MI SB0893

Authorizes port authorities to enter into, amend, or terminate ancillary financing facilities including revolving credit agreements, interest rate swaps, insurance contracts, surety bonds, and other investment arrangements to facilitate bond issuance and manage risk.

Expands the definition of "port facilities" to include related facilities located within 5 miles of navigable waters, such as public infrastructure, parking structures, commercial and tourism facilities, and intermodal transportation operations.

Allows port authorities to finance the operation of leased facilities and permits constituent units to raise funds through service charges, state funds, special assessments, and general revenues for port projects.

Modifies language throughout to clarify port authority powers including acquisition, construction, improvement, operation, and financing of facilities, and permits refunding of prior indebtedness through revenue bonds.

Changes treatment of year-end surpluses so unencumbered funds carry forward to the next fiscal year instead of reverting to the state or constituent units.