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 various financial agreements, including 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, thereby enhancing operational flexibility.

Moreover, the bill modifies existing legal language to streamline operations and clarify jurisdiction, allowing authorities to sue and be sued like the state and maintain offices beyond their jurisdiction. It emphasizes the role of authorities in promoting commerce and recreation and grants them the ability to levy taxes to meet contract obligations. The bill also includes provisions for the issuance of revenue bonds, specifies the process for raising funds through special assessments, and mandates the preparation of development plans and budget estimates. Surplus funds at the end of a fiscal year will be carried forward for future use, enhancing the financial management and operational efficiency of port authorities in Michigan.

Statutes affected:
House Introduced Bill: 120.102