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Key Votes

HB 5575 - Establishes the Mighigan Settlement Authority Administration - Michigan Key Vote

Wayne Schmidt voted Nay (Passage) on this Legislation.

Read statements Wayne Schmidt made in this general time period.

Timeline

Issues Related to HB 5575

Stage Details

Legislation - Signed (Executive) -

Title: Establishes the Mighigan Settlement Authority Administration

Legislation - Bill Passed (Senate) (21-17) - (Key vote)
See How Your Politicians Voted

Title: Establishes the Mighigan Settlement Authority Administration

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that appropriates $194.8 million to the Michigan Settlement Administration Authority for state retirement systems, effective upon passage.

Highlights:
  • Establishes the Michigan Settlement Administration Authority as a public body within the Department of Treasury (Sec. 4).
  • Appropriates $194.8 million to the Authority which is to be dispersed to state retirement systems if the following conditions are met (Sec. 8):
    • The bankruptcy court has entered an order approving the plan for adjustment; and
    • The terms and conditions of the contribution agreement have been satisfied.
  • Requires the authority to return the $194.8 million in appropriations to the Countercyclical Budget and Economic Stabilization Fund if the conditions within the provisions of this bill are not met (Sec. 8).
  • Establishes a board of directors to exercise the duties of the Authority, which will consist of the following 3 members (Sec. 6):
    • The state treasurer;
    • The state budget director; and
    • 1 member appointed by the governor with the advice and consent of the senate, who has knowledge, skill, or experience in the legal field of bankruptcy.
  • Requires the authority to be dissolved on May 2, 2015 (Sec. 8). 
Legislation - Bill Passed (House) (75-35) - (Key vote)
See How Your Politicians Voted

Title: Establishes the Mighigan Settlement Authority Administration

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that appropriates $194.8 million to the Michigan Settlement Administration Authority for state retirement systems, effective upon passage.

Highlights:
  • Establishes the Michigan Settlement Administration Authority as a public body within the Department of Treasury (Sec. 4).
  • Appropriates $194.8 million to the Authority which is to be dispersed to state retirement systems if the following conditions are met (Sec. 8):
    • The bankruptcy court has entered an order approving the plan for adjustment; and
    • The terms and conditions of the contribution agreement have been satisfied.
  • Requires the authority to return the $194.8 million in appropriations to the Countercyclical Budget and Economic Stabilization Fund if the conditions within the provisions of this bill are not met (Sec. 8).
  • Establishes a board of directors to exercise the duties of the Authority, which will consist of the following 3 members (Sec. 6):
    • The state treasurer;
    • The state budget director; and
    • 1 member appointed by the governor with the advice and consent of the senate, who has knowledge, skill, or experience in the legal field of bankruptcy.
  • Requires the authority to be dissolved on May 2, 2015 (Sec. 8). 
Legislation - Introduced (House) -

Title: Establishes the Mighigan Settlement Authority Administration

Sponsors

  • Fred Durhal Jr. (MI - D) (Out Of Office)

Co-sponsors

  • John J. Walsh (MI - R) (Out Of Office)
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