Bill No. 283 amends various sections of the Oklahoma State Finance Act and the master lease program related to The Oklahoma State System of Higher Education. Specifically, it updates statutory references and expands the annual transaction limit for the master lease program to include certain refunded projects. The bill modifies Section 34.53 of Title 62, allowing the Oklahoma State Regents for Higher Education to reduce fund allocations to institutions to cover lease payments under the lease financing program. It also updates the language regarding the approval process for petty cash funds and the allocation of institutional income.

Additionally, the bill amends Section 3206.6a of Title 70, which governs the financing of real property acquisitions and improvements through the master lease program. It establishes that the total transactions financed in a calendar year will include not only the approved submissions but also any projects refunded from previous issuances. The effective date for this act is set for November 1, 2025.