CAPITAL OUTLAY PROJECTS

Added specific deadlines for project certification: agencies must certify project needs by the end of fiscal year 2027, or the authorization is void.

New spending thresholds require agencies to incur at least 5% of bond proceeds within six months and spend at least 85% within three years of funds becoming available.

General fund appropriations now have specific reversion dates: September 30 following fiscal year 2027 for vehicle purchases, end of fiscal year 2029 for construction projects, and within six months of completion for other projects.

Added requirement that severance tax bond proceeds cannot be subject to binding written agreements with third parties before agency approval.

Established specific reversion dates for unspent bond proceeds: six months after project completion for federal grant-matched projects, two years after fiscal year for vehicle/equipment purchases, and within six months of completion for other projects.

Added prohibition on using severance tax bond proceeds to pay indirect project costs, with limited exceptions.

New restriction requiring debt repayment projects to be funded through taxable severance tax bonds with terms not extending beyond the fiscal year of issuance.

Added new definition of 'unexpended balance' as the remainder of an appropriation after reserving for unpaid costs subject to binding written agreements.