The Oklahoma Department of Transportation got the go-ahead last week from the Council of Bond Oversight for a $71 million debt issue to finance four highway projects.
The projects are part of the department’s eight-year reconstruction and upgrade plan.
Work will include a $37 million effort to expand Interstate highway lanes in Tulsa County, a $26 million project to rebuild pavement along Interstate 40 in Okmulgee and Okfuskee counties, $10 million to tear down a highway bridge in Oklahoma City, and $7 million to rebuild a bridge over Lake Texhoma.
ODOT’s outstanding debt is rated A-plus by Fitch Ratings, AA by Standard & Poor’s and Aa3 by Moody’s Investors Service.
The oversight council also approved a $7.6 million refinancing issue by Tulsa Community College. The school said the refinancing would lower its total debt service payments by $900,000.