The bill establishes the Cowboy State Agricultural Trust Fund and outlines its administration, including the creation of the Cowboy State Agricultural Trust Fund Committee. The fund is intended to be a permanent trust, with the state treasurer responsible for its investment. The committee will oversee the fund's expenditures, which are designated for various agricultural initiatives, including programs at the University of Wyoming, workforce development, agricultural education, and value-added agricultural projects. The bill mandates that grants from the fund require matching non-state funds and annual reporting from recipients.

Additionally, the bill specifies the composition and appointment process for the committee, which includes representatives from various agricultural and educational sectors. The governor will appoint members with the advice and consent of the senate, and the committee will be responsible for developing grant applications and ensuring compliance with the law. The bill also includes a provision for an initial transfer of $10 million from the general fund to the trust fund and outlines the effective dates for the act and its provisions.