House Bill No. 2516 establishes the "Base Infrastructure Needs and Development - Schools Revolving Fund" within the Oklahoma Military Department, aimed at enhancing military infrastructure related to educational facilities on military bases. This fund will be a continuous revolving fund, not limited by fiscal year constraints, and will consist of all legally directed deposits. The bill outlines that all funds in this account are appropriated for use by the Oklahoma Military Department, which will manage expenditures through the State Treasurer and the Office of Management and Enterprise Services.

Additionally, the bill creates the "Base Infrastructure Needs and Development - Schools Program," which will utilize the funds from the newly established revolving fund to invest in infrastructure projects. These projects may include new construction and improvements to common education facilities on military bases, with the goals of reducing the risk of military base closures and promoting expansions. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.