This bill amends Sections 345 and 346 of Title 73 of the Oklahoma Statutes, which pertain to the renovation, repair, and remodeling of the State Capitol Building. It authorizes the Oklahoma Capitol Improvement Authority to issue obligations for acquiring real and personal property, with a total funding limit of $120 million for Section 345 and $125 million for Section 346. The bill also allows the Authority to capitalize interest on these obligations for a period not to exceed one year from issuance and specifies that any interest earnings on funds created for these purposes may be used for annual debt service. Additionally, the bill updates statutory language and references, and it clarifies that the obligations and interest earned will not be subject to taxation by the state or any political subdivisions.

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 the sale of obligations for repairs to the Capitol. The bill removes all references to this committee and its functions, streamlining the process for managing funds related to the Capitol's renovation. The effective date of the act is set for November 1, 2025.