The proposed bill establishes the Municipal Parking Benefit District Act, which allows municipalities in Oklahoma to create designated parking benefit districts. These districts are defined geographic areas where the majority of revenue generated from on-street parking facilities is allocated to finance improvements within the district. The bill outlines the process for creating these districts, including the requirement for public notice and hearings, as well as the ability for residents and business owners to voice objections. Additionally, municipalities can form advisory committees to provide recommendations on the maintenance and management of parking meter programs within these districts.

The legislation also provides for the establishment of a special fund to hold revenue from parking meters within the districts, which can be used for necessary improvements and repairs. Municipalities have the authority to modify or terminate these districts as needed, following a similar public notice and hearing process. The act clarifies that the powers granted do not limit existing municipal authority over parking meter programs and is set to take effect on November 1, 2025.