Commissioners of the Land Office; clarifying terms of agricultural and commercial leases; requiring value of real property leased by public entities to be accounted for in certain investment cap. Effective date.

SB 919 redefines "commercial lease" for Oklahoma's Land Office to include renewable energy projects, restricting agricultural leases to individuals, trusts meeting specific ownership rules, and LLCs with strict membership and revenue requirements (e.g., 65% farming income). It modifies investment rules (64 O.S. 1013) to require public entities to account for the value of leased real property when calculating investment caps. The bill directly affects how the Land Office manages leases and how public funds are invested, particularly for permanent school funds. Key provisions include banning renewable energy generation in farming LLCs and updating fine amounts for lease violations.