House Bill No. 2792 amends the existing law regarding the Progressing Rural Economic Prosperity Fund (PREP Fund) by establishing it as a continuing fund that is not subject to fiscal year limitations. The bill specifies that the fund will consist of all monies received from appropriations and will be subject to legislative appropriation or transfer as directed by law. Additionally, it outlines the process for expenditures from the fund, which will be made upon warrants issued by the State Treasurer based on claims approved by the Director of the Office of Management and Enterprise Services.

Furthermore, 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 also declares an emergency, allowing it to take effect immediately upon passage and approval.