Bill > SB983

This bill amends the Oklahoma Turnpike Authority's enabling statute to introduce new requirements for bond issuance and financial transparency. Specifically, before the Council of Bond Oversight approves any turnpike revenue bond sale, the Authority must submit detailed documentation to the State Auditor and Inspector for comprehensive review. This review includes evaluating feasibility studies, schedules, and other project-related documentation to assess the economic soundness of proposed turnpike projects. Additionally, the Authority must provide a complete financial plan for any capital program expected to have a construction period exceeding three years, which must include estimated debt service requirements, debt coverage schedules, and projected toll increases. The bill also mandates that the State Auditor and Inspector evaluate any proposed toll increases to ensure compliance with existing statutes and bond agreements. These new provisions aim to enhance financial oversight and accountability for the Oklahoma Turnpike Authority's major infrastructure projects, providing more transparency about the financial planning and potential economic impact of new turnpike developments. The bill will take effect on July 1, 2025, and was declared an emergency measure, meaning it can be implemented immediately upon passage.

Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb983&Session=2600