The Oklahoma Capitol Improvement Authority last week approved the sale of $152 million of taxable Build America Bonds for state road and bridge projects.
The sale, which is expected before Sept. 1, would provide $150 million in proceeds for the road effort.
Assistant attorney general Lynn Rogers told the board that the resolution limits the interest rate on the bonds to no more than 7%.
The upcoming issue is part of the $300 million of highway bonds authorized by the Legislature in 2008 for projects included in the Oklahoma Department of Transportation’s construction program.
The legislation provided for two tranches. The remaining $150 million is set for sale sometime in fiscal 2011.
ODOT said it has allocated to contractors 82% of the $465 million in federal stimulus funds for road projects that it received earlier this year.