HEA 1076 Summary

• Port authorities are designated as instrumentalities of the state with independent authority separate from political subdivisions.

• Port authorities may borrow money for up to 35 years, secured by accounts receivable, capital equipment security interests, or other collateral including unobligated revenues.

• Reorganized bond issuance procedures into a new section, requiring board recommendation, public hearing with 10-day notice in newspapers, and governing body approval before sale.

• Port authorities in counties with 400,000-700,000 population are restricted from exercising eminent domain in cities with 75,000-90,000 or 32,000-32,800 populations.

• Port authorities may sell, lease, or enter royalty contracts for natural or mineral resources on owned land, with proceeds deposited in a nonreverting capital fund.