Senate Bill No. 92 establishes the Water and Wastewater Infrastructure Investment Program, which will be administered by the Oklahoma Water Resources Board. This program aims to provide competitive loans to eligible entities for water and wastewater improvement projects. The Board is tasked with promulgating rules for the program and ranking loan applications based on criteria such as project criticality, available financing, and sustainability efforts. Additionally, all loans will include a clawback provision, requiring recipients to reimburse the program if they fail to meet contract terms. The Board will also create an interactive map to display critical infrastructure needs and project statuses.

Furthermore, the bill creates the Water and Wastewater Infrastructure Investment Revolving Fund within the State Treasury, which will be a continuous fund not subject to fiscal year limitations. The fund will consist of appropriated monies and will allow the Board to manage and allocate funds for various purposes, including loan and grant programs. The allocation of loan funds will be based on population demographics, with specific percentages designated for projects in municipalities of varying sizes. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.