The bill amends the Hertel-Law-T. Stopczynski Port Authority Act to expand the powers and responsibilities of port authorities in Michigan. It introduces provisions that allow these authorities to enter into, amend, or terminate ancillary financing facilities, which include various financial agreements such as revolving credit agreements and letters of credit. The definition of "port facilities" is broadened to encompass a wider range of structures necessary for efficient port operations. Additionally, the bill clarifies the authority's ability to adopt bylaws, engage in public-private partnerships, and manage contracts related to port facilities. It also allows constituent units, such as cities and counties, to pledge their full faith and credit for contract obligations, enabling tax levies to ensure payment.

Further amendments focus on the financial management of port authorities, including provisions for issuing revenue bonds secured by trust agreements with corporate trustees. The bill clarifies how constituent units can raise funds through special assessments and mandates that governing bodies make resolutions regarding these assessments. It requires authorities to prepare development plans and submit budget estimates for approval, with any surplus funds at the end of a fiscal year carried forward for future use. Overall, these changes aim to enhance the operational framework and financial management of port authorities, facilitating improved development and management of port-related activities in Michigan.

Statutes affected:
House Introduced Bill: 120.102