2024 Senate Bill 893

AI Analysis – Experimental

The bill seeks to update the framework governing the establishment, powers, and duties of port authorities in Michigan cities and counties. Key aspects of the bill include:

Revising definitions and provisions related to port authorities, including their powers to levy taxes, enter into financial agreements, and issue bonds. Expanding the types of facilities and projects that port authorities can undertake, including infrastructure improvements and public-private partnerships. Outlining the governance structure of port authorities, including the appointment of an executive director and the ability to adopt bylaws, sue and be sued, and regulate navigation and port facility usage. Enhancing port authorities' financial capabilities, such as issuing revenue bonds, entering into ancillary financing facilities for better interest rates or cash flows, and applying for grants and loans. Specifying the types of charges port authorities can impose on goods and the contracts they can enter for the development of industrial districts and the promotion of commerce and recreation. Detailing the financial obligations and mechanisms for financing, including the issuance of revenue bonds payable solely from project revenues and not constituting a debt of the state or its political subdivisions. Requiring new port authorities to prepare a development plan within two years of creation and establishing that the state will fund 50% of the operating budget of the authority, with the remaining budget funded by participating counties and cities.