Road, Bridge BABs OK’d

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.

For reprint and licensing requests for this article, click here.
Transportation industry
MORE FROM BOND BUYER