The first projects financed under Tulsa’s Fix The Streets effort will get under way this summer, with proceeds from the first $11 million of the $285 million of general obligation bonds authorized for the five-year program.
In addition to the bonds, the $451.6 million program will be financed with $131 million of revenue generated by extending by two years the city’s 1% “third penny” sales tax that would have expired in 2013, and taking over and extending Tulsa County’s 0.167% sales tax when it expires in 2012.
Voters approved the street program in November 2008.
The city had expected to begin the annual bond sales in fiscal 2010, but officials determined that the $11 million tranche could be sold in fiscal 2009 without requiring an increase in the property tax rate.
A $59 million bond sale is set for later this summer, with annual sales scheduled through fiscal 2014.
The streets program includes 10 intersection projects, work on 31 arterial streets, and improvements to 79 smaller streets.
Tulsa’s GO debt is rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s.