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 facility acquisition and operation.

Moreover, the bill modifies existing language to streamline operations and clarify jurisdiction, allowing authorities to sue and be sued, adopt an official seal, and appoint an executive director with defined responsibilities. It also outlines how contracting constituent units can raise funds through special assessments and introduces provisions for issuing revenue bonds secured by a trust agreement. The bill emphasizes that these bonds are not state debts but are payable solely from project revenues. Furthermore, it requires authorities to prepare development plans and submit budget estimates, with any surplus funds carried forward to the next fiscal year, thereby enhancing the operational and financial management framework for port authorities.