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1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 1952 By: Standridge
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6 AS INTRODUCED
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7 An Act relating to the Oklahoma Turnpike Authority;
7 amending 69 O.S. 2021, Section 1709, which relates to
8 turnpike revenue bonds; establishing a bond debt
8 ceiling; updating statutory language; updating
9 statutory references; and providing an effective
9 date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. AMENDATORY 69 O.S. 2021, Section 1709, is
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14 amended to read as follows:
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15 Section 1709. A. The Oklahoma Turnpike Authority may provide
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16 by resolution, at one time or from time to time, for the issuance of
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17 turnpike revenue bonds of the Authority for the purpose of paying
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18 all or any part of the cost of any one or more turnpike projects in
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19 such amount or amounts not to exceed Four Billion Dollars
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20 ($4,000,000,000.00) in total aggregate indebtedness outstanding at
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21 any time. The Authority, when it finds that it would be economical
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22 and beneficial to do so, may combine two or more, or any part
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23 thereof, or all of its proposed projects into one unit and consider
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24 the same as one project to the same extent and with like effect as
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Req. No. 2843 Page 1
1 if the same were a single project. The principal of and the
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2 interest on the bonds shall be payable solely from the funds
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3 provided for such payment. The bonds of each issue shall be dated,
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4 shall bear interest at such rate or rates not exceeding the
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5 limitations pertaining to public trust indebtedness from time to
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6 time expressed in subsection E G of Section 176 of Title 60 of the
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7 Oklahoma Statutes, shall mature at such time or times not exceeding
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8 forty (40) years from their date or dates, as may be determined by
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9 the Authority, and may be made redeemable before maturity at the
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10 option of the Authority at such price or prices and pursuant to such
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11 terms and conditions as may be fixed by the Authority prior to the
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12 issuance of the bonds. The Authority shall determine the form of
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13 the bonds, including any interest coupons to be attached thereto,
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14 and the manner of execution of the bonds, and shall fix the
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15 denomination or denominations of the bonds and the place or places
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16 of payment of principal and interest, which may be at any bank or
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17 trust company within or without the state. If any officer whose
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18 signature or facsimile of whose signature appears on any bonds or
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19 coupons shall cease to be said such officer before the delivery of
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20 the bonds, the signature or the facsimile shall nevertheless be
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21 valid and sufficient for all purposes the same as if the person had
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22 remained in office until such delivery. All bonds issued pursuant
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23 to the provisions of this article Section 1701 et seq. of this title
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24 shall have all the qualities and incidents of negotiable instruments
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Req. No. 2843 Page 2
1 subject to the negotiable instruments law of this state. The bonds
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2 may be issued in coupon or in registered form, or both, as the
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3 Authority may determine, and provisions may be made for the
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4 registration of any coupon bonds as to principal alone and also as
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5 to both principal and interest, and for the reconversion into coupon
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6 bonds of any bonds registered as to both principal and interest.
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7 The Authority may sell the bonds in such amounts and in such manner,
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8 either at public or private sale, and for such price, as it may
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9 determine to be in the best interest of this state, but in no event
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10 at a discount in excess of that from time to time expressed in said
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11 subsection E G of Section 176 of Title 60 of the Oklahoma Statutes.
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12 B. The proceeds of the bonds of each issue shall be used solely
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13 for the payment of the cost of the turnpike project for which such
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14 bonds have been issued, and shall be disbursed in such manner and
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15 pursuant to such restrictions, if any, as the Authority may provide
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16 in the resolution authorizing the issuance of such bonds or in the
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17 trust agreement securing the same. If the proceeds of the bonds of
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18 any issue, by error of estimates or otherwise, shall be less than
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19 such cost, additional bonds may in like manner be issued to provide
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20 the amount of such deficit, and, unless otherwise provided for in
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21 the resolution authorizing the issuance of such bonds or in the
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22 trust agreement securing the same, shall be deemed to be of the same
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23 issue and shall be entitled to payment from the same fund without
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24 preference or priority of the bonds first issued. If the proceeds
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Req. No. 2843 Page 3
1 of the bonds of any issue shall exceed such cost, the surplus shall
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2 be deposited to the credit of the sinking fund for such bonds, or
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3 shall be used by the Authority in implementing any other power
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4 expressly granted to the Authority in this article Section 1701 et
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5 seq. of this title.
