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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 60th Legislature (2025)
31	31
32	32	HOUSE BILL 2093 By: Menz
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38	38	AS INTRODUCED
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40	40	An Act relating to the Oklahoma Turnpike Authority;
41	41	amending 69 O.S. 2021, Section 1709, which relates to
42	42	turnpike revenue bonds; establish ing a bond debt
43	43	ceiling; updating statutory language; and providing
44	44	an effective date.
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50	50	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
51	51	SECTION 1. AMENDATORY 69 O.S. 2021, Section 1709, is
52	52	amended to read as foll ows:
53	53	Section 1709. A. The Oklahoma Turnpike Authority may provide
54	54	by resolution, at one time or from time to time, for the issuance of
55	55	turnpike revenue bonds of the Authority for the purpose of paying
56	56	all or any part of the cost of any one or more turnpi ke projects in
57	57	such amount or amounts not to exceed Three Billion One Hundred Fifty
58	58	Million Dollars ($3,150,000,000.00) in total aggregate indebtedness
59	59	outstanding at any time . The Authority, when it finds that it would
60	60	be economical and beneficial to do so, may combine two or more, or
61	61	any part thereof, or all of its proposed proje cts into one unit and
62	62	consider the same as one project to the same extent and with like
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89	89	effect as if the same were a single project. The principal of and
90	90	the interest on the bon ds shall be payable solely from the funds
91	91	provided for such payment. The bonds of each issue shall be dated,
92	92	shall bear interest at such rate or rates not exceeding the
93	93	limitations pertaining to public trust indebtedness from time to
94	94	time expressed in sub section E of Section 176 of Title 60 of the
95	95	Oklahoma Statutes, shall mature at such time or times not exceeding
96	96	forty (40) years from their date or dates, as may be determined by
97	97	the Authority, and may be made redeemable before maturity at the
98	98	option of the Authority at such price or prices and pursuant to such
99	99	terms and conditions as may be fixed by the Authority prior to the
100	100	issuance of the bonds. The Authority shall determine the form of
101	101	the bonds, including any interest coupons to be attached thereto,
102	102	and the manner of execution of the bonds, and shall fix the
103	103	denomination or denominations of the bonds and the place or places
104	104	of payment of principal and interest, which may be at any bank or
105	105	trust company within or without the state. If any officer whos e
106	106	signature or facsimile of whose signature appears on any bonds or
107	107	coupons shall cease to be said such officer before the delivery of
108	108	the bonds, the signature or the facsimile shall nevertheless be
109	109	valid and sufficient for all purposes the same as if the person had
110	110	remained in office until such delivery. All bonds issued pursuant
111	111	to the provisions of this article shall have all the qualities and
112	112	incidents of negotiable instruments subject to the negotiable
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139	139	instruments law of this state. The bonds may be issued in coupon or
140	140	in registered form, or both, as the Authority may determine, and
141	141	provisions may be made for the registration of any coupon bonds as
142	142	to principal alone and also as to both principal and interest, and
143	143	for the reconversion into coupon bond s of any bonds registered as to
144	144	both principal and interest. The Authority ma y sell the bonds in
145	145	such amounts and in such manner, either at public or private sale,
146	146	and for such price, as it may determine to be in the best interest
147	147	of this state, but in no event at a discount in excess of that from
148	148	time to time expressed in said subsection E of Section 176 of Title
149	149	60 of the Oklahoma Statutes.
150	150	B. The proceeds of the bonds of each issue shall be used solely
151	151	for the payment of the cost of the turnpike projec t for which such
152	152	bonds have been issued, and shall be disbursed in such manner and
153	153	pursuant to such restrictions, if any, as the Authority may provide
154	154	in the resolution authorizing the issuance of such bonds or in the
155	155	trust agreement securing the same. If the proceeds of the bonds of
156	156	any issue, by error of estimates or otherwise, shall be less than
157	157	such cost, additional bonds may in like manner be issued to provide
158	158	the amount of such deficit, and, unless otherwise provided for in
159	159	the resolution authorizing the issuance of such bonds or in the
160	160	trust agreement securing the same, shall be deemed to be of the same
161	161	issue and shall be entitled to payment from the same fund without
162	162	preference or priority of the bonds first issued. If the proceeds
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189	189	of the bonds of any issue shall exceed such cost, the surplus shall
190	190	be deposited to the credit of the sinking fund for such bonds, or
191	191	shall be used by the Authority in implementing any other power
192	192	expressly granted to the Authority in this article.
