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Bill > SB1780

OK SB1780

OK SB1780
Oklahoma Turnpike Authority; prohibiting revenues from projects from being used for other projects; removing certain authorizations from the Authority. Effective date.

summary

Introduced
02/02/2026
In Committee
02/03/2026
Crossed Over
Passed
Dead

Introduced Session

2026 Regular Session

Bill Summary

An Act relating to the Oklahoma Turnpike Authority; amending 69 O.S. 2021, Section 1705, as amended by Section 572, Chapter 486, O.S.L. 2025 (69 O.S. Supp. 2025, Section 1705), which relates to powers and duties of the Oklahoma Turnpike Authority; requiring bonds issued after certain date be secured only by certain revenue; prohibiting revenues from projects from being used for other projects; requiring Authority maintain certain separate accounts; stating existing obligations shall not be impaired; amending 69 O.S. 2021, Section 1709, which relates to turnpike revenue bonds; requiring bonds issued after certain date be secured only by certain revenue; prohibiting certain combination of projects; prohibiting revenues from projects from being used for other projects; requiring Authority maintain certain separate accounts; stating existing obligations shall not be impaired; prohibiting the issuance of certain revenue bonds or debt obligations; limiting use of certain surplus proceeds; amending 69 O.S. 2021, Section 1711, which relates to tolls; requiring bonds issued after certain date be secured only by certain revenue; prohibiting revenues from projects from being used for other projects; requiring Authority maintain certain separate accounts; stating existing obligations shall not be impaired; amending 69 O.S. 2021, Section 1717, which relates to continuation of tolls until bonds are paid; requiring certain turnpikes become part of state highway system; stating existing obligations shall not be impaired; amending 69 O.S. 2021, Section 1719, which relates to the refunding of bonds; removing certain authorizations from the Authority; providing that each refunding issue after certain date shall be limited to certain project; limiting refunding issue to revenue derived from separate project; stating existing obligations shall not be impaired; and providing an effective date.

AI Summary

This bill, effective November 1, 2026, significantly alters how the Oklahoma Turnpike Authority (OTA) can finance and manage its projects by requiring that revenues generated from any specific turnpike, roadway, or project can only be used to secure bonds or other obligations issued for that same project. This means that the OTA can no longer use the revenue from one project to fund another, and it must maintain separate accounts for each project's revenue, reserves, and sinking funds. The bill also prohibits the combination of multiple projects into a single unit for financing purposes for bonds issued after the effective date, and it restricts the refunding of bonds to the specific project they were originally issued for. Importantly, these changes do not affect any existing obligations or contracts related to turnpike revenue bonds issued before November 1, 2026. Additionally, the bill removes certain authorizations from the Authority, specifically preventing the issuance of new revenue bonds or debt obligations for further construction, enlargement, extension, or improvement of turnpikes already part of the Oklahoma Turnpike System under the 1989 Trust Agreement or non-system General Fund turnpike under the 1989 Trust Agreement if it would extend the final maturity date of bonds issued under the ACCESS program announced on February 22, 2022.

Committee Categories

Transportation and Infrastructure

Sponsors (1)

Last Action

Second Reading referred to Aeronautics and Transportation Committee then to Appropriations Committee (on 02/03/2026)

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