Oklahoma City, OK 73105
For Immediate Release: March 11, 2014
Sen. Patrick Anderson
Anderson warns action by Capitol Improvement
Authority could harm state’s bond rating
Anderson today said the Oklahoma Capitol Improvement Authority
(OCIA) could jeopardize the state’s credit rating, costing
taxpayers millions in higher borrowing costs, if they approve an
agenda item at their Wednesday, March 12 meeting.
To address the fact that the Oklahoma State Regents for Higher Education
(OSHRE) do not have enough money to make their bond payments, the
OCIA has scheduled a special meeting tomorrow at 3 p.m., in the
Governor’s Large Conference room. At the Jan. 27 meeting of
the OCIA, the Regents announced they would be approximately $10
million short on their bond payments this year.
If approved, an agenda item for tomorrow’s meeting would allow
OCIA to refinance the Regents’ debt. However, state statutes
only allow such refinancing under the current circumstances during
periods of “financial distress”.
“If OCIA goes forward with this plan and declares that the
State of Oklahoma is in ‘financial distress’, it will
have a devastating impact on our state’s bond rating and could
cost Oklahoma taxpayers millions,” said Anderson, R-Enid.
Anderson noted Oklahoma Statutes Title 73, Section 156.1(e.) outline
the state’s refinancing limitations under the current economic
“Our governor is promoting a tax cut, spending $40 million
on the American Indian Cultural Center debacle, and indebting the
taxpayers for another $160 million in Capitol repairs, all while
chairing a meeting to declare that Oklahoma is in financial distress
and can’t meet its current debt obligations,” Anderson
said. “The governor’s message is a bit inconsistent.
We need to get our priorities straight and pay our existing debts
before we incur additional ones.”
The OCIA is chaired by Gov. Mary Fallin. Also serving as members
of the authority are Lt. Gov. Todd Lamb; State Treasurer Ken Miller;
Preston Doerflinger, Director of the Office of Management and Enterprise
Services; Mike Patterson, Director of the Department of Transportation;
Dawn Cash, Commissioner of the Oklahoma Tax Commission; Deby Snodgrass,
Secretary of Tourism and Recreation; and Ed Lake, Director of the
Oklahoma Department of Human Services.
For more information, contact:
Sen. Anderson: (405) 521-5630