To "securitize" tobacco settlement revenue as part of an agreement struck between Gov. Jennifer Granholm and Republican legislative leaders to adopt modest business tax cuts and a scaled-down "21st Century Jobs Fund." The latter would be given $400 million of "securitized" tobacco settlement revenue right away, and $75 million per year for eight years from the remaining “unsecuritized” settlement revenue stream. Future legislatures would not be bound by the $75 million per year agreement, however. The tax cut is described under the final votes on Senate Bill 633, and details of the full package by a Senate Fiscal Agency analysis (pdf).