House Bill No. 2776 amends the Oklahoma Capitol Improvement Authority's utilization of the Legacy Capital Financing Fund. The bill eliminates the previous authorization for funding related to the tunnels under the State Capitol Office Complex and increases the funding for the renovation of the Kelley Building and Kelley Annex from $26,322,300 to $45,322,300. Additionally, it authorizes $70 million for repairs and improvements to the Jim Thorpe Office Building. The bill also includes provisions for the distribution of funds in tranches and allows the Authority to enter into memoranda of understanding with state agencies to facilitate the act's provisions.

Overall, this legislation aims to streamline and enhance the funding process for state property improvements, specifically targeting the Jim Thorpe Office Building and the Kelley facilities for daycare operations, while removing outdated funding authorizations.