State property; creating the Oklahoma Capital Assets Maintenance and Protection Act; creating the Capital Assets Maintenance and Protection Fund; creating certain board. Effective date. Emergency.

This bill creates the Oklahoma Capital Assets Maintenance and Protection Act to establish a new revolving fund dedicated to maintaining and improving state-owned real and personal property. It authorizes the Oklahoma Capitol Improvement Authority to manage this fund, acquire or dispose of property, and enter into memoranda of understanding with state agencies to administer capital projects without creating legal obligations for the state. A newly formed Capital Assets Management and Protection Board will oversee the fund's allocation and direct the Authority on how to spend money on repairs, refurbishments, and deferred maintenance. The legislation also requires the Authority to submit annual reports to state leadership detailing the fund's financial activity and mandates the development of five-year strategic plans for higher education, tourism, and general state needs.