The bill amends existing laws related to the Oklahoma State System of Higher Education, specifically updating provisions in the Oklahoma State Finance Act and the master lease program. It modifies Section 34.53 of Title 62 to clarify the role of the Oklahoma State Regents for Higher Education in approving allotment requests and to ensure that the account classifications align with national standards. Additionally, it allows the Regents to reduce fund allocations to institutions to cover lease payments under the lease financing program, now referenced as Section 3206.6a of Title 70, which has also been updated to reflect these changes.

Furthermore, the bill expands the annual transaction limit for the master lease program to include refunded projects, thereby increasing the financial flexibility for the Oklahoma State Regents. It stipulates that any bonds issued for financing must be approved by the Legislature, which will have a 45-day period to disapprove any proposed issuance. The effective date for these changes is set for November 1, 2025.