The bill amends the existing legislation concerning the management of invasive species, specifically focusing on the restoration of water resources in Oklahoma. It renames the act from the "North Canadian Watershed Restoration Act" to the "Terry Peach Water Restoration Act." The bill updates definitions, expands the eligibility for cost-sharing of funds, and increases the number of active project areas for the pilot program aimed at eradicating harmful woody species. Notably, it introduces new species definitions and specifies that the program will now cover multiple watersheds rather than being limited to the North Canadian Watershed.

Additionally, the bill establishes a revolving fund, now called the "Water Restoration Revolving Fund," to support the Oklahoma Conservation Commission's efforts in managing harmful woody species. This fund will be sustained through various sources, including appropriations and grants, and will not be subject to fiscal year limitations. The Commission is tasked with implementing the program, which includes cooperation with landowners and other entities, measuring the impact of harmful species, and developing grant programs for resource allocation. The act is set to take effect on November 1, 2025.