The bill establishes the Oklahoma Law Enforcement Legacy Fund, a continuous fund within the State Treasury designed to support law enforcement through surplus funds and savings appropriated by the Legislature. The State Treasurer is tasked with appointing qualified investment managers to oversee the fund's investments, which must align with state retirement fund practices. The bill outlines that income and returns from the fund will accrue to its balance, and mandates the Treasurer to report annually on the fund's value and growth. If the fund's value increases by increments of $100 million, transfers to the General Revenue Fund will be made to enhance law enforcement wages.

Additionally, the bill requires investment managers to maintain a reasonable level of liquid assets to ensure the fund can meet transfer obligations. It appropriates significant amounts from the General Revenue Fund for the fiscal years ending June 30, 2023, and June 30, 2024, specifically $563,696,626 and $759,392,964, respectively, for deposit into the Oklahoma Law Enforcement Legacy Fund. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.