2008 House Bill 5867 / Public Act 102

Authorize new debt for tourism industry subsidies

Introduced in the House

March 6, 2008

Introduced by Rep. Ken Horn (R-94)

To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” 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.

Referred to the Committee on Natural Resources, Tourism, and Outdoor Recreation

March 11, 2008

Reported without amendment

Without amendment and with the recommendation that the bill pass.

March 18, 2008

Passed in the House 94 to 14 (details)

Received in the Senate

March 20, 2008

Referred to the Committee on Commerce and Tourism

March 27, 2008

Reported without amendment

With the recommendation that the bill pass.

April 16, 2008

Substitute offered

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

Passed in the Senate 37 to 0 (details)

To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” 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

April 16, 2008

To concur with the Senate-passed version of the bill.

Passed in the House 85 to 22 (details)

Signed by Gov. Jennifer Granholm

April 18, 2008