OK SB655

Increases the maximum debt limit for school districts from 10% to 15% of taxable property valuation when districts have an "absolute need" and voter approval (3/5 vote required).

Raises the debt ceiling for purchasing transportation equipment from 10% to 15% of taxable property valuation under Section 15-106.

Expands the definition of "equipment" in Section 15-106.1 to include library books, textbooks, school uniforms, computer software, telecommunications devices, and related maintenance agreements, with bonds maturing up to 5 years (or longer if equipment life justifies it).

Makes the bill's provisions contingent upon voter approval of a proposed constitutional amendment to Section 26 of Article X of the Oklahoma Constitution (referenced as Senate Joint Resolution number to be determined).