Introduced
by
To borrow $100 million dollars to avoid spending cuts in the Fiscal Year 2006-2007 state budget. The bill does this by increasing from $400 million to $500 million the borrowing authorized under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” business subsidy program. The first $400 million of that debt was loans with a duration of approximately 20 years. Note: Reportedly, the bill may be amended to authorize an additional $300 million in borrowing to pay for current year spending.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that increases the proposed borrowing from $100 million to $500 million.
The substitute passed by voice vote
Amendment offered
by
To authorize another $410 million in borrowing rather than another $500 million.
The amendment passed by voice vote
Amendment offered
by
To earmark $202.8 million of the proposed borrowing to cover school spending.
The amendment passed by voice vote
Passed in the House 80 to 26 (details)
To borrow $410 million to avoid spending cuts in the Fiscal Year 2006-2007 state budget. The bill does this by increasing from $400 million to $810 million the borrowing authorized under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” business subsidy program. The first $400 million of that debt was loans with a duration of approximately 20 years. Note: Reportedly, the bill may be amended to authorize an additional $300 million in borrowing to pay for current year spending. The House Fiscal Agency notes that depending on the timing and structure of the borrowing this will impose annual debt service payments of $40 million to $46 million for the next 20 years.
Referred to the Committee on Appropriations
Amendment offered
To add an additional $5 million in long term debt to avoid cuts in current spending in the FY 2006-2007 budget. The extra borrowing was added after Gov. Granholm line-item vetoed a $5 million spending cut in the <a href="http://www.michiganvotes.org/2007-SB-436">budget bill</a> that embodied the deal based on this bill's borrowing.
The amendment passed by voice vote
Passed in the Senate 23 to 14 (details)
To borrow $415 million to avoid spending cuts in the Fiscal Year 2006-2007 state budget. The bill does this by increasing from $400 million to $815 million the borrowing authorized under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” business subsidy program. The first $400 million of that debt was loans with a duration of approximately 20 years. The House Fiscal Agency estimates the measure will incur annual debt service payments of $40 million to $46 million for the next 20 years.
To concur with the Senate-passed version of the bill, which added an additional $5 million in long term debt to avoid cuts in current spending in the FY 2006-2007 budget.
Passed in the House 78 to 29 (details)
