This bill amends the Improvement District Act in Oklahoma, specifically updating Sections 39-102, 39-103, and 39-115 of Title 11 of the Oklahoma Statutes. Key changes include the introduction of new definitions such as "master development district," which refers to an area operating independently from a municipality, and the establishment of a governing document for such districts. The bill outlines the requirements for creating a master development district, including the need for written consent from 100% of surface property owners within the proposed boundaries and a minimum project area of 250 acres or a projected investment exceeding $250 million. Additionally, the governing body of the master development district will have the same rights as a city governing body over improvement districts but will operate independently.

The bill also modifies the process for issuing bonds to finance improvements, allowing districts to issue bonds rather than just cities. It specifies that these bonds will not constitute public debt for the municipality and will not affect the municipality's bonding authority. The amendments aim to streamline the creation and management of public infrastructure districts, enhance local governance, and facilitate significant development projects. The act is set to take effect on November 1, 2026.