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2008 Senate Bill 1224: Specify debt for tourism promotion subsidy program details

Public Act 99 of 2008

Introduced by Sen. Tony Stamas (R) on March 19, 2008 To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “21st Century Jobs Fund” business subsidy program, so as to refinance some of the existing debt, reissue some of the debt as tax-exempt bonds, and borrow more money against this revenue source to pay for the $60 million in tourism industry promotion subsidies proposed by Senate Bill 1223.   Official Text and Analysis.
Referred to the Senate Commerce & Tourism Committee on March 19, 2008
Reported in the Senate on March 27, 2008 With the recommendation that the bill pass.
Substitute offered in the Senate on March 27, 2008 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 March 27, 2008
Passed 37 to 0 in the Senate on March 27, 2008 To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “21st Century Jobs Fund” business subsidy program, so as to refinance some of the existing debt, reissue some of the debt as tax-exempt bonds, and borrow more money against this revenue source to pay for the $50 million in tourism industry promotion subsidies proposed by Senate Bill 1223.
Received in the House on April 8, 2008
Referred to the House Natural Resources, Tourism, and Outdoor Recreation Committee on April 8, 2008
Substitute offered by Rep. Kate Ebli (D) on April 16, 2008 To replace the previous version of the bill with one recommended by the committee which reported it. The substitute incorporates technical changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote in the House on April 16, 2008
Passed 86 to 21 in the House on April 16, 2008 (same description)
To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “21st Century Jobs Fund” business subsidy program, so as to refinance some of the existing debt, reissue some of the debt as tax-exempt bonds, and borrow more money against this revenue source to pay for the $60 million in tourism industry promotion subsidies proposed by Senate Bill 1223.
Received in the Senate on April 17, 2008 To concur with the House-passed version of the bill.
Passed 38 to 0 in the Senate on April 17, 2008
Signed by Gov. Jennifer Granholm on April 18, 2008

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