SB 158 Summary

• Removes the 10% cap on school district indebtedness for acquiring or improving school sites, constructing or repairing buildings, and acquiring equipment and furnishings.

• Expands the definition of "equipment" eligible for bond funding to include library books, textbooks, software licenses, telecommunications devices, and maintenance contracts with terms up to 5 years.

• Allows school districts to issue bonds with maturities exceeding 5 years for equipment purchases if the maturity does not exceed the effective life of the equipment.

• Amends sections 15-103, 15-106, and 15-106.1 of Title 70 Oklahoma Statutes to remove indebtedness limitations previously set at 10%.

• Makes all provisions contingent upon voter approval of a proposed constitutional amendment to Section 26 of Article X of the Oklahoma Constitution.