193	193	C. Prior to the prepar ation of definitive bonds, the Authority,
194	194	subject to like restrictions, may is sue interim receipts or
195	195	temporary bonds, with or without coupons, exchangeable for
196	196	definitive bonds when such bonds have been executed and are
197	197	available for delivery. The Author ity may also provide for the
198	198	replacement of any bonds which have become mutilated or were
199	199	destroyed or lost. Bonds may be issued pursuant to the provisions
200	200	of this article without obtaining the consent of any department,
201	201	division, commission, board, burea u, or agency of this state, and
202	202	without any other proceedings or the occurrenc e of any other
203	203	conditions or things than those proceedings, conditions, or things
204	204	that are specifically required by this article.
205	205	D. The Authority is hereby authorized to provid e that the
206	206	bonds:
207	207	1. Be made payable from time to time on demand or tender for
208	208	purchase by the owner provided a credit facility supports such
209	209	bonds, unless the Authority specifically determines that a credit
210	210	facility is not required;
211	211	2. Be additionally s upported by a credit facility;
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238	238	3. Be made subject to redemption prior to matu rity, with or
239	239	without premium, on such notice and at such time or times and with
240	240	such redemption provisions as may be determined by the Authority or
241	241	with such variations as may b e permitted in connection with a par
242	242	formula;
243	243	4. Bear interest at a rate or rates that may vary as permitted
244	244	pursuant to a par formula and for such period or periods of time,
245	245	all as may be determined by the Authority; and
246	246	5. Be made the subject of a rema rketing agreement whereby an
247	247	attempt is made to remarket the bonds to new purc hasers prior to
248	248	their presentment for payment to the provider of the credit facility
249	249	or to the Authority.
250	250	No credit facility, repayment agreement, par formula or
251	251	remarketing agreement shall become effective without the approval of
252	252	the Authority.
253	253	E. As used in this section, the following terms shall have the
254	254	following meanings:
255	255	1. “Credit facility” means an agreement entered into by the
256	256	Authority with any bank, savings and loan a ssociation or other
257	257	banking institution; an insurance company, reinsurance com pany,
258	258	surety company, or other insurance institution; a corporation,
259	259	investment banker or other investment institution; or any other
260	260	financial institution providing for prompt pa yment of all or any
261	261	part of the principal, whether at maturity, presentment for
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288	288	purchase, redemption or acceleration, redemption premium, if any,
289	289	and interest on any bonds payable on demand or tender by the owner
290	290	issued in accordance with this section, in consideration of the
291	291	Authority’s agreeing to repay the provider of such credit facility
292	292	in accordance with the terms and provisions of such repayment
293	293	agreement; provided, that any such repayment agreement shall provide
294	294	that the obligation of the Authority thereunder shall have only such
295	295	sources of payment as are permitted for the payment of the bonds
296	296	issued under this article; and
297	297	2. “Par formula” means any provision or formula adopted by the
298	298	Authority to provide for the adjustment, from time to time, of t he
299	299	interest rate or rates borne by any such bonds so that the purchase
300	300	price of such bonds in the open market would be as close to par as
301	301	possible.
302	302	F. Nothing in any law heretofore enacted or enacted at the
303	303	present session of the Legislature shall be deem ed to limit or
304	304	restrict the right of the Authority to issue bonds or other
305	305	obligations the interest income, in whole or in part, on which is
306	306	subject, directly or indirectly, to federal income taxation.
307	307	G. The Authority may enter into transactions utilizin g
308	308	derivative products, and other financial products intended to hedge
309	309	interest rate risk, including any option to enter into or terminate
310	310	any of them, that the Authority deems to be necessary or desirable
311	311	in connection with any bonds issued prior to, at th e same time as,
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338	338	or after entering into such arrangement and containing terms and
339	339	provisions, and may be with such parties, as determined by the
340	340	Authority. Provided, any action taken by the Authority pursuant to
341	341	this subsection must first be approved by th e Oklahoma State Bond
342	342	Advisor Deputy Treasurer for Debt Management and the Council of Bond
343	343	Oversight pursuant to the provisions of the Oklahoma Bond Oversight
344	344	and Reform Act.
345	345	SECTION 2. This act shall become effective November 1, 2025.
346	346
347	347	60-1-12219 JBH 01/15/25

Oklahoma 2025 Regular Session

Oklahoma House Bill HB2093 Compare Versions