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2008 House Bill 5866: Authorize new debt for tourism industry subsidies

Public Act 101 of 2008

Introduced by Rep. Terry Brown (D) on March 6, 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 House Bill 5865.   Official Text and Analysis.
Referred to the House Natural Resources, Tourism, and Outdoor Recreation Committee on March 6, 2008
Reported in the House on March 11, 2008 Without amendment and with the recommendation that the bill pass.
Passed 95 to 13 in the House on March 18, 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 House Bill 5865.
Received in the Senate on March 20, 2008
Referred to the Senate Commerce & Tourism Committee on March 20, 2008
Reported in the Senate on March 27, 2008 With the recommendation that the bill pass.
Substitute offered in the Senate on April 16, 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 April 16, 2008
Passed 37 to 0 in the Senate 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 House Bill 5865.
Received in the House on April 16, 2008 To concur with the Senate-passed version of the bill.
Passed 88 to 19 in the House on April 16, 2008
Signed by Gov. Jennifer Granholm on April 18, 2008

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