House Bill No. 2792 amends the existing legislation regarding the Progressing Rural Economic Prosperity Fund (PREP Fund) in Oklahoma. The bill establishes the PREP Fund as a continuing fund, which means it will not be subject to fiscal year limitations and will consist of all monies received from appropriations. It also outlines that expenditures from the fund will be made upon warrants issued by the State Treasurer, following claims filed with the Director of the Office of Management and Enterprise Services for approval and payment.

Additionally, the bill ensures that several specific projects will continue to receive funding from the PREP Fund, even if the original appropriations have lapsed, as long as they have not been fully expended by the effective date of the act. The projects listed include various appropriations totaling over $200 million from the 58th Oklahoma Legislature. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.