Senate Bill No. 1346 establishes the Water and Wastewater Infrastructure Investment Program, which will be administered by the Oklahoma Water Resources Board. This program aims to provide competitive loans to eligible entities for water and wastewater improvement projects. The Board is tasked with creating rules for loan criteria and will rank applications based on factors such as project criticality, available financing, sustainability efforts, and matching funds. Additionally, all loans will include a clawback provision, requiring recipients to reimburse the program if they fail to meet contract terms. The Board will also publish an interactive map detailing critical infrastructure needs and project statuses.

The bill creates a revolving fund, designated as the Water and Wastewater Infrastructure Investment Revolving Fund, which will be continuously funded and not subject to fiscal year limitations. The Board will have discretion over the fund's allocation for various purposes, including loan and grant programs and long-range infrastructure planning. The distribution of loan funds will be based on population demographics, with specific percentages allocated to projects in municipalities of varying sizes. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.