Senate Bill No. 479 amends existing laws regarding the renovation, repair, and remodeling of the State Capitol Building in Oklahoma. The bill authorizes the Oklahoma Capitol Improvement Authority to issue obligations for acquiring real property and funding improvements to the State Capitol Building, with a total amount not to exceed $120 million. It also allows the Authority to hold title to the property until obligations are retired and to lease the property to the Office of Management and Enterprise Services. The bill includes provisions for the Authority to borrow money based on anticipated income from leasing, and it specifies that any interest earnings on funds created for this purpose can be used for debt service.

A significant change in the bill is the dissolution of the State Capitol Repair Expenditure Oversight Committee, which previously oversaw the expenditure of proceeds from obligations issued for repairs to the Capitol. The bill also updates statutory language and references, including the removal of certain provisions related to the oversight committee's structure and responsibilities. Additionally, it clarifies that obligations issued under this section will not be subject to taxation by the state or any political subdivisions. The act is set to become effective on November 1, 2025.