Commissioners of the Land Office; modifying the powers and authority of the Commissioners. Effective date. Emergency.

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SENATE FLOOR VERSION
February 17, 2026

SENATE BILL NO. 1476 By: Rader of the Senate

and

Moore of the House

An Act relating to Commissioners of the Land Office;
amending 64 O.S. 2021, Sections 1002, 1002A, 1003,
1004, 1006, 1007, 1010, 1011, 1013, as amended by
Section 40, Chapter 228, O.S.L. 2022, 1022, 1023, as
amended by Section 1, Chapter 360, O.S.L. 2025, 1034,
1047, 1052, 1053, 1055, 1056, 1063, 1069, 1071, 1086,
1089, and 1, Chapter 429, O.S.L. 2024 (64 O.S. Supp.
2025, Sections 1013, 1023, and 1096), which relate to
the Commissioners of the Land Office Modernization
Act; modifying the powers and authority of the
Commissioners; allowing, rather than requiring, the
Commissioners to exchange land for certain
properties; authorizing, rather than requiring, the
Commissioners to request certain easement via
petition; replacing reference to realtors with
reference to real estate licensees; authorizing
licensees to be used for certain purpose; directing
the Lieutenant Governor to serve as vice chair in the
absence of certain election; modifying authority of
Secretary of the Land Office; directing the
Commissioners to maintain certain licenses for
certain employees; removing language creating a cash
drawer change fund; allowing the permanent school
fund to be invested in certain investments; removing
language providing for calculation of investments in
real property; allowing the Commissioners to retain
external real estate property managers; modifying
method for choosing investment managers and
investment property managers; allowing investment
real estate property managers full discretion on
certain leasing and operations; directing execution
of certain leases upon approval of the Secretary of
the Land Office; exempting certain leases from term

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limitations; defining term; removing references to
the Cash Management and Investment Oversight
Commission; requiring electronic submission of
certain report; prohibiting the Commissioners from
taking any action to impede certain development;
exempting certain investment real estate from certain
term limitations; directing investment real estate
leases to provide for certain value; prohibiting an
abstention from being considered in certain vote;
requiring the Commissioners to advertise certain sale
of lands and improvements; modifying frequency of
publication of sale; allowing certain designee to
provide certain information; clarifying requirement
to appraise certain improvements; allowing certain
public auction to be held via live bidding or a
combination of live and online bidding; allowing the
Commissioners to issue certain patent to certain
purchaser; directing patent or deed to contain
certain provisions; clarifying the authority of the
Commissioners over certain leasing; allowing oil and
gas leases to be encumbered; modifying source of
funds for the Multiyear Education Distribution
Stabilization Revolving Fund; allowing the
Commissioners to convey certain execution ability to
the Secretary of the Land Office; providing for
approval of exchange of state-owned lands; clarifying
application of certain contracting requirement;
making language gender neutral; updating statutory
reference; updating statutory language; repealing 64
O.S. 2021, Sections 1014, 1021, 1030, 1050, 1054, and
1061, which relate to the Commissioners of the Land
Office Modernization Act; providing an effective
date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 64 O.S. 2021, Section 1002, is
amended to read as follows:
Section 1002. In order that the state school lands may be
administered in a manner to assure their preservation as well as the

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appreciation of the trust estate and the maximum return from the use
of state school lands for the support and maintenance of the common
schools of the state, the Commissioners of the Land Office, as
trustees of the state school lands, are hereby authorized and
empowered to:
1. Categorize the state school lands as agricultural or,
commercial, or investment according to the use which the
Commissioners of the Land Office determine from time to time to be
most beneficial to the interest of the present and future
beneficiaries of the this state;
2. Sell, at public auction after appraisement, the surface
interest in any state school land categorized by the Commissioners
of the Land Office to be excess or when determined to be in the best
interest of the trust;
3. Institute projects to develop and improve those state school
lands which are categorized as commercial or investment lands;
4. Acquire by exchange, purchase, gift, or grant all real
property and to acquire by exchange, purchase, gift, or grant all
personal property including donations and funds necessary for the
purpose of utilizing trust lands for the development of commercial
and, agricultural, investment, oil and gas, or other leases or
Commissioners of the Land Office operations to maximize trust income
for present and future beneficiaries; and

