HB-4101, As Passed Senate, June 11, 2015
SENATE SUBSTITUTE FOR
HOUSE BILL NO. 4101
A bill to make, supplement, and adjust appropriations for
various state departments and agencies for the fiscal year ending
September 30, 2015; and to provide for the expenditure of the
appropriations.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
PART 1
LINE-ITEM APPROPRIATIONS
Sec. 101. There is appropriated for the various state
departments and agencies to supplement appropriations for the
fiscal year ending September 30, 2015, from the following funds:
APPROPRIATION SUMMARY
GROSS APPROPRIATION.................................... $ 100,000,000
Total interdepartmental grants and intradepartmental
transfers............................................ 0
ADJUSTED GROSS APPROPRIATION........................... $ 100,000,000
Total federal revenues................................. 0
Total local revenues................................... 0
Total private revenues................................. 0
Total other state restricted revenues.................. 23,800,000
State general fund/general purpose..................... $ 76,200,000
Sec. 102. DEPARTMENT OF TECHNOLOGY, MANAGEMENT, AND
BUDGET
(1) APPROPRIATION SUMMARY
GROSS APPROPRIATION.................................... $ 100,000,000
Interdepartmental grant revenues:
Total interdepartmental grants and intradepartmental
transfers............................................ 0
ADJUSTED GROSS APPROPRIATION........................... $ 100,000,000
Federal revenues:
Total federal revenues................................. 0
Special revenue funds:
Total local revenues................................... 0
Total private revenues................................. 0
Total other state restricted revenues.................. 23,800,000
State general fund/general purpose..................... $ 76,200,000
(2) SPECIAL PROGRAMS
Tax voucher purchase program........................... $ 100,000,000
GROSS APPROPRIATION.................................... $ 100,000,000
Appropriated from:
Special revenue funds:
Merit award trust fund................................. 23,800,000
State general fund/general purpose..................... $ 76,200,000
PART 2
PROVISIONS CONCERNING APPROPRIATIONS
GENERAL SECTIONS
Sec. 201. In accordance with the provisions of section 30 of
article IX of the state constitution of 1963, total state spending
from state resources in this appropriation act for the fiscal year
ending September 30, 2015 is $100,000,000.00 and state
appropriations paid to local units of government are $0.
Sec. 202. The appropriations made and expenditures authorized
under this act and the departments, commissions, boards, offices,
and programs for which appropriations are made under this act are
subject to the management and budget act, 1984 PA 431, MCL 18.1101
to 18.1594.
DEPARTMENT OF TECHNOLOGY, MANAGEMENT, AND BUDGET
Sec. 301. (1) From the funds appropriated in part 1, the state
budget director is authorized to purchase tax vouchers described in
this subsection. The state budget director may purchase tax
vouchers described in this subsection only if the tax vouchers meet
all of the following:
(a) The tax voucher was issued under section 23 of the
Michigan early stage venture investment act of 2003, 2003 PA 296,
MCL 125.2253, by the venture Michigan fund, a Michigan early stage
venture investment corporation created under that act.
(b) The tax vouchers are held for the benefit of DBAH Capital,
LLC and Merchant Holding, Inc., or their successors.
(c) The tax vouchers that have a face value of $100,000,000.00
are due to be tendered on or before September 30, 2016.
(2) From the funds appropriated in part 1, the state budget
director may expend up to $50,000,000.00 to purchase the tax
vouchers that are tendered during the fiscal year ending September
30, 2015. From the funds appropriated in part 1, the state budget
director may expend up to $50,000,000.00 to purchase the tax
vouchers that are tendered during the fiscal year ending September
30, 2016.
(3) The funds appropriated in part 1 for the tax voucher
purchase program are considered to be a work project appropriation,
and any unencumbered or unallotted funds are carried forward into
the succeeding fiscal year. The following is in compliance with
section 451a(1) of the management and budget act, 1984 PA 431, MCL
18.1451a:
(a) The purpose of the project is to purchase tax vouchers as
described in subsection (1).
(b) These projects will be accomplished by contract.
(c) The total estimated completion cost of the work project is
$100,000,000.00.
(d) The tentative completion date is June 1, 2016.
(4) Once the purchase of the tax vouchers is completed by the
state budget director, the state budget director shall forward the
tax vouchers to the state treasurer for destruction.