To borrow $410 million to avoid spending cuts in the Fiscal Year 2006-2007 state budget. The bill does this by increasing from $400 million to $810 million the borrowing authorized under the “21st Century Jobs Fund
” business subsidy program. The first $400 million of that debt was loans with a duration of approximately 20 years. Note: Reportedly, the bill may be amended to authorize an additional $300 million in borrowing to pay for current year spending. The House Fiscal Agency notes that depending on the timing and structure of the borrowing this will impose annual debt service payments of $40 million to $46 million for the next 20 years.