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5. Exchange any real property of the trust for other real
property of equal or greater value to maximize income for present
and future beneficiaries, in accordance with and under the safeguard
of trust requirements; and
6. Purchase, own, and operate motor vehicles necessary for use
in their operations and purchase insurance on such motor vehicles in
accordance with statutory provisions and subject to the approval of
the Risk Management Administrator as provided for in Section 85.58A
of Title 74 of the Oklahoma Statutes.
SECTION 2. AMENDATORY 64 O.S. 2021, Section 1002A, is
amended to read as follows:
Section 1002A. The Commissioners of the Land Office shall may,
in compliance with Oklahoma law and all of the duties as trustees,
use their best efforts to exchange undeveloped land owned by the
Commissioners of the Land Office for privately held investment or
commercial properties and. Before approving such exchange, the
Commissioners of the Land Office shall consider the impact on
affected taxing districts prior to the exchange or purchase of
investment or commercial properties.
SECTION 3. AMENDATORY 64 O.S. 2021, Section 1003, is
amended to read as follows:
Section 1003. A. The Commissioners of the Land Office may
grant easements to entities with power of eminent domain pursuant to
the policies of Section 13 of Title 27 of the Oklahoma Statutes.

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B. The Commissioners shall, upon written application, grant
easements to:
1. Nonprofit rural water districts organized pursuant to
Section 863 of Title 18 of the Oklahoma Statutes;
2. Rural water districts organized pursuant to the Rural Water,
Sewer, Gas and Solid Waste Management Districts Act; or
3. Rural electric cooperatives organized pursuant to Section
437 et seq. of Title 18 of the Oklahoma Statutes, for the purpose of
laying a water or power line upon the property.
C. Prior to the granting of such easement, an appraisal shall
be conducted to the Commissioners of the Land Office shall determine
the fair market value of the easement. The If the district or
cooperative requesting the easement shall disagrees with such value,
it may petition the District Court district court in the county in
which the easement is located to determine the fair market value of
the easement. The court shall appoint three disinterested persons
who are residents of that county who shall first take an oath to
fairly and impartially appraise the value of the easement. The
appraisers shall meet and determine the fair market value of the
easement, in writing, and return the same under their signatures to
the court. Said The appraisal shall show the fair market value of
the easement. Appraiser’s Appraiser fees shall be set by the court
and charged to the requesting district or cooperative as costs. The
district or cooperative shall enclose a certified copy of the

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appraisal and payment in the amount of the appraised value with its
written request for easement to the Commissioners of the Land
Office. Except for the amount received for the granting of an
easement, no additional fees or other charges shall be assessed by
the Commissioners of the Land Office for the granting of such
easement.
D. The granting of easements pursuant to this section shall be
timely and shall not exceed sixty (60) days from date that the
appraisal is submitted to the district court.
E. Easements shall run concurrently with the life of the
facilities installed.
SECTION 4. AMENDATORY 64 O.S. 2021, Section 1004, is
amended to read as follows:
Section 1004. The Commissioners of the Land Office may retain
realtors real estate licensees for the purpose of securing tenants
in the commercial leasing of investment and commercial trust
property and for the purpose of assisting with the sale of
investment and commercial trust property. Realtors Real estate
licensees shall be chosen by a solicitation of proposals on a
competitive bid basis pursuant to standards set by the
Commissioners. The process of selecting realtors real estate
licensees shall be exempt from the Oklahoma Central Purchasing Act.
The Commission Commissioners may pay realtors real estate licensees

