Senate Bill No. 538 amends existing laws regarding local bond elections in Oklahoma. It modifies the timing of special elections for municipalities and education boards, allowing these elections to be held on state or federal election days in November during both odd- and even-numbered years. Specifically, the bill inserts provisions that authorize municipal governing bodies to call special elections for issuing municipal bonds or taxes on these designated election days. Additionally, it clarifies that the board of education must also call elections for issuing bonds on the same state or federal election days, ensuring consistency across local election practices.

The bill also updates statutory language and references, while removing certain outdated phrases. For instance, it deletes the requirement for municipal bonds to be issued only at specific times and replaces it with broader authority for municipalities and education boards to conduct elections at more flexible intervals. The effective date for this legislation is set for July 1, 2025, and it includes an emergency clause for immediate implementation upon passage and approval.