This bill authorizes public entities in Oklahoma to enter into taxpayer agreements with owners or developers of real property within increment districts. These agreements can be used to secure the repayment of bonds, provide payments in lieu of tax increment revenues, and support financing for project costs. The bill establishes that such agreements are voluntary and binding obligations of the property owner or developer, and it clarifies that they do not constitute a pledge of the public entity's credit or taxing power. Additionally, if payments under the agreement are secured by a lien on real property, the lien will automatically take effect upon execution of the agreement and will be treated similarly to a tax lien, taking priority over other encumbrances.

The bill also outlines the enforcement of delinquent payments, allowing for collection in a manner similar to delinquent ad valorem taxes, and permits the assignment of taxpayer agreements and liens to trustees or bondholders. It specifies that bonds issued under this framework are payable solely from the pledged security and do not create a general obligation for the public entity. Furthermore, the public entity is designated as a conduit issuer, with repayment limited to taxpayer agreement payments and other pledged revenues. The bill emphasizes that the powers granted are supplemental to existing laws governing public entities. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.