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retained to secure tenants for trust property or assist with the
sale of trust property on a commission basis.
SECTION 5. AMENDATORY 64 O.S. 2021, Section 1006, is
amended to read as follows:
Section 1006. The Governor of the State of Oklahoma shall be
designated as chairman chair ex officio of the Commissioners of the
Land Office. The Commissioners shall may elect from their body a
vice-chairman vice chair whose duty it shall be to act as chairman
chair in the absence of the chairman chair or in case of the
failure, neglect, or refusal of the chairman chair to act. In the
absence of such an election, the Lieutenant Governor of this state
shall serve as the vice chair.
The Secretary of the Land Office shall select for employment all
employees as may be deemed necessary and appropriate to properly
operate the Land Office, except the General Counsel for the Land
Commission Commissioners of the Land Office who shall be selected by
a majority of the Commission Commissioners.
The Commissioners, by a majority vote, may remove the Secretary
of the Land Office and the General Counsel of the Land Office. The
Secretary may discharge and remove any employee of the Land Office.
SECTION 6. AMENDATORY 64 O.S. 2021, Section 1007, is
amended to read as follows:
Section 1007. The head of each division in the Department of
the Commissioners of the Land Office shall be under the immediate

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supervision and command, in the administration of their divisions,
of Subject to the requirements of the Commissioners of the Land
Office Modernization Act, the Secretary of the Land Office shall
have the authority and discretion to organize and maintain the
organizational structure of the Land Office.
SECTION 7. AMENDATORY 64 O.S. 2021, Section 1010, is
amended to read as follows:
Section 1010. The Commissioners of the Land Office shall be
responsible for and pay the fee for obtaining maintaining a real
estate appraiser license including, but not limited to, real estate
licensee, broker, and appraiser licenses for any Land Office
employee who is required to obtain maintain such license to perform
job duties.
SECTION 8. AMENDATORY 64 O.S. 2021, Section 1011, is
amended to read as follows:
Section 1011. A. There is hereby created a revolving fund for
the Commissioners of the Land Office to be designated the
“Commissioners of the Land Office Revolving Fund”. The fund shall
be a continuing fund not subject to fiscal year limitations and into
which shall be paid all fees that may be collected by the
Commissioners of the Land Office, transfers from other revolving
funds of the Commissioners of the Land Office, and any monies
designated for transfer into the fund. In addition, available
monies received within an annual period may be added to the fund

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upon designation by the Secretary of the Land Office,; in such case
the funds are hereby appropriated and may be budgeted and expended
by the Commissioners of the Land Office within the annual period in
which received or thereafter in the performance of the
constitutional and statutory trust duties of the Commissioners of
the Land Office. Monies from the fund may be used to pay for all
books, forms, and other necessary equipment and supplies for the
installation and maintenance of a modern system of accounting,
necessary printing expenses, abstracts, refunds, expenses incidental
to the operation of the Land Office, necessary communication and
traveling expenses incurred by the employees of the Land Office,
attorney fees and litigation expenses, collection costs and
expenses, distributions, and conservation and commercial property
upgrades. The Commissioners of the Land Office may also use monies
in the revolving fund for any expenses of the Land Office related to
personal personnel services, operating expenses, the purchase of
equipment, and for the performance of all duties necessary and as
may be prescribed to carry out the function of the Land Office. All
funds accruing to the fund are hereby appropriated. Monies in the
fund may be invested by the State Treasurer in the manner prescribed
in Section 89.1a et seq. of Title 62 of the Oklahoma Statutes.
Interest income derived from the investment of monies in the fund
shall be credited to and placed in the fund.

