Introduced
by
To create a transportation bond repayment sinking fund, to hold money to be used only to repay road debt incurred by the Whitmer, Granholm and Engler administrations. No new road debt could be incurred without depositing an equal amount in the sinking fund up to $234 million annually, over several years if necessary. The House Fiscal Agency reports the state currently owes $1.159 billion to bond holders, which currently uses $143 million of road tax revenue. See also House Bill 4420, a supplemental budget that would appropriate $626 million for the sinking fund.
Referred to the Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 58 to 49 (details)
Referred to the Committee on Appropriations
