The State Land Banking Authority Act establishes a framework for local governments in Louisiana to create and operate land banks aimed at revitalizing economically and physically distressed areas. These quasi-public nonprofit entities will have the authority to acquire, rehabilitate, and manage abandoned or dilapidated properties, as well as issue bonds to support their operations. The bill outlines the governance structure of the land banks, including the establishment of a board of directors and the hiring of staff, while emphasizing that land banks cannot exercise eminent domain or impose taxes. The provisions are designed to be liberally construed to achieve the goals of improving property conditions and addressing high unemployment in targeted areas.

Additionally, the bill enhances the legal framework for the issuance and management of bonds by these authorities, defining acts that constitute default and outlining the rights of bondholders. Key insertions include the establishment of a collateral fund to secure bondholders and the authority's ability to pledge its full faith and credit for bond payments. The legislation clarifies that bonds are not a debt or liability of the state and allows authorities to impose rates, rents, and fees related to projects without state regulation. Overall, the bill aims to strengthen the operational and financial capabilities of local authorities in managing real property and public resources effectively.