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B. There is hereby created a cash drawer change fund for the
Commissioners of the Land Office. The fund shall be used as cash
for the Land Office to make change for customers and for the payment
of emergency purchases and bills. The amount held in the fund shall
not exceed One Thousand Dollars ($1,000.00). The initial amount in
the fund shall be drawn by warrant from the revolving fund created
pursuant to subsection A of this section. All adjustments to the
amount retained in the fund shall be by withdrawal and deposit in
the revolving fund established pursuant to subsection A of this
section upon the filing of a claim with proper receipts showing the
disbursement therefrom. Officers, employees or agents of the Land
Office shall be prohibited from receiving change from the fund.
SECTION 9. AMENDATORY 64 O.S. 2021, Section 1013, as
amended by Section 40, Chapter 228, O.S.L. 2022 (64 O.S. Supp. 2025,
Section 1013), is amended to read as follows:
Section 1013. A. The Commissioners of the Land Office shall be
responsible for the investment of the permanent school funds, other
educational funds, and public building funds solely in the best
interests of the current and future beneficiaries. The
Commissioners of the Land Office shall make investments:
1. For the exclusive purpose of:
a. providing maximum benefits to current and future
beneficiaries, and

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b. defraying reasonable expenses of administering the
trust funds;
2. With the care, skill, prudence, and diligence under the
circumstances then prevailing that a prudent person acting in a like
enterprise of a like character and with like aims would use; and
3. By diversifying the investments of the trust funds so as to
minimize the risk of large losses.
B. The permanent school fund and other educational funds may
only be invested in bonds issued in the United States, United States
dollar denominated or other investments settled in United States
dollars or traded on the United States exchange markets, investments
subject to the Invest in Oklahoma Act, private equity or private
credit investments, and real property to be owned or acquired by the
Commissioners of the Land Office. The Commissioners of the Land
Office shall not invest more than sixty percent (60%) of the trust
fund investments in equity securities. The Commissioners of the
Land Office are further authorized to acquire, purchase, exchange,
and grant any real property under its their jurisdiction as is
necessary to carry out the investment in the real property, which
shall be classified specifically as investment property. The
Commissioners of the Land Office shall not invest more than five
percent (5%) of the total value of the assets of the permanent
school funds in connection with real property classified as
investments in real property. The calculation of investments in

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real property within the five percent (5%) cap shall not include the
value of real property under long-term lease to the State of
Oklahoma, agencies of the state or subdivisions thereof. In no case
shall the Commissioners of the Land Office bid against private-
sector bidders above the appraised value of any property to be
acquired.
C. The Commissioners shall establish an investment committee.
The investment committee shall be composed of not more fewer than
three members of the Commissioners of the Land Office or their
designees. The committee shall make recommendations to the
Commissioners of the Land Office on all matters related to the
choice of managers of the assets of the funds, on the establishment
of investment and fund management guidelines, and in planning future
investment policy. The committee shall have no authority to act on
behalf of the Commissioners of the Land Office in any circumstances
whatsoever. No recommendations recommendation of the committee
shall have effect as an action of the Commissioners of the Land
Office or take effect without the approval of the Commissioners as
provided by law. The Commissioners shall promulgate and adopt on an
annual basis an investment plan. The investment plan shall state
the criteria for selecting investment managers, the allocation of
assets among investment managers, and established standards of
investment and fund management.

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D. The Commissioners shall retain qualified investment managers
to provide for investment of the fund monies and may retain external
real estate property managers for the management of investment real
property pursuant to the investment plan. Investment managers and
investment property managers shall be chosen by a solicitation of
proposals on a competitive bid basis pursuant to standards set by
the Commissioners in compliance with Section 85.7 of Title 74 of the
Oklahoma Statutes. Subject to the investment plan, each investment
manager shall have full discretion in the management of the funds or
investment real property allocated to the investment managers each
manager. The funds allocated to investment managers shall be
actively managed by them, which may include selling investments and
realizing losses if the action is considered advantageous to longer
term return maximization. Because of the total return objective, no
distinction shall be made for management and performance evaluation
purposes between realized and unrealized capital gains and losses.
Subject to the investment plan, investment real estate property
managers shall have full discretion on leasing and operations of the
investment real estate under their management subject to budget
restrictions placed by the Commissioners of the Land Office.
Further, all leases pertaining to the investment real estate shall
be executed by the Commissioners of the Land Office upon approval by
the Secretary of the Land Office. Leases on investments shall be
exempt from term limitations for commercial property held by the

