Michigan SB0052 amends the Port Authorities Act to modify the use of grant funds and issuance of revenue bonds by port authorities.

Michigan SB0052 amends the Port Authorities Act to modify the use of grant funds and issuance of revenue bonds by port authorities. The bill allows port authorities to enter into, amend, or terminate ancillary financing facilities, which include various types of contracts and agreements to hedge payment, currency, commodity, rate, spread, or similar exposure. It also allows port authorities to issue revenue bonds for the purpose of providing funds to pay the cost of port facilities or for paying the cost of an extension, enlargement, or improvement of a project.

Michigan SB0052 amends the Port Authorities Act to modify the use of grant funds and issuance of revenue bonds by port authorities.

Michigan SB0052 amends the Port Authorities Act to modify the use of grant funds and issuance of revenue bonds by port authorities. The bill allows port authorities to enter into, amend, or terminate ancillary financing facilities, which include various types of contracts and agreements to hedge payment, currency, commodity, rate, spread, or similar exposure. It also allows port authorities to issue revenue bonds for the purpose of providing funds to pay the cost of port facilities or for paying the cost of an extension, enlargement, or improvement of a project.