The 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 allows for the reduction of funds allocated to institutions to cover lease payments under the lease financing program. Additionally, it updates the language regarding the establishment and operation of petty cash funds at constituent institutions.

Furthermore, the bill amends 70 O.S. 2021, Section 3206.6a, to expand the types of projects that can be financed through the master lease program to include refunded projects. It specifies that the total amount of transactions financed in a calendar year will now encompass not only new projects but also any previously approved projects that did not receive financing in the prior year and any refunded projects. The bill is set to take effect on November 1, 2025.