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Commissioners of the Land Office as long as the investments are
managed by external investment real estate property managers and the
lease terms are consistent with the market. For the purposes of
this section, “investment real estate” means properties purchased as
investments and managed as part of the investment plan.
E. The Commissioners shall take any measures they deem
appropriate to safeguard custody of securities and other assets of
the trusts.
F. By September 1 of each year, the Commissioners shall develop
a written investment plan for the trust funds.
G. The Commissioners shall compile a quarterly financial report
showing the performance of all the combined funds under their
control on a fiscal year basis. The report shall contain a list of
all investments made by the Commissioners and a list of any
commissions, fees, or payments made for services regarding the
investments for that reporting period. The report shall be based on
market values and shall be compiled pursuant to uniform reporting
standards prescribed by the Oklahoma State Pension Commission for
all state retirement systems. The report shall be electronically
distributed to the Oklahoma State Pension Commission, the Cash
Management and Investment Oversight Commission, and the Legislative
Service Bureau.
H. Before January 1 of each year, the Commissioners shall
publish an annual report of all Trust trust operations, presented in

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a simple and easily understood manner to the extent possible. The
report shall be submitted electronically to the Governor, the
Speaker of the House of Representatives, the President Pro Tempore
of the Senate, the State Department of Education, and each higher
education beneficiary. The annual report shall cover the operation
of the Trusts trusts during the past fiscal year including income,
disbursements, and the financial condition of the Trusts trusts at
the end of each fiscal year on a cash basis. The annual report
shall also contain a summary of the assets of each trust and current
market value as of the report date.
I. The Cash Management and Investment Oversight Commission
Invest in Oklahoma Board shall review reports prepared by the
Commissioners of the Land Office pursuant to this subsection
pertaining to their investments made in the Invest in Oklahoma
program and shall make recommendations regarding the investment
strategies and practices, the development of internal auditing
procedures and practices, and any other matters as determined
necessary and applicable.
J. The Commissioners of the Land Office shall select one or
more custodial banks to settle transactions involving the investment
of the funds under the control of the Commissioners of the Land
Office. The Commissioners of the Land Office shall review the
performance of each custodial bank at least once every year. The
Commissioners of the Land Office shall require a written competitive

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bid every ten (10) years. The custodial bank shall have a minimum
of Five Hundred Million Dollars ($500,000,000.00) in assets to be
eligible for selection. Any out-of-state custodial bank shall have
a service agent in the State of Oklahoma so that service of summons
or legal notice may be had on the designated agent, and the bank
shall submit to the jurisdiction of Oklahoma state courts for
resolution of any and all disputes. In order to be eligible for
selection, the custodial bank shall allow electronic access to all
transaction and portfolio reports maintained by the custodial bank
involving the investment of state funds under control of the
Commissioners of the Land Office and to the Cash Management and
Investment Oversight Commission. The requirement for electronic
access shall be incorporated into any contract between the
Commissioners of the Land Office and the custodial bank. Neither
the Commissioners of the Land Office nor the custodial bank shall
permit any of the funds under the control of the Commissioners of
the Land Office or any of the documents, instruments, securities, or
other evidence of a right to be paid money to be located in any
place other than within a jurisdiction or territory under the
control or regulatory power of the United States government.
SECTION 10. AMENDATORY 64 O.S. 2021, Section 1022, is
amended to read as follows:
Section 1022. The Commissioners of the Land Office shall
reserve and retain one hundred percent (100%) of all oil, gas, and

