OK HB2434

Authorizes the Oklahoma Capitol Improvement Authority to issue bonds/notes to generate $150,000,000 in net proceeds no earlier than August 1, 2009, for transportation infrastructure projects.

Increases authorized second issuance from $150,000,000 to $215,000,000 in net proceeds, available no earlier than August 1, 2010, for additional transportation projects.

Directs net proceeds to finance acquisition and construction of state highway and bridge assets identified in the Oklahoma Transportation Commission Construction Work Plan for federal fiscal years 2007-2014.

Authorizes the Oklahoma Capitol Improvement Authority to hold title to real and personal property until obligations are retired, then transfer ownership to the Transportation Commission or Department of Transportation.

Declares an emergency, making the act effective immediately upon passage and approval.