The bill establishes the Oklahoma Water Infrastructure Loan Program, aimed at financing water infrastructure improvements through low-interest loans and grants to municipalities, rural water districts, and other eligible entities. It outlines the types of approved projects, which include the construction and rehabilitation of water treatment facilities, pipelines, and projects focused on water quality and conservation. The Oklahoma Water Resources Board is tasked with creating rules for project eligibility, application procedures, and fund disbursement, as well as submitting an annual report detailing fund revenues, expenditures, and project statuses.

Additionally, the bill creates the Oklahoma Water Infrastructure Revolving Fund, which will be a continuous fund not subject to fiscal year limitations. This fund will consist of various sources of revenue, including proceeds from the sale of surplus state-owned water, fees from leasing water rights, and grants. The bill mandates that at least 10% of the fund's annual revenue be allocated to projects in rural or underserved communities. The program will also be subject to annual independent audits to ensure transparency and accountability. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.