LA HB3

Repeals all prior state general obligation bond authorizations (except refunding bonds and Act 41 of 2006 First Extraordinary Session) to remove unissued bonds from state financial statements that negatively impact credit ratings and bond marketability

Authorizes the State Bond Commission to issue new general obligation bonds for capital improvement projects included in House Bill No. 2 (2025 Capital Outlay Act), implementing the first year of the governor's five-year Capital Outlay Program

Establishes "project bonds" with reimbursement requirements where applicable management boards or state agencies must transfer student fees or revenues to the state treasury equal to debt service payments, plus build a reserve fund over 10 years equal to average annual debt service

Directs the State Treasurer to transfer unexpended bond proceeds of $10,000 or less from pre-2019 general obligation accounts to the Bond Security and Redemption Fund for debt service

Expires June 30, 2026, except for bonds already sold, bonds with issued lines of credit, or bonds with signed construction contracts