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

Public Act 99 of 2008

  1. 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.
    • 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.
  2. 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.
    Who Voted "Yes" and Who Voted "No"

  3. 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.
  4. Passed 86 to 21 in the House on April 16, 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.
    Who Voted "Yes" and Who Voted "No"

  5. 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.
    Who Voted "Yes" and Who Voted "No"

  6. Signed by Gov. Jennifer Granholm on April 18, 2008.

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