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other minerals under any school lands and shall not sell nor take
any action to impede the development of any oil, gas, or other
mineral interest under the authority or jurisdiction of the
Commissioners.
SECTION 11. AMENDATORY 64 O.S. 2021, Section 1023, as
amended by Section 1, Chapter 360, O.S.L. 2025 (64 O.S. Supp. 2025,
Section 1023), is amended to read as follows:
Section 1023. A. The Commissioners of the Land Office are
authorized to grant commercial leases and agricultural leases in
trust property.
Commercial leases shall not exceed fifty-five (55) years. The
granting of any commercial lease in excess of three (3) years shall
be by public bidding at not less than fair market value. All
commercial leases shall provide for fair market value throughout the
term of the lease. Such term limitations shall not apply to
investment real estate as defined in subsection D of Section 1013 of
this title. All investment real estate leases shall provide for
fair market value throughout the term of the lease.
Agricultural leases of trust property shall be limited to a
maximum of five (5) years and shall be by public bidding at not less
than fair market value.
The granting of any interest in trust property at less than fair
market value or not in compliance with this section is void.

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Any permanent improvement made on commercial trust property from
and after July 1, 1989, shall revert to the trust at the end of the
lease.
B. In connection with any commercial and agricultural leases,
the Commissioners of the Land Office shall, unless otherwise
exempted by the Constitution or laws of this state:
1. Require payment of ad valorem property taxes on any
improvements and structures on state school land, which would
otherwise be subject to ad valorem property taxation if constructed
on privately owned land; and
2. Indemnify and hold harmless the Commissioners of the Land
Office from any financial obligation related to land, financing, or
operation.
C. An appraiser selected by the Commissioners of the Land
Office shall appraise any improvements approved by the Commissioners
of the Land Office made to the property leased as an agricultural
lease by the current lessee that cannot be removed without manifest
injury to the land. When the Commissioners enter into a new lease
for the property, the lease shall require the new lessee to
reimburse the previous lessee for the appraised value of any
improvements made by the previous lessee by the date the new lessee
is permitted to take occupancy of the property. It shall be
considered a default of the lease of the property to the new lessee
if such reimbursement is not made. Provided, no fees may be charged

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to a lessee above those included in the originally accepted bid to
irrigate land used for agricultural purposes if the water is not
sourced from lands owned or managed by the Commissioners.
D. The Commissioners of the Land Office may refuse to accept
any bid or lease on a commercial, agricultural, or mineral lease
where the party is in default of any installment due or in violation
of any provisions contained in a prior or current lease contract.
E. The Commissioners of the Land Office may refuse to accept
any bid or lease contract where the interested party cannot show
adequate creditworthiness as determined by the Land Office.
F. The Commissioners of the Land Office shall promulgate rules
to implement the provisions of this section.
SECTION 12. AMENDATORY 64 O.S. 2021, Section 1034, is
amended to read as follows:
Section 1034. A permanent minute record shall be kept of all
proceedings had by the Commissioners of the Land Office. No Unless
otherwise specified in the Commissioners of the Land Office
Modernization Act, no action of the Commissioners of the Land Office
shall be valid unless voted on by at least three members with the
majority of votes cast in favor of the action. An abstention shall
not be considered a vote cast. No action taken, or which may be
taken by the Commissioners of the Land Office, may be rescinded
except by a three-fifths (3/5) or greater vote of the full
membership of the Board of Commissioners of the Land Office. The

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Commissioners of the Land Office shall approve the minutes of each
Board meeting at the next succeeding meeting.
SECTION 13. AMENDATORY 64 O.S. 2021, Section 1047, is
amended to read as follows:
Section 1047. Before selling lands and improvements authorized
to be sold, the Commissioners of the Land Office shall advertise the
sale by publication calculated to bring the highest and best bids.
Before selling any public, state, or school lands, the Commissioners
of the Land Office shall advertise the fact that the sale shall be
had by publication in four consecutive issues of at least one weekly
a newspaper of general circulation at least once per week for four
(4) consecutive weeks in the county in which said such lands are
situated. The notice shall state the time, place, and terms of
sale, give a brief description of the land and improvements, and of
the appraised value of the land and the appraised value of the
improvements, and state that any further information that is desired
may be obtained by addressing the Secretary to the Commissioners of
the Land Office or his or her designee.
SECTION 14. AMENDATORY 64 O.S. 2021, Section 1052, is
amended to read as follows:
Section 1052. Before any lands under the jurisdiction and
control of the Commissioners of the Land Office, covered by
preference right leases and the improvements located on the land are
owned by the lessees, shall be offered for sale and sold, the

