House Bill 4061 establishes the "Land Reserve Stewardship District" in Hillsborough County, Florida, as an independent special district designed to manage community infrastructure and services while preventing urban sprawl. The bill outlines the governance structure, including the formation of a board of supervisors elected by landowners, transitioning to elections by resident electors as the population grows. It grants the district powers to levy taxes, issue bonds, and impose special assessments to fund its operations, while ensuring compliance with the county's comprehensive plan and clarifying that the district will not have comprehensive planning or zoning powers. The legislation emphasizes transparency, requiring public disclosure of financial activities and the maintenance of an official website.

Additionally, the bill includes detailed legal descriptions of specific land parcels within the district, specifying exclusions and easements related to property ownership. It mandates that any initial sale contracts for properties within the district include a disclosure statement regarding potential taxes or assessments. The act also establishes procedures for the assessment and collection of special assessments, ensuring they are treated similarly to county taxes. Importantly, the authority to levy ad valorem taxes will only be activated following a majority vote from qualified electors in a referendum during a general election. Overall, HB 4061 aims to provide a structured framework for responsible development and governance within the newly established district.