Oklahoma

State

Senate

Legislative
Brief

September 2001

Issue Background

In 1997 the legislature adopted HB 1629, a five-year, two phase plan to provide $1.01 billion in new revenues for highway construction. Using a combination of appropriated funds and bond sale proceeds, the ROADS plan nearly doubled the annual amount spent for highway construction. Phase I of the project provided $410 million in direct appropriations; $300 million was generated by the sale of bonds in May 1998. Phase II called for $150 million in future direct appropriations and a like amount from bond financing.

Summary of Actions

FY'02 marked the last year of Phase I project appropriations. Bond debt service is $39.4 million per year through FY'07; a $19 million payment in FY'08 retires the debt. Phase II roads funding began in FY'02, with $150 million raised from bond sales (August, '00). $19.9 million was appropriated by the legislature for bond debt service; the same amount is due yearly through FY'11.

Status --June 30, 2001