Bill No. 2775 authorizes the Oklahoma Capitol Improvement Authority to allocate $41.6 million from the Legacy Capital Financing Fund for the benefit of the Military Department of the State of Oklahoma. The funds are intended for the construction, refurbishment, or expansion of military-related facilities within the state. Additionally, the bill establishes that recapitalization payments related to this funding will not commence until the state fiscal year beginning July 1, 2026, and allows for the distribution of these funds in multiple tranches.

Furthermore, the bill permits the Authority to enter into memoranda of understanding with various state agencies to facilitate the implementation of the act. However, these memoranda will not create any legal obligations for the State of Oklahoma or hinder the administration of the Legacy Capital Financing Act. This legislation aims to enhance military infrastructure in Oklahoma while ensuring a structured financial approach to funding and accountability.