The proposed legislation, known as the "State Fairgrounds District Act," establishes a new political subdivision called the State Fairgrounds District, which encompasses the land owned by the state known as the "state fairgrounds" and any contiguous land that may be acquired. The Act creates a governing board composed of key state and local officials and grants the district various powers, including the ability to enter contracts, issue bonds, and manage public infrastructure. The district is authorized to issue revenue bonds up to $1 billion for projects, with the revenue from gross receipts and gaming taxes pledged for repayment. Additionally, the Act creates the State Fairgrounds District Fund to manage financial resources, including distributions from taxes generated by businesses located on the fairgrounds.

Key provisions of the Act include tax exemptions for the bonds issued, a requirement for annual reporting on the district's financial activities and economic impact, and the establishment of a process for distributing tax revenues to the district fund until the bonds are fully paid. The legislation also allows for the modification of bond repayment terms based on changes in state tax rates. Overall, the Act aims to enhance the development and management of the state fairgrounds while providing a structured financial framework for its operations.