SB 1301 Summary

• Expands port authority powers to include port economic development facilities beyond traditional port facilities, allowing authorities to acquire, construct, lease, and operate facilities related to transportation, economic development, housing, recreation, education, and other authorized purposes.

• Authorizes port authorities to issue additional types of bonds and securities including revenue bonds, municipal securities under the Revised Municipal Finance Act, and short-term municipal securities to finance projects and operations.

• Adds new provisions allowing authorities to enter into interest rate swap agreements, obtain lines of credit with state treasurer approval, and make secured/unsecured loans for project financing.

• Protects confidential business information submitted by employers to authorities or economic development service providers from public disclosure under the Freedom of Information Act until the employer commits in writing to proceed with relocation, location, expansion, or improvement activities.

• Streamlines governance provisions and clarifies authority composition for large counties (1.5 million+ population), establishes procedures for port development plans with public hearings, and modifies state funding requirements for authority operating budgets.