500 million, plus another $100 million from the student loan authority, which is itself borrowed money.   Official Text and Analysis.
Referred to the House Appropriations Committee on May 24, 2007
Reported in the House on May 30, 2007 With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered in the House on May 30, 2007 To replace the previous version of the bill with one that only authorizes transferring money from the authority to the merit award fund in Fiscal Year 2007.
The substitute passed by voice vote in the House on May 30, 2007
Passed 101 to 5 in the House on May 30, 2007 To give the Michigan higher education student loan authority the authority to transfer money to the Michigan merit award trust fund. Unlike money controlled by the authority directly, there is no restriction on the legislature using money in the merit award fund (which is a “trust” fund in name only) for any other purpose. The bill is part of an agreement to avoid spending cuts in the current fiscal year budget by borrowing up to $410 million, plus another $80 to $90 million from the student loan authority, which is itself borrowed money.
Received in the Senate on May 31, 2007
Referred to the Senate Appropriations Committee on May 31, 2007
Reported in the Senate on June 19, 2007 With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on June 20, 2007 To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote in the Senate on June 20, 2007
Passed 36 to 0 in the Senate on June 21, 2007 (same description)
To give the Michigan higher education student loan authority the authority to transfer money to the Michigan merit award trust fund. Unlike money controlled by the authority directly, there is no restriction on the legislature using money in the merit award fund (which is a “trust” fund in name only) for any other purpose. The bill is part of an agreement to avoid spending cuts in the current fiscal year budget by borrowing up to $410 million, plus another $80 to $90 million from the student loan authority, which is itself borrowed money.
Received in the House on June 21, 2007
Passed 97 to 9 in the House on June 26, 2007
Signed by Gov. Jennifer Granholm on July 10, 2007

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