The bill establishes the St. Martin Parish Economic and Industrial Development District as a political subdivision of Louisiana, aimed at promoting industrial and commercial development within the parish. This district will focus on job creation, economic growth in disadvantaged communities, and infrastructure improvements. It will have the authority to levy taxes, issue bonds, and implement various economic plans with voter approval. The governance of the district will be managed by a board of commissioners, which will include appointed members from local authorities, and will have the power to acquire property, regulate fees, and collaborate with various agencies to enhance economic development efforts.

Additionally, the bill introduces provisions for the district to create public-private partnerships, hold public hearings, and prepare revitalization plans that detail proposed improvements and funding sources. It allows the district to levy taxes, including ad valorem and sales taxes, to support its activities, and establishes special accounts for a revolving loan guarantee fund and an economic development operation fund. The district is also authorized to incur debt and issue various forms of bonds, including general obligation ad valorem property tax secured bonds, contingent upon voter approval. The bill ensures that any financial instruments issued will be classified as securities of public entities and outlines the process for contesting their legality, requiring oversight from the State Bond Commission.