2008 Senate Bill 1224 / Public Act 99

Specify debt for tourism promotion subsidy program details

Introduced in the Senate

March 19, 2008

Introduced by Sen. Tony Stamas (R-36)

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 Senate Bill 1223.

Referred to the Committee on Commerce and Tourism

March 27, 2008

Reported without amendment

With the recommendation that the bill pass.

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 $50 million in tourism industry promotion subsidies proposed by Senate Bill 1223.

Received in the House

April 8, 2008

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

April 16, 2008

Substitute offered by Rep. Kate Ebli (D-56)

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

Passed in the House 86 to 21 (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 Senate Bill 1223.

Received in the Senate

April 17, 2008

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

Passed in the Senate 38 to 0 (details)

Signed by Gov. Jennifer Granholm

April 18, 2008