Senate Bill No. 283 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. The bill modifies 62 O.S. 2021, Section 34.53, allowing the Oklahoma State Regents for Higher Education to reduce fund allocations to institutions to cover lease payments under the lease financing program, now referenced as Section 3206.6a of Title 70. Additionally, it updates language regarding the approval process for petty cash funds and the allocation of institutional income, ensuring compliance with national accounting standards.

Furthermore, the bill amends 70 O.S. 2021, Section 3206.6a, to allow financing for additional projects, including those refunded from previous issuances, thereby expanding the scope of the master lease program. The legislation requires that any bonds issued under this program receive legislative approval, with a specified process for submission and disapproval. The effective date for these changes is set for November 1, 2025.