This bill establishes a one-year waiting period for school districts in Oklahoma before they can call an election to issue new bonds after all existing bonded indebtedness has been certified as retired. Specifically, no election for issuing bonds can occur within 365 days of the retirement of all outstanding bonds. However, the bill clarifies that this waiting period does not apply to nondebt capital options, allowing school districts to pursue alternative funding methods such as private donations, lease-purchase agreements, and public-private construction partnerships. Additionally, the waiting period is exempted in cases where school facilities have been destroyed by an act of God.

The bill is set to be codified as Section 15-102A of Title 70 in the Oklahoma Statutes and will take effect on November 1, 2026. It aims to provide clarity and flexibility for school districts in managing their financial options while ensuring that there is a structured approach to issuing new bonds.