House Bill No. 1124 amends the existing law regarding the Statewide Recovery Fund in Oklahoma. The bill modifies the composition of the fund by specifying that it will include all monies directed by the Legislature for appropriation or transfer, as well as funds received from the American Rescue Plan Act of 2021, specifically excluding those dedicated to Nonentitlement Units of Local Government. Additionally, the bill removes references to the "Coronavirus Capital Projects Fund" and clarifies that all interest and income generated from deposits to the Statewide Recovery Fund will be credited back to the fund.

The effective date for this legislation is set for November 1, 2025. This amendment aims to streamline the funding process and ensure that the Statewide Recovery Fund is adequately supported by both legislative appropriations and federal funds, while also clarifying the management of interest earned on the fund.