Michigan § 120.113 - Contracts for acquisition, construction, improvement, enlargement, extension, operation, or financing of port facilities; payment of cost; pledge of full faith and credit; tax levy; methods of raising funds; assessment of costs.

(1) An authority and 1 or more constituent units may enter into a contract or contracts for the acquisition, construction, improvement, enlargement, extension, operation, or financing of facilities and for the payment of the cost thereof by the contracting constituent units, with interest, over a period of not more than 40 years. Additionally, an authority and 1 or more constituent units may enter into a contract or contracts for the refunding of any prior indebtedness of the authority.

(2) Each contracting constituent unit shall pledge its full faith and credit for the payment of its obligations under the contract. If the constituent unit has taxing power, each year it shall levy a tax on all real and personal property within the constituent unit that may be imposed without limitation as to rate or amount, to the extent necessary for the prompt payment of that part of the contract obligations that fall due before the following year's tax collection. If any contracting constituent unit at the time of its annual tax levy has on hand in cash any amount pledged to the payment of the current obligations for which the tax levy is to be made, then the annual tax levy may be reduced by that amount. Other funds may be raised by an authority or contracting constituent unit in 1 or more of the following methods:

(a) By service charge to users of the facilities owned or operated by the port authority.

(b) By setting aside state collected funds disbursed to the contracting constituent unit.

(c) By special assessment on lands benefited.

(d) By setting aside any other available money, including the general revenues of the contracting constituent units.

(3) A contracting constituent unit may agree to raise all or any part of its contract obligation by 1 or more of the methods enumerated in subsection (2) that are available. The various powers granted in this act to a constituent unit must be exercised by its governing body.

(4) If a constituent unit, other than a county, operating under this act elects to raise money to pay all or a portion of its share of the cost of a project by assessing the costs on benefited lands, its governing body shall make the election by resolution and fix the district for assessment. The governing body shall then cause a special assessment roll to be prepared. Thereafter, the proceedings in respect to the special assessment roll and the making and collection of the special assessments on the roll, must be in accordance with the provisions of the statute or charter governing special assessments in the constituent unit, except that the total assessment may be divided into any number of installments not exceeding 30, and any person assessed has the right at the hearing on the special assessment roll to object to the special assessment district previously established.