Part of the budget agreement includes authorization of $200 million in bonds for transportation projects. House Bill 3231 is the measure providing the authorization, and it cleared the House on Wednesday.
HB 3231 gives the Oklahoma Capitol Improvement Authority permission to sell the bonds. The Department of Transportation will use the money from the bond sale for specific projects outlined in the legislation.
State Bond Advisor James Joseph said Wednesday the approximate annual debt service – principal and interest – on the proposed transportation bond issue, “assuming a 15-year term and level annual payments at today’s rates,” would be $15.75 million per year, or $236.25 million total over the 15-year period.
The bonds allow the Legislature to divert funds from ODOT to help bridge the $1.3 billion budget gap while keeping road and bridge projects on track.
Next stop for HB 3231 is the Senate.
Another day older and deeper in debt!