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W~th authority 9m~:~ apeci[icAlly by the State Legislature, port authorities act as land deve~s and flnan=iera for selected res1 eatate projects. Before emen~ents to the port authority la~ in 1957, port authorities had the function of pr _c~o__ting the ~r~ral commercial use of waterway ports for freight and passengers as alternatives to railroads. ~ow port authorities have additional powers ~ *Development of ir~ustrial ~~ districts ar~ m?ginal land. *Aut]~rity to issue ir~lustrial revenue bor~s. *The ability to pool the e~ess revenues generated by its projects ar~ use that pool as security for the revenue konds it issues. *Port authorities have the same powers an HRA has with its housing and rede~=_lol~ent activities, which provide a much broader definition of projects for which port authorities my issue revenue bc~ds. *Port authorities may enter into limited partnerships in which the port authority has an equity position in rte project. *Port authorities may aoquire, de~_lcp, impro~ ar~ lease lar~ in an industrial development district. *On ~ they own, port authorities may co~truct buildir~s or furnish capital equipmen~ in the buildings for t]~ purpose of sallin~ th~ to private persons. *Eminent ~in with approval from the city c~r~il. *Operation of parkirg facilities or other public facilities to prcmote e~c devel~t. *Port authorities may apply for powers of a foreign trade zone which allows exports and imports to be handled ar~ stored without payment of custum duties. *The power to cor~truct, own and manage district heating systems. Port authorities have a ns~ber of financial mechanisms available to them: *They my issue industrial revenue bo~s payable frc~ revenues generated by the port authority'.s facilities. *They may issue general obligation bo~ds secured by the full faith ar~ credit of the city to purdmase la~d or construct buildings; city o~uncils ~ust approve the G. O. issues; port auttorities my then levy a tax in an amount ~ot less than five percent more than the total needed to retire the *Port authorities may use tax increment financ~ for projects in industrial develoim~nt districts. *After a boo~ issue, port authorities may borrow mo~ey cna short term basis of tp to 12 months.