Bill No. 9009 amends Section 1-117 of Title 70 of the Oklahoma Statutes, which pertains to the general fund of school districts. The bill clarifies that the general fund is defined as a current expense fund, consisting of all revenue that can be legally expended within a specified fiscal year, excluding funds from special building levies and bond sales. It specifies that capital expenditures, which involve acquiring fixed assets or making significant improvements, cannot be made from the general fund except under certain conditions, such as rebuilding after a disaster or if a bond issue has been rejected. The bill also outlines the definitions of capital and noncapital expenditures and establishes regulations for the classification and financial administration of these funds.

Additionally, the bill introduces a provision allowing school districts with low property valuation per average daily attendance to make limited capital expenditures from the general fund, provided they meet specific criteria, including having voted for a building fund levy and having a history of bond issuance. The maximum amount that can be used for such capital expenditures is capped at five percent of the total yearly revenue to the general fund, and these funds can only be utilized for a limited time and specific purposes. The bill also includes a deletion of certain language and an insertion of "Testing amendments" to ensure compliance with the new provisions. The act is set to take effect on November 1, 2027.