The bill establishes the Morrill Act of 1890 Revolving Fund for the Oklahoma State Regents for Higher Education, which will serve as a continuing fund not limited by fiscal year constraints. This fund will consist of all monies received from legislative appropriations aimed at distributing funds to Oklahoma's land-grant institutions established under the Morrill Act of 1890. The bill outlines that all funds accruing to this account are appropriated for the specified purpose and will be budgeted and expended by the Regents, with expenditures made upon warrants issued by the State Treasurer.

Additionally, the bill appropriates $418,986,272 from the General Revenue Fund for the fiscal year ending June 30, 2026, specifically for equitable distribution to Oklahoma's 1890 land-grant institutions. The act is set to take effect on July 1, 2025, and includes an emergency clause to ensure its immediate implementation upon passage and approval.