Michigan § 120.102 - Definitions.

As used in this act:

(a) "Ancillary financing facility" means any of the following:

(i) A revolving credit agreement, an agreement establishing a line of credit, or a letter of credit.

(ii) A reimbursement agreement.

(iii) A standby bond purchase agreement.

(iv) An interest rate exchange or similar agreement.

(v) A currency exchange agreement.

(vi) A commodity exchange agreement.

(vii) An interest rate floor or cap.

(viii) An option, put, call, or similar agreement to hedge payment, currency, commodity, rate, spread, or similar exposure.

(ix) An investment agreement.

(x) A float agreement.

(xi) A forward agreement or other investment arrangement.

(xii) An insurance contract.

(xiii) A surety bond.

(xiv) A commitment to purchase or sell securities.

(xv) A purchase or sale agreement or commitment.

(xvi) Any other contract or agreement or other security agreement approved by an authority under this act, including, but not limited to, any arrangement referred to in this act.

(b) "Authority" means a port authority created under this act and may also include the area within the jurisdiction of an authority.

(c) "Constituent unit" means a city or county requesting the incorporation of an authority.

(d) "Facilities" means port facilities and related facilities.

(e) "Governing body of the city" means the city council or city commission of a city requesting incorporation of an authority.

(f) "Governing body of the county" means the county board of commissioners of a county participating in an authority.

(g) "Port facilities" includes, but is not limited to, all of the following:

(i) Seawall jetties.

(ii) Piers.

(iii) Wharves.

(iv) Docks.

(v) Boat landings.

(vi) Marinas.

(vii) Warehouses.

(viii) Storehouses.

(ix) Elevators.

(x) Grain bins.

(xi) Cold storage plants.

(xii) Terminal icing plants.

(xiii) Bunkers.

(xiv) Oil tanks.

(xv) Ferries.

(xvi) Canals.

(xvii) Locks.

(xviii) Bridges, except for international bridges.

(xix) Tunnels.

(xx) Seaways.

(xxi) Conveyors.

(xxii) Modern appliances for the economical handling, storage, and transportation of freight and handling of passenger traffic.

(xxiii) Transfer and terminal facilities required for the efficient operation and development of ports and harbors.

(xxiv) Other harbor improvements.

(xxv) Improvements, enlargements, remodeling, or extensions of any of the buildings or structures described in subparagraphs (i) to (xxiv).

(h) "Project" means the acquisition, purchase, construction, reconstruction, rehabilitation, remodeling, improvement, enlargement, repair, condemnation, maintenance, or operation of facilities.

(i) "Related facilities" means the following facilities located within 5 miles of the navigable waters within the geographic area of an authority, including, but not limited to, all of the following:

(i) Public infrastructure.

(ii) Real and personal property used or useful to accomplish the purposes of the authority.

(iii) Parking lots and parking structures that may be used in connection with facilities.

(iv) Commercial and tourism facilities related to maritime and public recreational facilities.

(v) Facilities used for freight, transportation, light manufacturing, and intermodal operations and functions.