The bill establishes the "Santa Fe College of Osteopathic Medicine Escrow Fund" as a nonreverting fund within the state treasury, which will consist of transfers, gifts, grants, donations, and investment income. The fund is intended to support the establishment of a college of osteopathic medicine, which is necessary for pre-accreditation. The bill mandates that the college submit annual data to the higher education department for the first five years of operation, detailing various metrics related to student applications, acceptance, performance, and graduation rates.

Additionally, the bill stipulates a transfer of $40 million from the tobacco settlement permanent fund to the escrow fund on July 1, 2025. The escrow fund will remain unencumbered until the graduation of the first class of medical students and the full accreditation of the college, with a deadline for this transfer set for July 1, 2032, if accreditation has not been achieved by then.