MI HB4862

Expands port authority powers to include financing, operating, and entering into public-private partnerships for facilities, and broadens "facilities" definition to include "related facilities" within 5 miles of navigable waters such as public infrastructure, parking structures, commercial/tourism facilities, and freight/intermodal operations

Authorizes port authorities to enter into ancillary financing facilities including interest rate swaps, currency exchanges, letters of credit, investment agreements, and other financial instruments to manage bond obligations and hedge risk

Allows revenue bonds to be issued for refunding prior authority indebtedness in addition to existing purposes of acquiring, constructing, and improving facilities, with bonds maturing up to 40 years after issuance

Updates budget approval requirements to route through the Department of Licensing and Regulatory Affairs (replacing Department of Commerce) and State Transportation Department, with the state providing 50% of authority operating budgets

Changes treatment of surplus funds at fiscal year end so unencumbered funds carry forward to the next fiscal year rather than being returned proportionally to the state and constituent units