Bill > HB4862

This bill proposes to modify the Hertel-Law-T. Stopczynski port authority act by expanding and clarifying the powers, definitions, and financial operations of port authorities in Michigan. The bill introduces a comprehensive definition of "ancillary financing facility" which includes various financial instruments like credit agreements, interest rate exchanges, insurance contracts, and investment arrangements, giving port authorities more flexible financial management tools. It broadens the definitions of "port facilities" and "related facilities" to include a wide range of maritime and infrastructure-related assets, and expands the authorities' abilities to enter into contracts, issue revenue bonds, and engage in public-private partnerships. The bill also modifies provisions related to budget management, including how surplus funds are handled, and updates the process for developing long-term development plans. Additionally, the bill changes how operating budgets are funded, maintaining the existing framework of state and local cost-sharing, and provides port authorities with more latitude in financial decision-making, such as entering into complex financial agreements and refunding prior indebtedness. The modifications aim to provide port authorities with more operational flexibility and financial sophistication while maintaining oversight and accountability.

Transportation and Infrastructure

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4862