State agencies (proposed): authorities; use of grant funds and issuance of revenue bonds; modify. Amends title & secs. 2, 8, 9, 10, 13, 14, 14a, 16, 18, 20, 23, 24 & 25 of 1978 PA 639 (MCL 120.102 et seq.) & adds sec. 19a.

HB 4862 amends Michigan's port authority act to update how port authorities can use grant funds and issue revenue bonds. It directly affects existing port authorities in cities and counties by revising specific sections of the law and adding a new section (19a) to clarify financial mechanisms. The bill updates definitions, including expanding "ancillary financing facility" to explicitly cover modern tools like interest rate swaps and credit agreements. These changes provide port authorities with more flexible financial management options while maintaining existing accountability structures.