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Commissioners of the Land Office shall cause the same to be
appraised by three disinterested appraisers, who are nonresidents of
the county in which the land is situated, to be selected by the
Secretary of the Land Office. The appraisers, before entering upon
their duties, shall take and subscribe to the oath required of state
officers. The appraisers shall make a true appraisement of the
lands at the actual cash value thereof, exclusive of all
improvements, and shall separately appraise all improvements owned
by the lessee which can cannot be removed without manifest injury to
the land.
SECTION 15. AMENDATORY 64 O.S. 2021, Section 1053, is
amended to read as follows:
Section 1053. The lands authorized to be sold shall be offered
for sale to the highest bidder at public auction in the county in
which the land is situated. The auction may be held via live
bidding or a combination of live bidding and online bidding
submitted via the Internet or similar electronic means. The sale
shall be made closed and completed within six (6) months from the
date of the final approval of the appraisement by the Commissioners
of the Land Office, unless for good cause shown, the Commissioners
of the Land Office extend the time of offering the land for sale for
a period not to exceed one (1) year from the effective date of the
final approval of the appraisement.

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SECTION 16. AMENDATORY 64 O.S. 2021, Section 1055, is
amended to read as follows:
Section 1055. The Commissioners of the Land Office upon
completion of the sale of lands and improvements and receipt of the
purchase price shall issue a patent or deed to the purchaser which
shall contain a provision reserving the oil, gas, and other
minerals, and any other property or property right as provided for
in this title, required by law, or required by resolution of the
Commissioners of the Land Office.
SECTION 17. AMENDATORY 64 O.S. 2021, Section 1056, is
amended to read as follows:
Section 1056. Except as otherwise provided by law, all the
public lands of this state shall be subject to lease in the manner
provided by law. The Commissioners of the Land Office shall have
charge of the leasing of the lands under their control.
SECTION 18. AMENDATORY 64 O.S. 2021, Section 1063, is
amended to read as follows:
Section 1063. The Commissioners of the Land Office are
authorized to lease for oil and gas purposes any of the school or
other lands owned by the State of Oklahoma, which such Commissioners
may deem valuable for oil and gas. Each such lease shall be a
commence-type lease and shall provide for a term not less than one
(1) year and not to exceed five (5) years and as long thereafter as
oil or gas may be produced therefrom in paying quantities, upon such

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terms and conditions and in such quantities as the Commissioners
shall by rules and regulations prescribe. Each such lease shall
provide for the delivery to the state of a royalty of not less than
one-eighth (1/8) part of the oil or gas produced from the leased
premises or in lieu thereof, the payment to the state of the market
value of said such royalty interest, as the Commissioners may elect.
The leases shall be offered by public competition after notice of
the lease auction published one time not less than thirty (30) days
prior to the lease auction date in two newspapers authorized by law
to publish legal notices. One of the newspapers shall be published
in the county where the land is located or other newspaper as
authorized by Section 106 of Title 25 of the Oklahoma Statutes. The
other shall be a newspaper of general circulation in this state.
Such leasing shall be let by sealed bids and each lease awarded to
the highest responsible bidder, such. Such oil and gas leases may
be assigned or encumbered only with the consent and approval of the
Commissioners of the Land Office; provided, the Commissioners have
the right to reject any and all bids. The Commissioners of the Land
Office shall provide any other notice of oil and gas lease sales to
all interested parties by any means it determines is needed to
attract the best competition.
SECTION 19. AMENDATORY 64 O.S. 2021, Section 1069, is
amended to read as follows:

