Introduced in the House 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. 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
The vote was 101 in favor, 5 opposed and 4 not voting
(House Roll Call 188 at House Journal 55)
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