Public trusts; requiring voter consent for debt issuance. Effective date.

SB 2145 requires state, county, or municipal public trusts to obtain majority voter approval before issuing new debt, such as bonds. This applies to trusts authorized under Oklahoma’s Constitution (Articles X and XI), including entities like pension funds or infrastructure trusts. The bill mandates a vote at a public election for each new debt issuance, rather than allowing officials to approve borrowing unilaterally. It takes effect November 1, 2026, and would be codified in Oklahoma Statutes.