A House panel hears an interim study on the state's bond obligations.
Tulsa World
By BARBARA HOBEROCK World Capitol Bureau
Published: 9/23/20112:23 AM
Last Modified: 9/23/20115:27 AM
OKLAHOMA CITY - The Oklahoma Turnpike Authority is on track to pay off its debt by 2028 if no new bonds are issued, a House panel was told Thursday.
The House Appropriations and Budget Committee heard an interim study on debt requested by Rep. Joe Dorman, D-Rush Springs.
Dorman said the goal was to educate lawmakers about debt and state obligations. Presenters included Albert Ashwood, Oklahoma Department of Emergency management director, and State Bond Advisor Jim Joseph.
The Turnpike Authority has about $985 million in debt, Deputy Director Tim Stewart said.
The Authority issues bonds to raise money to build roads. It uses tolls to pay off the debt and receives no appropriated dollars. The tolls are cross-pledged, meaning money collected from one turnpike is used for maintenance of the entire system... FULL ARTICLE
Posted on
Fri, September 23, 2011
by John Cox