Bill No. 237, introduced by Senators Murdock and Newton, amends Section 1023 of Title 64 of the Oklahoma Statutes, which pertains to properties owned by the Commissioners of the Land Office. The bill establishes new conditions for granting commercial and agricultural leases on trust property, including a maximum duration of fifty-five years for commercial leases and five years for agricultural leases, both requiring public bidding at fair market value. Additionally, it stipulates that any interest granted in trust property below fair market value is void, and any permanent improvements made on commercial trust property after July 1, 1989, will revert to the trust at the end of the lease.

Furthermore, the bill mandates that the Commissioners of the Land Office make payments in lieu of ad valorem taxes for real property held in counties where they own more than ten percent of the land. The county assessor is required to provide the average tax rate per acre for agricultural land by September 1 each year, and the Commissioners must make the payment to the county treasurer by December 31. The bill also allows the Commissioners to refuse bids or leases from parties in default or lacking adequate creditworthiness. The act is set to take effect on January 1, 2026.