OK HB1590

Creates the Oklahoma Education Infrastructure Linked Deposit Program to provide reduced-rate loans to nonprofit organizations and charter schools for construction, expansion, or rehabilitation of buildings, including HVAC systems

State Treasurer administers the program in coordination with the Statewide Charter School Board, which reviews and recommends approval or rejection of loan applications within 10 business days

Maximum loan amount capped at $1,000,000 with terms up to 10 years, extendable by 5 years; only one linked deposit loan may be outstanding per education service entity at a time

Lending institutions receive below-market-rate state deposits and must pass through equivalent interest rate reductions to borrowers; renewals require minimum 5% principal reduction and all interest paid to date

Effective November 1, 2026; State Treasurer must submit annual reports to the Governor, Lieutenant Governor, Senate President Pro Tempore, and House Speaker