Introduced
by
To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To establish that the state treasurer may subordinate to commercial lenders the state's right to claim repayment of the loan in the event of a bankruptcy, rather than "shall" subordinate it.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to allow the state treasurer to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.
Referred to the Committee on Agriculture and Resource Management
Amendment offered
by
To establish that the state treasurer shall subordinate to commercial lenders the state's right to claim repayment of the loan in the event of a bankruptcy, rather than "may" subordinate it.
The amendment passed by voice vote
Passed in the House 101 to 5 (details)
To extend to 30 years the repayment period for a $5 million, zero-interest state loan grant to a Saginaw-area sugar beet growers' cooperative to purchase the assets of the Monitor Sugar processing company. The Senate Fiscal Agency estimates the measure would cost the state $250,000. Also, to subordinate the state's loan to loans from commercial banks. This means the banks would get paid first if the company defaults.
Passed in the Senate 38 to 0 (details)
To concur with the House-passed version of the bill.
