The bill establishes the State Land Banking Authority Act, which provides a framework for local governments in Louisiana to create and operate land banks aimed at revitalizing economically and physically distressed areas. It defines key terms and outlines the powers and responsibilities of the land bank authority, including acquiring, rehabilitating, and managing properties, as well as issuing bonds and entering contracts. The bill also sets up a board of directors to govern the authority, details the procedures for its creation and amendment, and specifies limitations on its powers, such as prohibiting eminent domain and taxation.

Additionally, the bill enhances the operational framework for local authorities by introducing provisions related to the issuance and management of bonds. It specifies acts that constitute default by the authority, the rights of bondholders, and the creation of collateral funds to secure these bonds. The authority is empowered to impose rates, rents, and fees to cover project expenses and bond obligations, while ensuring that bonds do not constitute debts of the state. The legislation aims to strengthen the financial integrity of authorities managing public projects and provides clearer guidelines for handling property rights and tax-related issues.