The bill CS/HB 4043 establishes the Waterlin Stewardship District in Osceola County as an independent special district aimed at facilitating community development while preventing urban sprawl. It outlines the district's governance structure, which includes a board of supervisors elected by landowners initially, transitioning to a board elected by residents as the population of qualified electors increases. The district is granted specific powers to manage public systems and infrastructure, but it is explicitly prohibited from adopting comprehensive planning or zoning regulations that conflict with existing county laws. The bill also includes detailed legal descriptions of the district's boundaries and provisions for the issuance of bonds and special assessments to fund improvements.

Additionally, the bill emphasizes transparency and accountability in the district's operations, requiring public access to financial information and maintaining a permanent record of proceedings. It allows the district to engage in various activities, including providing public services and infrastructure improvements, while ensuring compliance with local regulations. The legislation mandates that any changes to the district's boundaries or significant operational decisions require approval from local authorities, thereby fostering collaboration with Osceola County and the Tohopekaliga Water Authority. Overall, the bill aims to create a structured governance framework that aligns with community needs and promotes sustainable development.