SB530 Summary

• Authorizes Oklahoma Capitol Improvement Authority to issue bonds worth $50 million for construction and improvement of port of entry weigh stations statewide.

• Proceeds from bond sales shall be used only for construction, improvement, maintenance, repair of weigh stations and costs associated with bond issuance.

• Department of Transportation must make lease payments to the Authority from the Weigh Station Improvement Revolving Fund to retire the obligations within 10 years of issuance.

• Bonds are not considered state debt and do not pledge the state's faith, credit, or taxing power; interest earned on bonds is exempt from state and local taxation.

• Effective November 1, 2013.