SB 0052
State agencies (proposed): authorities; use of grant funds and issuance of revenue bonds; modify. Amends title & secs. 2, 8, 9, 10, 13, 14, 14a, 16, 18, 20, 23, 24 & 25 of 1978 PA 639 (MCL 120.102 et seq.) & adds sec. 19a.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill allows cities and counties in Michigan to establish port authorities to develop and manage port facilities. It outlines the powers and duties of these authorities, including the ability to issue revenue bonds and enter into public-private partnerships. The bill also addresses the use of grant funds, establishes procedures for bond issuance and refunds, and provides for the adoption of port facility plans. Finally, it adds a section outlining the authority’s ability to enter into ancillary financing facilities to manage risk and achieve desired financial outcomes.
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