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.

This bill updates Michigan's existing port authority laws to clarify definitions and expand the operational powers of these agencies. It specifically allows port authorities to enter into a wider variety of financial agreements, such as lines of credit and insurance contracts, to manage their funding. The legislation also grants authorities the ability to pledge the full faith and credit of their cities or counties to secure debt for projects and permits them to operate leased facilities if a tenant defaults. These changes directly affect local governments and port authorities by providing them with more flexible tools to finance and manage maritime infrastructure and related commercial facilities.