House Bill No. 2407 establishes the Oklahoma Main Street Grant Program Revolving Fund, which will be managed by the Oklahoma Department of Commerce. This fund will consist of all appropriated or designated monies and is intended to support the preservation and development of Oklahoma's main streets. The bill outlines the application process for Main Streets seeking grants, requiring them to be designated and qualified by the Oklahoma Main Street Program. Additionally, it mandates that awarded Main Streets must provide proof of their designation and submit invoices for payment, with a stipulation that they cannot rely on future awarded funds for operational costs.

The bill appropriates $2 million from the General Revenue Fund for the fiscal year ending June 30, 2026, to support the grant program. It also includes provisions for reallocating funds from any Main Streets that lose their designation, ensuring that these funds are distributed evenly among remaining qualified grant recipients. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.