Oklahoma Senate Bill SB1441

Oklahoma 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/6/24

Caption

State fiscal affairs; creating the Oklahoma Highway Safety Legacy Fund; constructing shoulders on highways; appropriating funds. Effective date; Emergency.

Impact

If enacted, the bill will significantly influence state laws related to transportation funding and infrastructure development. It specifically earmarks appropriations for certain fiscal years, facilitating significant financial support for highway project enhancements—particularly the construction of highway shoulders where none currently exist or where existing ones are in decline. The bill designates funds to the Department of Transportation for projects limited to certain cost thresholds, thus aiming for a judicious approach to state expenditures on highway safety improvements.

Summary

Senate Bill 1441 seeks to establish the Oklahoma Highway Safety Legacy Fund, which is intended to provide a continuous source of funding for highway safety projects within the state. The bill outlines the sources of funds for this initiative, including surplus monies and savings appropriated by the Legislature. The fund will not be subject to fiscal year limitations, ensuring its ongoing availability for safety expenditures. Accrued income from investments will also contribute to the fund's total balance, with the State Treasurer responsible for managing the investments through appointed investment managers.

Contention

While the bill emphasizes highway safety and infrastructure enhancement, possible points of contention may arise over budget priorities, especially regarding the allocation of surplus funds. The limitation on the cost per mile for construction projects may also lead to discussions about adequacy in funding for some high-need areas that could exceed the stipulated budget. Stakeholders may express differing opinions on the management of funds—particularly how investments are guided and monitored to ensure optimal returns without compromising transparency and accountability in state fiscal management.