Senate Bill No. by Senator Cathey establishes a uniform procedure for creating college economic development districts within the University of Louisiana System, enacting Chapter 51 of Title 33 of the Louisiana Revised Statutes, specifically R.S. 33:9731. This legislation designates these districts as political subdivisions of the state, empowering them to engage in cooperative economic development, levy taxes, incur debt, and create special taxing districts with local governing authority consent. The bill outlines the creation process, requiring an ordinance from the local governing authority and the establishment of a board of commissioners to oversee operations.

The bill grants the districts various powers, including the ability to sue, acquire property, enter contracts, and issue bonds for funding projects. It allows for the creation of subdistricts and specifies procedures for levying taxes and assessments, including public notice and potential elections for approval. Notably, it permits sales and use taxes levied by these districts to exceed constitutional limitations, provided they follow the outlined procedures. The districts will be governed by a board of commissioners, including the highest executive officer of the college and four appointed members, with specific provisions for terms and vacancies. The legislation aims to enhance economic development around Louisiana's universities by providing a structured framework for these districts, which will dissolve one year after settling all debts or after fifty years, whichever is later.