The bill establishes the Oklahoma Law Enforcement Legacy Fund, a continuous fund within the State Treasury that will consist of surplus monies 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 the investment strategies used for state retirement funds. The bill outlines that the fund's principal will include deposited monies, and any income or investment returns will accrue to the fund. Additionally, the Treasurer is required to provide an annual report detailing the fund's value and any increases, which will trigger transfers to the General Revenue Fund for law enforcement wage increases if certain thresholds are met.

Furthermore, the bill mandates that investment managers maintain a reasonable proportion of liquid assets to ensure the fund can meet transfer requirements. It includes appropriations of $563,696,626 for the fiscal year ending June 30, 2023, and $759,392,964 for the fiscal year ending June 30, 2024, to be deposited 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.