The bill amends the Oklahoma Capital Formation Act by dissolving the Oklahoma Capital Investment Board and transferring its responsibilities to the newly established Oklahoma Science and Technology Research and Development Board. Key changes include the modification of definitions and references throughout the Act, particularly changing mentions of the "Oklahoma Capital Investment Board" to the "Oklahoma Science and Technology Research and Development Board" in sections 5085.12, 5085.14, 5085.15, and 5085.16. The bill also introduces a new revolving fund under the Oklahoma Center for the Advancement of Science and Technology and emphasizes the importance of effective investment management to create jobs and stabilize the state's economy.

Additionally, the bill mandates that any remaining funds owed to the dissolved board or its affiliates from agreements made prior to June 8, 2012, be directed to the General Revenue Fund of the State Treasury. It ensures that the obligations and liabilities of the board and its affiliates remain enforceable despite the amendments. The bill aims to update statutory references and make the language gender-neutral, with an effective date set for November 1, 2025.