Bill > HB2093

This bill amends Oklahoma law regarding the Oklahoma Turnpike Authority's ability to issue revenue bonds by establishing a new bond debt ceiling of $3.15 billion, which represents the maximum total aggregate indebtedness the Authority can have outstanding at any given time. The bill updates several technical aspects of bond issuance, including allowing more flexible provisions for bond types, interest rates, and financial arrangements. Notably, it permits the Authority to use various financial strategies such as credit facilities, remarketing agreements, and derivative products to manage bond-related financial risks. The bill also changes the approval process for certain financial transactions, replacing the "Oklahoma State Bond Advisor" with the "Deputy Treasurer for Debt Management" in the oversight process. Furthermore, the bill maintains existing provisions that allow the Authority to issue bonds for turnpike projects, with bonds being payable solely from project-generated funds and having a maximum maturity of 40 years. The legislation will become effective on November 1, 2025, providing the Turnpike Authority with expanded financial flexibility while setting a clear limit on potential bond indebtedness.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2093&Session=2600