Senate Bill No. 479 amends sections of the Oklahoma Statutes related to the renovation, repair, and remodeling of the State Capitol Building. 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 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 the date of issuance. Additionally, it updates statutory language and references, including the removal of the State Capitol Repair Expenditure Oversight Committee, which previously oversaw the expenditure of proceeds from the sale of obligations for Capitol repairs.

The bill specifies that the obligations issued under these sections will not be subject to taxation by the state or any political subdivisions. It also outlines the Authority's ability to hire professionals for the efficient sale of obligations and manage investments related to these funds. The effective date of the act is set for November 1, 2025. Overall, the bill streamlines the process for funding Capitol renovations while eliminating the oversight committee that was previously responsible for approving expenditures related to these projects.