State finance: 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 amends an existing act to allow port authorities in Michigan cities and counties to enter into, amend, or end "ancillary financing facilities," which are various financial agreements like lines of credit or interest rate swaps. It also updates the powers and duties of these port authorities, including their ability to acquire, construct, and operate port and related facilities, issue bonds, and enter into public-private partnerships. The bill defines "ancillary financing facility" and expands the definitions of "port facilities" and "related facilities."

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