OK SB951

Commercial leases on trust property limited to maximum 55 years with public bidding required for leases exceeding 3 years; agricultural leases limited to maximum 5 years, both at not less than fair market value.

Commissioners must require lessees to pay ad valorem property taxes on improvements and structures that would be taxable on privately owned land, and indemnify the Land Office from financial obligations.

Appraisers selected by the Commissioners must appraise permanent agricultural improvements that cannot be removed without damage to land; new lessees must reimburse previous lessees for appraised improvement values by occupancy date, with failure to do so constituting lease default.

No additional fees may be charged to agricultural lessees for irrigating land when water is not sourced from Commissioners-owned or managed lands.

Commissioners may refuse bids or leases from parties in default of prior lease obligations or lacking adequate creditworthiness, and shall promulgate rules to implement these provisions; effective date is November 1, 2025.