This bill amends existing laws related to the Oklahoma State System of Higher Education, specifically updating statutory references and expanding the annual transaction limit for the master lease program. It modifies 62 O.S. 2021, Section 34.53, to clarify the role of the Oklahoma State Regents for Higher Education in approving allotment requests and to ensure that the allocation of funds aligns with the National Committee on Standard Reports for Institutions of Higher Education. Additionally, it allows the Regents to reduce allocations to institutions to cover lease payments under the lease financing program, now referenced as Section 3206.6a of Title 70.

Furthermore, the bill amends 70 O.S. 2021, Section 3206.6a, to include provisions for financing projects that have been refunded from previous issuances, thereby expanding the scope of transactions that can be financed in a calendar year. The legislation also establishes a process for the Legislature to approve or disapprove proposed bond issuances related to the master lease program. The effective date for these changes is set for November 1, 2025.