The Oklahoma Council of Bond Oversight has conditionally approved the Oklahoma Turnpike Authority’s request to issue bonds to help finance the next phase of the ACCESS Oklahoma program.
The council approved the request subject to 12 conditions that must be met by the Turnpike Authority and its financing team.
The application allows the Turnpike Authority to issue up to $1.9 billion in revenue bonds for ACCESS Oklahoma projects and up to $1 billion in refunding bonds, which would be issued only if market conditions allow the authority to reduce debt service costs.
Oklahoma Treasurer Todd Russ said the council’s action did not approve funding for any specific turnpike project. Instead, he said the council’s role was limited to determining whether the bond issue met state financial and statutory requirements.
The approval also requires the Turnpike Authority to comply with any federal court orders related to the proposed East-West Connector, also known as the Toby Keith Expressway. If bond proceeds cannot be used for that project, the authority must redirect the money to other eligible ACCESS Oklahoma projects.
