House Bill No. 2774 authorizes the Oklahoma Capitol Improvement Authority to allocate $200 million from the Legacy Capital Financing Fund for the benefit of the University Hospitals Authority. This funding is specifically designated for the construction, refurbishment, or expansion of hospital facilities focused on diagnosing and treating pediatric heart conditions. The bill establishes a twenty-year recapitalization period for payments related to this funding, which will not commence until the state fiscal year beginning July 1, 2026.

Additionally, the bill allows the Authority to distribute the allocated funds in multiple tranches and to enter into memoranda of understanding with various state agencies to facilitate the implementation of the act. Importantly, these memoranda will not create any legal obligations for the State of Oklahoma or hinder the administration of the Legacy Capital Financing Act.