2007 House Bill 4850 ↩

Senate Roll Call 169: Passed

To borrow $415 million to avoid spending cuts in the Fiscal Year 2006-2007 state budget. The bill does this by increasing from $400 million to $815 million the borrowing authorized under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” business subsidy program. The first $400 million of that debt was loans with a duration of approximately 20 years. The House Fiscal Agency estimates the measure will incur annual debt service payments of $40 million to $46 million for the next 20 years.