School bonds; one-year waiting period; nondebt capital options; exemption for destroyed school facilities; effective date.

HB 3331 creates a one-year waiting period before Oklahoma school districts can issue new bonds after paying off existing debt, except for specific exemptions. It allows districts to pursue non-bond funding options like private donations, lease-purchase agreements, or public-private partnerships without waiting. The waiting period also doesn’t apply if school facilities were destroyed by natural disasters (an "act of God"). The bill takes effect November 1, 2026, and directly affects Oklahoma school districts seeking to fund facility improvements or repairs.