The bill establishes the St. Martin Parish Economic and Industrial Development District as a political subdivision of Louisiana, aimed at promoting industrial and commercial growth within the parish. It will be governed by a board of commissioners, which will have the authority to levy taxes (with voter approval), issue bonds, and manage economic development projects. The board will consist of appointed members from local governing bodies, ensuring diverse representation. The legislation outlines the district's powers, including property acquisition, fee regulation, and the establishment of public-private partnerships, while also detailing the appointment and removal processes for commissioners.

Additionally, the bill introduces provisions that allow the district to incur debt and issue various forms of negotiable bonds, including general obligation ad valorem property tax secured bonds, contingent upon voter approval. It establishes special accounts for a revolving loan guarantee fund and an economic development operation fund to support local businesses and attract industries. The district's financial instruments will be considered securities of public entities and will require approval from the State Bond Commission. The bill aims to enhance economic growth and revitalization in St. Martin Parish through structured governance, community involvement, and strategic financial mechanisms.