Bill No. 2060 amends existing laws in Oklahoma by renaming the "Improvement District Act" to the "Building Utilities and Infrastructure for Long-term Development (BUILD) Act." It introduces new definitions and provisions for the establishment of master development districts, which require approval from the relevant city or county governing body, written consent from all surface property owners within the proposed boundaries, and a governing document that aligns with long-term development goals. The bill also allows for protests against the creation of these districts within a specified timeframe. Additionally, it grants the boards of supervisors of these districts the authority to levy special assessments on properties to finance improvements, which will create a lien on the real property.

The bill further outlines the powers and responsibilities of master development districts, including waste management, stormwater control, and the ability to enter into contracts for facility construction and management. A significant provision is the requirement for a master development agreement with the approving city or county to secure development rights and protect against changes that could affect the district's financial stability. It also allows for the issuance of bonds by both cities and master development districts, ensuring that such bonds do not constitute public debt for municipalities or counties. The legislation recognizes master development districts as political subdivisions of the state, enabling them to engage in legal contracts and actions, with an effective date set for November 1, 2026.