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6 C. Prior to the preparation of definitive bonds, the Authority,
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7 subject to like restrictions, may issue interim receipts or
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8 temporary bonds, with or without coupons, exchangeable for
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9 definitive bonds when such bonds have been executed and are
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10 available for delivery. The Authority may also provide for the
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11 replacement of any bonds which have become mutilated or were
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12 destroyed or lost. Bonds may be issued pursuant to the provisions
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13 of this article Section 1701 et seq. of this title without obtaining
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14 the consent of any department, division, commission, board, bureau,
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15 or agency of this state, and without any other proceedings or the
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16 occurrence of any other conditions or things than those proceedings,
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17 conditions, or things that are specifically required by this article
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18 Section 1701 et seq. of this title.
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19 D. The Authority is hereby authorized to provide that the
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20 bonds:
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21 1. Be made payable from time to time on demand or tender for
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22 purchase by the owner provided a credit facility supports such
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23 bonds, unless the Authority specifically determines that a credit
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24 facility is not required;
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Req. No. 2843 Page 4
1 2. Be additionally supported by a credit facility;
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2 3. Be made subject to redemption prior to maturity, with or
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3 without premium, on such notice and at such time or times and with
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4 such redemption provisions as may be determined by the Authority or
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5 with such variations as may be permitted in connection with a par
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6 formula;
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7 4. Bear interest at a rate or rates that may vary as permitted
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8 pursuant to a par formula and for such period or periods of time,
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9 all as may be determined by the Authority; and
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10 5. Be made the subject of a remarketing agreement whereby an
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11 attempt is made to remarket the bonds to new purchasers prior to
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12 their presentment for payment to the provider of the credit facility
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13 or to the Authority.
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14 No credit facility, repayment agreement, par formula, or
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15 remarketing agreement shall become effective without the approval of
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16 the Authority.
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17 E. As used in this section, the following terms shall have the
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18 following meanings:
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19 1. "Credit facility" means an agreement entered into by the
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20 Authority with any bank, savings and loan association, or other
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21 banking institution; an insurance company, reinsurance company,
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22 surety company, or other insurance institution; a corporation,
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23 investment banker, or other investment institution; or any other
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24 financial institution providing for prompt payment of all or any
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1 part of the principal, whether at maturity, presentment for
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2 purchase, redemption or acceleration, redemption premium, if any,
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3 and interest on any bonds payable on demand or tender by the owner
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4 issued in accordance with this section, in consideration of the
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5 Authority's agreeing to repay the provider of such credit facility
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6 in accordance with the terms and provisions of such repayment
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7 agreement; provided, that any such repayment agreement shall provide
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8 that the obligation of the Authority thereunder shall have only such
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9 sources of payment as are permitted for the payment of the bonds
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10 issued under this article Section 1701 et seq. of this title; and
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11 2. "Par formula" means any provision or formula adopted by the
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12 Authority to provide for the adjustment, from time to time, of the
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13 interest rate or rates borne by any such bonds so that the purchase
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14 price of such bonds in the open market would be as close to par as
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15 possible.
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16 F. Nothing in any law heretofore previously enacted or enacted
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17 at the present session of the Legislature shall be deemed to limit
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18 or restrict the right of the Authority to issue bonds or other
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19 obligations on which the interest income, in whole or in part, on
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20 which is subject, directly or indirectly, to federal income
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21 taxation.
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22 G. The Authority may enter into transactions utilizing
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23 derivative products, and other financial products intended to hedge
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24 interest rate risk, including any option to enter into or terminate
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Req. No. 2843 Page 6
1 any of them, that the Authority deems to be necessary or desirable
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2 in connection with any bonds issued prior to, at the same time as,
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3 or after entering into such arrangement and containing terms and
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4 provisions, and may be with such parties, as determined by the
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5 Authority. Provided, any action taken by the Authority pursuant to
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6 this subsection must first be approved by the Oklahoma State Bond
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7 Advisor Deputy Treasurer for Debt Management and the Council of Bond
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8 Oversight pursuant to the provisions of the Oklahoma Bond Oversight
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9 and Reform Act.
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10 SECTION 2. This act shall become effective November 1, 2026.
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12 60-2-2843 MSBB 1/15/2026 9:09:25 AM
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Req. No. 2843 Page 7Every fact on this page links to its source, starting with the official bill record.