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 funds directed by the Legislature for appropriation or transfer, as well as all monies received by the state under the American Rescue Plan Act of 2021, excluding those dedicated to Nonentitlement Units of Local Government. Notably, the bill removes references to the "Coronavirus Capital Projects Fund" while retaining the "Coronavirus State and Local Recovery Funds."

Additionally, the bill stipulates that all interest and income generated from deposits to the Statewide Recovery Fund will be credited back to the fund itself. The effective date for this legislation is set for November 1, 2025.