HB 1290 Summary

• Prohibits the Oklahoma Turnpike Authority from incurring any new debt or issuing bonds, rates, obligations, or other evidence of indebtedness as of the effective date.

• Requires the Authority to be abolished within 90 days after all of its obligations have been fully satisfied and paid off.

• Transfers all responsibilities, assets, funds, property, records, equipment, and personnel of the Oklahoma Turnpike Authority to the Oklahoma Department of Transportation upon abolishment.

• Establishes a transition team led by the directors of both agencies to coordinate the orderly transfer of duties, personnel, and property over a one-year transition period prior to abolishment.

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