Introduced
by
To revise the law that authorized borrowing $400 million against future tobacco lawsuit settlement revenue for the “21st Century Jobs Fund” business subsidy program, and borrowing another $415 million against this revenue to cover deficit spending in the 2007 state budget, to borrow $350 million over 20 years for a proposed state grant (“bailout”) to Detroit. Alternatively, under House Bill 5572 the state would be authorized to give Detroit $195 million up front. This is part of a legislative package consisting of House Bills 5566 to 5575 that are related to the Detroit bankruptcy and the proposed state grant.
Referred to the Committee on Detroit's Recovery and Michigan's Future
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 77 to 33 (details)
To earmark $17.5 million of future tobacco lawsuit settlement revenue annually for 20 years to the state rainy day fund, which is essentially an accounting measure related to a $195 million state gift to Detroit, which goes toward the city's bankruptcy settlement. The state is essentially loaning money to itself.
Referred to the Committee on Government Operations
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 21 to 17 (details)
To earmark $17.5 million of future tobacco lawsuit settlement revenue annually for 20 years to the state rainy day fund, which is essentially an accounting measure related to a $195 million state gift to Detroit, which goes toward the city's bankruptcy settlement. The state is essentially loaning money to itself.
