This bill amends Section 5-129 of Title 70 of the Oklahoma Statutes, which governs the school activity fund. The key changes include the removal of the requirement for school districts to deposit certain funds by the end of the next business day and the elimination of references to deposits for amounts less than one hundred dollars. Instead, the bill mandates that all funds must be deposited at least once per business week, regardless of the total amount. This change aims to streamline the deposit process for school districts and provide more flexibility in managing their funds.

Additionally, the bill includes provisions for the establishment of petty cash accounts, the appointment of custodians for the school activity fund, and the authorization for local boards of education to invest activity funds. It also allows for the creation of a general fund refund subaccount within the school activity fund, which can be used for refunds and reimbursements. The bill is set to take effect on July 1, 2026, and declares an emergency for its immediate implementation upon passage and approval.