House Bill No. [insert bill number] aims to enact the Omnibus Bond Authorization Act of 2025, which establishes a five-year capital improvement program for the state of Louisiana. The bill recognizes the need to repeal certain prior bond authorizations that are no longer feasible due to inflation and other factors, while also providing for new bond authorizations. Specifically, it repeals all prior Acts authorizing the issuance of general obligation bonds, except for those related to refunding bonds and Act 41 of the 2006 First Extraordinary Session. The bill emphasizes the necessity of reauthorizing general obligation bonds for essential projects and authorizes the State Bond Commission to issue these bonds for capital improvements.

Additionally, the bill outlines the procedures for the issuance and sale of bonds, ensuring compliance with the Louisiana Constitution and relevant statutes. It includes provisions for the management of debt service on project bonds, requiring designated student fees or other revenues to be allocated for reimbursement to the state treasury. The bill also establishes a reimbursement reserve account to ensure funds are available for debt service payments. The Act will expire on June 30, 2026, unless specific bonds have been sold or contracts for construction have been signed. The bill will take effect upon the governor's signature or after the lapse of time for gubernatorial action.