The proposed bill 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 developing rules for the program, including criteria for loan applications that prioritize projects based on their critical nature, available financing, and sustainability efforts. Additionally, all loans will include a clawback provision, requiring recipients to reimburse the program if they fail to meet the terms of the loan agreement. 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, which will be a continuous fund not subject to fiscal year limitations. This fund will consist of appropriated monies and will be used by the Board for various purposes, including loan and grant programs and long-range infrastructure planning. The allocation of funds will be based on population demographics, with specific percentages designated for projects in municipalities of varying sizes. The bill appropriates $500 million from the General Revenue Fund for the fiscal year ending June 30, 2023, to support these initiatives, and it is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.