This bill amends Section 5-124 of Title 70 of the Oklahoma Statutes, expanding the prohibitions on contracts involving school district board members to include technology center school district boards. It clarifies the definition of when a board member is considered to have an interest in a contract, specifically when they or their immediate family members have an interest of five percent (5%) or more in a company, individual, or business concern. The bill also modifies exceptions to these prohibitions and removes previous language that exempted certain members from being considered interested in contracts.

Additionally, the bill stipulates that board members must abstain from voting on contracts where they or their immediate family members have a significant interest. It outlines specific scenarios under which contracts may still be made, such as when a company is the only supplier within a certain distance of the school district. The provisions of this section will apply to contracts entered into on or after the effective date of the act, which is declared to be immediately necessary for public safety and will take effect upon passage and approval.