The bill establishes the Rural and Small Hospital Grant Program under the Oklahoma State Department of Health, aimed at supporting rural and small hospitals with their infrastructure, equipment, or technology needs. To qualify for the grants, hospitals must provide at least 20% in matching funds, which can include in-kind donations. The Department is authorized to create rules governing the grant program and will utilize funds from the newly created Rural and Small Hospital Grant Revolving Fund to finance the program.

Additionally, the bill creates the Rural and Small Hospital Grant Revolving Fund within the State Treasury, which will be a continuous fund not limited by fiscal year constraints. This fund will consist of all legally directed deposits and is appropriated for the grant program's purposes. Expenditures from the fund will be managed through warrants issued by the State Treasurer, following the approval process outlined by law. The act is set to take effect on November 1, 2026.