House Bill No. 1590, known as the "Oklahoma Education Infrastructure Linked Deposit Program," aims to provide funding for eligible education service delivery entities, such as nonprofit organizations and charter schools, to enhance educational opportunities for children in Oklahoma. The bill outlines the responsibilities of the State Treasurer, who is tasked with administering the program, disseminating information, and issuing guidelines. It also mandates the submission of an annual report to key state officials regarding the program's status. The bill establishes procedures for loan applications, imposes restrictions on loan agreements, and prohibits conflicts of interest, ensuring that funds are used exclusively for the construction or repair of educational infrastructure.

The legislation specifies that the maximum loan amount linked to deposits shall not exceed $1,000,000, with a maximum loan term of ten years, extendable by mutual agreement for an additional five years. It also includes provisions for the review and evaluation of loan packages by the State Treasurer and the Statewide Charter School Board, as well as requirements for lending institutions to comply with the program's guidelines. Importantly, the bill provides immunity from liability for the state and its officials concerning loan payments, ensuring that any defaults by education service entities do not affect the deposit agreements. The act is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.