This bill establishes a new legal framework for governmental units that wish to withdraw as beneficiaries from multi-jurisdictional public trusts in Oklahoma. It allows these units to make a formal election to withdraw through a resolution by their governing body. Upon withdrawal, the unit is entitled to an equitable division of the trust's net assets and revenues, with the division method, timing, and amount being determined based on the unit's contributions and interests in the trust. If there is a disagreement among beneficiaries or trustees regarding the distribution, the district court in the trust's principal location will resolve the matter, applying principles of equity and state laws.

Additionally, the bill clarifies that the rights of third-party creditors, bondholders, or others with lawful obligations related to the trust will not be affected by these provisions. The requirements outlined in this bill will apply to all public trusts, regardless of when they were created, and the act is set to take effect on November 1, 2026.