OK HB1290

Oklahoma Turnpike Authority is prohibited from incurring any new debt or issuing any bonds, obligations, or other evidence of indebtedness effective immediately upon passage

The Authority will be abolished within 90 days after all existing financial obligations have been fully satisfied (defeased)

Upon abolishment, all assets, personnel, funds, liabilities, equipment, records, and other property transfer to the Oklahoma Department of Transportation

A transition team led by both agency directors must be established one year prior to the expected abolishment date to coordinate the orderly transfer of duties, personnel, and property

The bill includes an emergency clause, making it effective immediately upon passage and approval