OK HB1706

Creates the Oklahoma Student Safety and School Facility Fortification Act, authorizing the State Board of Education to issue bonds up to $475 million for capital projects to enhance student safety and fortify school facilities against unlawful entry

Establishes a master lease program with a $25 million permanent revolving lease fund for school districts to finance property acquisitions, with individual transactions ranging from $50,000 to $10 million

Sets repayment terms based on asset type: 5 years maximum for software, vehicles, and short-lived equipment; 10 years for equipment under $100,000 and renovations; 30 years for other assets

Requires Legislature approval through a 45-day review period where a concurrent resolution of disapproval must pass both chambers to block proposed bond issuances

Mandates annual audited financial statements from participating school districts, with deadlines phasing from 120 days after fiscal year end (2013) to 90 days (2015 and beyond), plus newspaper publication requirements