2007 House Bill 4884 ↩

House Roll Call 246: Passed

To clarify that the $415 million borrowed against future tobacco lawsuit settlement proceeds as part of the <a href="http://www.michiganvotes.org/2007-SB-436">deal</a> to borrow and shift funds to avoid spending cuts in the Fiscal Year 2006-2007 budget, is not to be credited to the 21st Century Jobs Trust Fund, but to cover the other spending enabled by the deal. The bill was introduced because the legislative "vehicle" for the deficit financing of current year spending was a bill amending the 2006 law authorizing $400 million in borrowing for the the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” business subsidy program. The bill also authorizes transferring $50 million from that subsidy fund to the general fund as part of the current year budget deal, and places in statute that $30 million be returned in 2016 (assuming a succeeding legislature does not change that).