Tulsa will issue $59 million of general obligation bonds in January to finance its continuing effort to repair and maintain streets.
The sale will be the third tranche authorized for the $451.6 million effort by voters in December 2008. The city sold $11 million in May 2009 and $70 million in September 2009.
The sales schedule for the 2008 authorization, which is subject to revision, calls for $50 million in fiscal 2012, $45 million in fiscal 2013, and $50 million in fiscal 2014.
City officials said voters may be asked to authorize additional bonds for the street program in 2014.
Major projects scheduled for 2011 include two bridge replacements.
Financing for Tulsa’s Fix Our Streets program includes $285 million of GO bonds; $166.6 million generated by a two-year extension of the city’s 1% “third penny” sales tax, which is set to expire in early 2013; and taking over and extending Tulsa County’s 0.167% sales tax that will expire in 2012.
The entire program will include 10 intersection projects, 31 arterial street improvements, upgrades on 79 non-arterial streets, 15 bridge projects, routine and preventive maintenance, and sidewalks, trails and, railroad crossings.
Tulsa’s GO bonds are rated AA by Standard & Poor’s and Aa2 by Moody’s Investors Service.