OK SB1215

Exempts the Commissioners of the Land Office from requirements to use Office of Management and Enterprise Services contract forms for construction projects and from the Public Facilities Act

Authorizes the Commissioners of the Land Office to solicit proposals and negotiate contracts for the lease, sale, exchange, construction, maintenance, repair, improvement, development or redevelopment of investment real property acquired for investment purposes (excluding property from the 1906 Enabling Act)

Limits investment in real property to no more than 3% of the total value of permanent school fund assets, and prohibits the Land Office from bidding above appraised value when competing with private sector bidders

Requires the investment committee to evaluate proposals based on economic benefits to the trust, qualifications and experience of the provider, and financial ability to perform

Effective date of July 1, 2016, with an emergency clause allowing immediate effect upon passage and approval