The bill establishes the Water and Wastewater Infrastructure Investment Program under the Oklahoma Water Resources Board, aimed at providing competitive loans to eligible entities for water and wastewater improvement projects. This includes support for planning infrastructure related to workforce housing and commercial site readiness. The Board is tasked with creating rules for the program and defining eligible entities, which may include private citizens or entities for environmental compliance. A key feature of the loans is a clawback provision, requiring recipients to reimburse the program if they fail to meet the terms of their loan agreements.

Additionally, the bill creates the Water and Wastewater Infrastructure Investment Revolving Fund within the State Treasury, which will be a continuous fund not limited by fiscal year constraints. This fund will consist of appropriated monies and will be used by the Board for various purposes, including loan disbursement and infrastructure planning. The Board will have discretion over the fund's resources for enhancements and risk assessments. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage.