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 and personal property, with a total funding limit of $120 million for Section 345 and $125 million for Section 346. It 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 also includes provisions for the Authority to borrow money based on anticipated income from leasing, and it specifies that any interest earnings on funds 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 the sale of obligations for repairs to the Capitol. The bill removes all references to this committee and its responsibilities, streamlining the process for managing funds related to the Capitol's renovation. Additionally, it updates statutory language and references, ensuring that the obligations issued under this act are not subject to taxation by the state or any local political subdivisions. The act is set to become effective on November 1, 2025.