Bill > SB0052

This bill modifies the Hertel-Law-T. Stopczynski Port Authority Act to expand and clarify the powers, definitions, and financial operations of port authorities in Michigan. The bill introduces a comprehensive definition of "ancillary financing facilities," which includes a wide range of financial instruments like credit agreements, interest rate exchanges, insurance contracts, and investment arrangements that port authorities can now use to manage their financial operations. It broadens the definition of "port facilities" to include a more extensive list of infrastructure and related facilities within a five-mile radius of navigable waters, such as public infrastructure, parking structures, commercial and tourism facilities, and transportation-related operations. The bill also provides port authorities with expanded capabilities to enter into public-private partnerships, issue revenue bonds for up to 40 years, refund prior indebtedness, and modify their financial strategies through ancillary financing facilities. Additionally, the bill updates provisions related to budget submission, operating expenses, and surplus fund management, including changing how unencumbered funds at the end of a fiscal year are handled. These modifications aim to give port authorities more flexibility in financial management, project development, and infrastructure investment while maintaining oversight from constituent units and state departments.

Transportation and Infrastructure

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0052