This bill amends Section 5-115 of Title 70 of the Oklahoma Statutes, which pertains to the investment of school district funds. Key modifications include the clarification of the term "treasurer" to encompass county treasurers acting on behalf of school districts, and the stipulation that the board of education can require the treasurer to adjust their surety bond based on the funds on hand. The bill also mandates that the local treasurer maintain separate cash ledgers for each fund and outlines the requirements for reporting financial conditions to the board of education.

Significant changes to authorized investments are introduced, including the replacement of "United States Government" with "federal government" and the expansion of permissible investment options. New investment categories include prime banker's acceptances and prime commercial paper, with specific limitations on their maturity and percentage of surplus funds that can be invested. The bill also emphasizes the need for a written investment policy that prioritizes safety and liquidity, and it requires the board of education to regularly review the treasurer's investment performance. The act is set to take effect on July 1, 2026, and an emergency clause is included to ensure its immediate implementation upon passage.