The bill amends the Railroad Revitalization Act by updating the powers and duties of the Department of Transportation as outlined in 66 O.S. 2021, Section 304. Key modifications include the process for the sale of state-owned railroad properties, which now requires a request for proposal (RFP) process with a response period extended from ninety to one hundred twenty days. Additionally, if an operator under a lease-purchase agreement exercises the purchase option, it must be approved by the Transportation Commission. The bill also updates statutory language and references, ensuring clarity and compliance with current legal standards.

Furthermore, the bill establishes that all proceeds from the sale of railroad assets will be deposited into the Oklahoma Railroad Maintenance Revolving Fund. It emphasizes the importance of public transparency by mandating that all meetings of the Department be open to the public and that records be accessible, except in personnel matters. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.