The bill enacts Chapter 31-C of Title 51 of the Louisiana Revised Statutes, establishing the Cajundome Commission as a political subdivision of the state. This commission, originally created in 1987 through an intergovernmental contract between the University of Louisiana at Lafayette and the city of Lafayette, is tasked with the development, management, operation, and maintenance of the Cajundome, a multi-purpose arena. The current intergovernmental contract is set to expire on July 31, 2024, and the bill ensures the commission's continuity beyond this date, preserving its rights, benefits, debts, and obligations without interruption.

The governance structure of the commission is defined, with a board of five commissioners appointed by the University president, the mayor-president of Lafayette, and the Lafayette City Council. The board is responsible for electing its officers and conducting business, with a majority required for a quorum. The commission is granted various powers, including the ability to acquire property, enter contracts, set rates for facility use, and accept donations. Additionally, it can incur debt and issue bonds for authorized purposes. All existing policies and contracts will remain in effect until amended by the board.