SB 1773 Summary

• Requires Legislative approval by concurrent resolution with a two-thirds affirmative vote from both houses before the Oklahoma Turnpike Authority can issue any new turnpike revenue bonds or other bonds authorized by law (effective November 1, 2010).

• Exempts refinancing of existing debt from the bond approval requirement unless the refinancing extends the term of the debt being refinanced.

• Requires Legislative approval by concurrent resolution with a two-thirds affirmative vote from both houses before any toll amount changes on existing or proposed turnpike projects can become effective (effective November 1, 2010).

• Amends 69 O.S. 2001, Sections 1705, 1709, and 1711 to establish these new approval requirements for the Turnpike Authority's bond issuance and toll-setting authority.