The bill amends the Hertel-Law-T. Stopczynski Port Authority Act to expand the powers and responsibilities of port authorities in Michigan. Key enhancements include provisions that allow port authorities to enter into, amend, or terminate ancillary financing facilities, which cover various financial agreements such as revolving credit agreements and investment agreements. The definition of "facilities" is broadened to encompass a wider range of port-related structures, including marinas and warehouses. Additionally, the bill clarifies the authority's ability to engage in public-private partnerships and outlines powers such as adopting bylaws, issuing bonds, and regulating navigation. It also specifies that authorities can contract for the acquisition, construction, and financing of port facilities, with constituent units pledging their full faith and credit for payment obligations.

Moreover, the bill introduces amendments regarding the handling of surplus unencumbered funds at the end of a fiscal year. Previously, surplus funds were required to be paid into the general funds of the state and its constituent units; however, the new language removes this requirement, allowing surplus funds to be carried forward for the next fiscal year. This change aims to provide port authorities with greater financial flexibility and resources for future operations, thereby promoting commerce and recreation in Michigan. The bill also outlines new methods for raising funds, clarifies the nature of revenue bonds, and mandates the preparation of development plans and budget estimates for approval.

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