The Omnibus Bond Authorization Act of 2024 aims to implement a five-year capital improvement program in Louisiana by authorizing new bond issuances and repealing certain prior bond authorizations that are no longer feasible due to inflation and project specificity requirements. The Act recognizes the necessity of reauthorizing general obligation bonds for essential projects while ensuring that unissued bonds do not negatively impact the state's financial statements. It establishes a framework for the State Bond Commission to issue general obligation bonds for capital improvements and outlines the process for submitting capital outlay applications.

Additionally, the Act mandates that all prior Acts authorizing the issuance of general obligation bonds, except for those related to refunding bonds and a specific prior Act, be repealed. It also stipulates that the State Bond Commission can issue bonds under specific terms and conditions, including provisions for reimbursement of debt service on project bonds. The Act is set to expire on June 30, 2025, unless certain conditions regarding bond sales or contracts are met, and it will take effect upon the governor's signature or after the designated period for bills to become law without signature.