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 other factors. 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 procedures for managing these bonds, including the establishment of reimbursement contracts and reserve accounts to ensure debt service payments.

Additionally, the Act specifies that all prior Acts authorizing the issuance of general obligation bonds are repealed, except for those related to refunding bonds and a specific Act from the 2006 First Extraordinary Session. It mandates that the State Bond Commission can issue bonds in various forms, including variable rate and tender option bonds, and allows for the use of unexpended bond proceeds for debt service on outstanding bonds. The Act will 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.