State to sell bonds to produce $500M for 3 transportation projects

Southwest Ledger 

By Mike W. Ray

December 9, 2024

OKLAHOMA CITY – The Oklahoma Capitol Improvement Authority will sell bonds to produce $500 million for financing three key state transportation projects, including one in Grady County.

The Oklahoma Transportation Commission on Dec. 2 authorized the sale of the tax-exempt bonds to finance much of the cost of:

• Realignment of U.S. Highway 81 near Chickasha; $175 million in bond proceeds are earmarked for that project.

• Construction on Interstate 35 in Cleveland, McClain, Garvin, Murray, Carter and Love counties; $162.5 million in bond funds would be dedicated to that project.

• Replacement of the bridge that carries U.S. Highway 70 over Lake Texoma; $162.5 million from the sales of the bonds would be devoted to that project, which might cost $181 million or more. Bond debt details The maximum principal amount of debt expected to be issued in one or more tranches “for reimbursement of capital expenditures related to the improvement projects” is $500 million, “after providing for costs of issuance, credit enhancement, reserves, capitalized interest, and other associated expenses related to financing,” a resolution adopted by the commission provides.

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