Senate Bill No. 162 establishes a new revolving fund within the State Treasury known as the State Capitol Arch Memorial Statue Revolving Fund. This fund is designated for the Office of Management and Enterprise Services (OMES) and will be used specifically for the installation and maintenance of veteran memorial statues around the State Capitol Arch. The fund will consist of all monies received from private donations, gifts, grants, or other private funding sources, and it is designed to be a continuing fund that is not subject to fiscal year limitations.

The bill stipulates that all funds accruing to this account are appropriated for the stated purpose and may be budgeted and expended by OMES. Expenditures from the fund will be processed through warrants issued by the State Treasurer, following claims filed with the Director of OMES for approval and payment. This legislation aims to facilitate the funding and maintenance of veteran memorials, ensuring that they are properly supported through private contributions.