Bill > SB963

This bill amends Oklahoma's turnpike authority law by establishing a new bond debt ceiling of $2.71 billion for the Oklahoma Turnpike Authority. The bill updates several key provisions related to turnpike revenue bonds, including allowing the authority to issue bonds for turnpike projects with more flexible terms. Specifically, the bill permits bonds to have variable interest rates, be subject to purchase or redemption, and be supported by credit facilities. The legislation also clarifies the authority's ability to use financial instruments like derivative products to manage interest rate risk, with the requirement that such arrangements be approved by the Deputy Treasurer for Debt Management and the Council of Bond Oversight. Additionally, the bill makes several technical updates to statutory language, such as correcting section references and modernizing terminology. The changes will provide the Oklahoma Turnpike Authority with greater financial flexibility in funding and managing turnpike projects, while establishing a clear ceiling on the total amount of bonds that can be outstanding at any given time. The bill is set to become effective on November 1, 2025.

Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb963&Session=2600