Toll revenue bonds

The state's Council of Bond Oversight will once again consider $500 million of bonds for a controversial $5 billion Oklahoma Turnpike Authority expansion.

The upgrades mark the second in a year for the tollway authority's ratings, which were raised last August by S&P Global Ratings.

The 50-year concession will rebuild the aging Calcasieu Bridge, and impose the first tolls on Interstate 10.

The turnpike authority will now seek reapproval from the Oklahoma Council of Bond Oversight before it can head to the municipal bond market.

As the Oklahoma Supreme Court nears a decision on the validity of initial bonds for the turnpike's $5 billion project, property owners again raised objections.

The upgrades brought the Orange County Transportation Authority managed lanes toll credit to double-A levels across the board.

The Oklahoma Supreme Court is considering the turnpike's application to jumpstart funding for a $5 billion extension project with $500 million of revenue bonds.

The state Supreme Court decided the lawsuit in the turnpike authority's favor, but it has yet to rule on the validity of bonds to finance a $5 billion extension.

Changes affecting the turnpike's board, which take effect Nov. 1, come as it awaits a court ruling on issuing initial bonds for a $5 billion project.

The Oklahoma Turnpike Authority asked the court to approve $500 million of bonds to jumpstart funding for a $5 billion extension project.

The measure, which passed both legislative chambers in lopsided votes, would strip the governor of his sole ability to appoint turnpike board members.

The resignation comes after the bank was placed on the state treasurer's list of fossil fuel industry boycotters.

While the system took a hit during the COVID-19 pandemic, total traffic hit 94% of pre-pandemic levels in 2022. Traffic for the first two months of 2023 was 99% of levels in the same period of 2019.

Ongoing litigation and a state investigative audit could impact bonds for a $5 billion expansion even if the debt is validated by the Oklahoma Supreme Court.

OTA has come under increased scrutiny as it embarks on a $5 billion, bond-financed project that has been challenged in court.

Thirty brokerage firms overcharged for the Santa Rosa bridge bonds after relying on data vendors who provided incorrect factors to determine the price.

The ruling striking down Rhode Island's tolling program constrains states' efforts to solve complex infrastructure problems, the state says.

A controversial $5 billion bond-financed extension project spurred several bills that would alter the Oklahoma Turnpike Authority's debt and other practices.

An initial toll corridor would require $8.5 billion in upgrades, which would be financed by a new bond credit under a plan under consideration by Michigan lawmakers.

By an almost four-to-one margin, voters approved a charter amendment requiring voter approval to transfer ownership of the county's airport, seaport or tollway.