The Omnibus Bond Authorization Act of 2024 aims to establish a five-year capital improvement program for the state of Louisiana. This legislation includes the repeal of certain prior bond authorizations that are no longer feasible due to inflation and other factors, while also providing for new bond authorizations. The State Bond Commission is granted the authority to issue general obligation bonds for capital improvement projects, ensuring that these projects are funded either fully or partially through the sale of these bonds. The Act emphasizes the need for a comprehensive approach to managing bond authorizations, allowing for the reauthorization of bonds not sold in the previous fiscal year and the introduction of new projects deemed necessary.

Additionally, the Act outlines the procedures for the issuance of project bonds, which are intended to reimburse debt service on general obligation bonds. It mandates that designated student fees or other revenues be allocated to cover the debt service, thereby reducing the financial burden on the state's general funds. The legislation also stipulates that reimbursement contracts must be established between the relevant management boards and the State Bond Commission to ensure compliance with payment obligations. The Act will remain in effect until June 30, 2025, unless specific conditions regarding bond sales or contracts are met.