The proposed bill, known as the "I-95 Corridor Authority Act," aims to establish a new authority within South Carolina's legal framework to promote economic development, health, and educational improvements in designated member counties along the I-95 corridor. The bill introduces Chapter 54 to Title 11 of the South Carolina Code, detailing the authority's composition, duties, and powers. The authority will consist of fifteen members appointed by local senators, representatives, and the Governor, with specific residency and experience requirements. Members will serve staggered terms, and the authority will be responsible for reporting its progress to the General Assembly annually.

Additionally, the bill outlines the authority's financial structure, allowing it to receive state appropriations as well as private and public donations, which will be managed in a dedicated fund. The authority is tasked with distributing these funds as loans or grants to fulfill its mission, and it will be subject to annual audits. The act will take effect upon the Governor's approval, marking a significant step towards enhancing the economic landscape of the I-95 corridor region.