DALLAS - Legislative leaders in Oklahoma late yesterday were still working out details of a proposed three-part, $475 million bond package in hopes of getting a final agreement by today's scheduled end of the current session.
Lawmakers and Gov. Brad Henry said late Wednesday that tentative agreement had been reached on three separate proposals in the bond package. As of press time yesterday, leaders from both houses were still huddling with state Treasurer Scott Meacham, the governor's top budget negotiator, on the specifics of the combination bond package.
"We're still negotiating," said Tim Allen, deputy treasurer for policy and administration. "We're still looking at the same general parameters. But as for a solid agreement? No, not right now."
Jennifer Mock, the spokeswoman for House Speaker Chris Benge, R-Tulsa, said the Legislature remains on schedule to adjourn today at 5 p.m.
"If an agreement is reached, the House and Senate would waive the deadlines for voting on a bill," Mock said. "Each chamber would vote on the three parts separately, and if they pass, the measures would go to the governor."
The proposed package would provide $300 million to the state highway department for road projects. Another measure would authorize up to $100 million of bonds to match private contributions for endowed professorships at state universities.
The third segment of the package would includes $25 million for the American Indian Cultural Center currently under construction in Oklahoma City, $25 million for flood control projects across the state, and $25 million to build several low-water dams and bridges on the Arkansas River in Tulsa County.
Proceeds from the proposed road bond package would increase money going to the Oklahoma Department of Transportation's road and bridge maintenance fund by $30 million each year until it reaches $370 million a year in 2016. The maintenance fund would then stay at that level.
The annual additions are cumulative, so that the fund would increase by $30 million the first year, $60 million the next, $90 million in the third year, and so on.
The road bonds would be supported by growth in collections generated by the state's motor vehicle taxes and fees, amortized over 15 years.
The bond package would eliminate a provision in the highway financing package adopted by lawmakers in 2006 that adds $17.5 million each year to the maintenance fund unless state revenues go up by at least 3%. If that level is reached, maintenance appropriations are mandated to go an additional $50 million in the next fiscal year.
"The program has been in effect for two years and we've never gotten the $50 million," said Terri Angier, a spokeswoman for the highway department. "Revenues actually rose by 4% by the end of fiscal 2007, but the Legislature was working from an earlier official estimate that showed less than 3% growth."
The legislation also called for a ceiling on the maintenance fund of $200 million a year, going to $270 million when some outstanding bonds mature. The new proposal would raise that ceiling by $100 million a year.
Members of the Oklahoma Transportation Commission have said failure to adequately fund the highway department's maintenance effort would jeopardize funding for $275 million of projects in the state's eight-year road and bridge construction program.
The endowment bonds would provide $100 million of proceeds to almost eliminate a $125 million backlog in state matching funds for privately endowed posts at state colleges and universities. The proposed measure would freeze the private donations as of July 1 until the remaining backlog is matched.
Once the remaining backlog of $25 million of private contributions is matched and the moratorium is lifted, the state would match 100% of private donations of up to $250,000, but only 25% of contributions above that figure. The state's match would be limited to $5 million a year.
However, the endowed chairs backlog grew to $225 million this week with the $100 million gift by Texas oilman T. Boone Pickens to Oklahoma State University.
The endowment program has funded 601 chairs totaling $164 million in private donations since it was started in 1988.
