The bill amends Michigan's laws governing port authorities by introducing new provisions that enhance their financial capabilities and operational flexibility. It allows port authorities to enter into, amend, or terminate various ancillary financing facilities, including revolving credit and interest rate exchange agreements. The definition of "facilities" is expanded to include a wider range of port-related structures and improvements, such as modern freight handling appliances. Additionally, the bill clarifies the powers of port authorities, enabling them to adopt bylaws, issue bonds, and engage in public-private partnerships.

Moreover, the bill requires constituent units, such as cities or counties, to pledge their full faith and credit for contract obligations related to port authority projects, allowing for tax levies to ensure payment. It outlines methods for raising funds, including service charges and special assessments, and includes provisions for issuing revenue bonds that are payable solely from project revenues and not considered state debt. The bill also mandates that authorities established after May 1, 1984, prepare a development plan within two years, while those created before this date must do so by September 30, 1985, ensuring public involvement in the planning process.

Statutes affected:
Senate Introduced Bill: 120.102
As Passed by the Senate: 120.102
As Passed by the House: 120.102
Senate Enrolled Bill: 120.102