The Oklahoma Transportation Commission last week approved the sale of $215 million of bonds to finance the next phase of the state's eight-year highway plan. The blueprint, which includes almost $4.3 billion of road and bridge work through 2018, is updated annually.

The bonds will be issued later this month by the Oklahoma Capitol Improvement Authority. The sale will include $150 million of bonds from $300 million authorized by the Legislature in 2008 and $65 million of debt approved by lawmakers earlier this year.

The first $150 million were issued as Build America Bonds in August 2009.

The Oklahoma Department of Transportation's outstanding debt is rated A-plus by Fitch Ratings and Aa3 by Moody's Investors Service.

Transportation Secretary Gary Ridley told commissioners that contracts have been awarded for 100% of the federal stimulus money the state received for highway construction. He said 131 of the 242 projects have been completed. Contracts for stimulus projects completed to date total $355 million, he said.

Oklahoma received $465 million in transportation funding from the $787 billion American Recovery and Reinvestment Act of 2009.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.