The Oklahoma Transportation Commission has authorized an agreement with the Oklahoma Capitol Improvement Authority to issue $300 million to finance the Oklahoma Department of Transportation’s eight-year construction work plan.
The package will include $150 million of appropriations-supported taxable bonds to be sold soon and another $150 million to be issued in fiscal 2011 for state road and bridge work.
The authority will issue the taxable bonds as Build America Bonds before the end of August to provide $150 million in proceeds for ODOT’s road efforts. The authority, which was established to build facilities on the state capitol grounds, approved the sale earlier this month.
