The bill establishes the Oklahoma Regional Water District Act, which mandates the Oklahoma Water Resources Board to designate regional water districts by July 1, 2026. These districts will be responsible for developing regional water plans that address the management, conservation, and availability of water resources, particularly in response to drought conditions. The plans must include specific strategies for water management during various flow conditions and consider existing water rights and planning efforts. The Board is also tasked with providing guidelines for the plans and facilitating conflict resolution between districts.

Additionally, the bill amends existing laws to ensure that updates to the Oklahoma Comprehensive Water Plan and the state flood plan incorporate contributions from the newly formed regional water districts. It specifies that the Board will seek financial assistance for the development of these plans and may enter into contracts with political subdivisions for funding. The act is set to take effect on November 1, 2025, and includes provisions for public participation in the planning process, ensuring that the interests of various stakeholders are represented.