The bill establishes the University of Louisiana at Lafayette Economic Development District within Lafayette city and parish, aimed at fostering economic and community development in collaboration with the university and local government entities. It designates the district as a political subdivision of the state, granting it specific rights and powers, including the ability to levy taxes, impose special assessments, and engage in debt financing. The governance structure is defined by a board of commissioners, which includes the university president and four appointed members, with terms ranging from two to five years. Notably, the bill excludes residential properties from the district, allowing only temporary accommodations like hotels and inns.

Furthermore, the bill outlines the procedures for issuing bonds and obligations, detailing aspects such as maturity dates and interest rates, while ensuring that these obligations are exempt from state and local taxes. It allows the district to receive a sales or use tax increment from various taxes collected on retail sales and hotel occupancy, and establishes a 30-day period for contesting any ordinances or resolutions adopted by the board. The legislation emphasizes the importance of the district for the welfare of the state and encourages a liberal interpretation to fulfill its objectives.