Oklahoma Turnpike Authority; requiring certain notice; effective date.
A notable component of HB2728 is the mandated public notice regarding the hearings on bond issuance applications. The bill requires that notice be given not only through publication in a widely circulated newspaper but also via certified mail to all real property owners located within a one-mile radius of the project site. This requirement is designed to enhance transparency and allow for community participation, ensuring that local residents are informed and can contest the legality of bond issuances if they wish.
House Bill 2728 amends the Oklahoma Turnpike Authority laws, specifically addressing the judicial determination of the validity of bonds issued by the Authority. The amendment allows the Authority to file an application with the Supreme Court of Oklahoma to approve any bonds, thus granting the Court exclusive original jurisdiction to hear and decide these applications. This adds a significant layer to the process by requiring the Court to prioritize these applications over other cases, which is aimed at expediting infrastructure financing.
While this bill aims to streamline the financing process for infrastructure projects, it could also raise concerns regarding the balance of power between state authority and local interests. Critics may argue that while public notice is required, the swift judicial approval process could limit the ability of residents to effectively oppose bond issuances that they believe might not be in the best interest of their communities. Hence, the effectiveness of this notice requirement in practice and the potential for community engagement will be critical factors to observe if the bill is enacted.