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 clarifies lease terms for Oklahoma's Land Office trust lands, defining "commercial leases" to include renewable energy projects and restricting agricultural leases to certain entities. It amends ownership rules to limit corporations, trusts, and LLCs from leasing agricultural land unless they meet strict criteria (e.g., 65% income from farming/minerals, member/owner restrictions). The bill also updates investment rules for public funds, removing exemptions for real property investments and requiring that the value of real property leased by public entities be excluded from the 5% investment cap. These changes directly affect land leaseholders, agricultural businesses, and the Land Office's management of public funds.