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Section 1069. A. The proceeds derived in bonuses and royalties
and from other inducements and considerations for the execution and
operation of the oil and gas leases as authorized in this title,
except oil and gas leases on state-owned lands set apart and
designated for the use, benefit, and occupancy of state educational
institutions, shall be for the use and benefit of the lands which
were granted by the United States to the State of Oklahoma, and to
the territory now comprising the area embraced within the state,
under the provisions of the Enabling Act and any and all other Acts
of Congress. Bonus and delay rental income received by the Land
Office and other income as designated by the Secretary of the Land
Office for transfer and received by the Land Office may be
distributed to current beneficiaries in like manner as lease income
received from surface leases, except that if determined to be in the
best interest of the trust, the distributions may be made upon a
schedule determined by a five-year rolling average of bonus and
delay rental income.
B. There is hereby created a revolving fund for the
Commissioners of the Land Office to be designated the “Multiyear
Education Distribution Stabilization Revolving Fund”. The fund
shall be a continuing fund, not subject to fiscal year limitations,
and shall consist of bonus and delay rental income received by the
Commission subject to distribution, if it is determined by the
Commission Commissioners to be in the best interest of the trust to

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make distributions of the income any such funds upon a five-year
rolling average schedule as authorized in subsection A of this
section. Monies in the fund may be invested by the State Treasurer
in the manner prescribed in Section 89.1a et seq. of Title 62 of the
Oklahoma Statutes. Interest income derived from the investment of
monies in the fund shall be credited to and placed in the fund.
SECTION 20. AMENDATORY 64 O.S. 2021, Section 1071, is
amended to read as follows:
Section 1071. The lands described in Section 290 1070 of this
title are to be leased under the same provisions as the school and
other lands of the State of Oklahoma.
SECTION 21. AMENDATORY 64 O.S. 2021, Section 1086, is
amended to read as follows:
Section 1086. Any instrument, easement, contract, or deed which
may be required in, or convenient to, the exercise of the powers
granted in Section 1 1001 of this act title shall be executed by the
chairman chair or presiding officer and attested by the secretary,
if such instrument be is executed by a board or commission, and if
such instrument be is executed by an officer, it shall be signed by
said the officer. No such contract, easement, deed, or instrument
of conveyance shall be effective unless and until the approval of
the Governor is endorsed thereon in writing. The Commissioners of
the Land Office may via resolution convey the ability to execute

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certain instruments, easements, contracts, and leases to the
Secretary of the Land Office.
SECTION 22. AMENDATORY 64 O.S. 2021, Section 1089, is
amended to read as follows:
Section 1089. Each and all of the rights, powers, and remedies
granted and conferred by the terms of this act the Commissioners of
the Land Office Modernization Act shall be cumulative and shall be
construed to be in addition to those already existing, except that
at any private or voluntary sale or exchange of state-owned lands by
the Commissioners of the Land Office such sale or exchange shall be
held finally approved only upon resolution adopted by a unanimous
vote of the voting members of the Commissioners of the Land Office
present.
SECTION 23. AMENDATORY Section 1, Chapter 429, O.S.L.
2024 (64 O.S. Supp. 2025, Section 1096), is amended to read as
follows:
Section 1096. The Commissioners of the Land Office and the
Office of Management and Enterprise Services (OMES) shall contract
with the Department of Public Safety for security and law
enforcement services in all facilities under the jurisdiction of the
Commissioners of the Land Office, OMES, or the Department within the
State Capitol Park in Oklahoma City and the Executive Center at 201
West 5th Street and appurtenances thereto in Tulsa. The requirement
of this section shall only apply if such specific properties are

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owned by the Commissioners and are at least fifty percent (50%)
occupied by State of Oklahoma governmental entities.
SECTION 24. REPEALER 64 O.S. 2021, Sections 1014, 1021,
1030, 1050, 1054, and 1061, are hereby repealed.
SECTION 25. This act shall become effective July 1, 2026.
SECTION 26. It being immediately necessary for the preservation
of the public peace, health, or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
COMMITTEE REPORT BY: COMMITTEE ON EDUCATION
February 17, 2026 - DO PASS