SB622 Summary

• Reduces the maximum maturity period for turnpike revenue bonds from 40 years to 30 years from their date of issuance.

• Allows the Oklahoma Turnpike Authority to issue bonds for turnpike project costs, with principal and interest payable solely from designated bond funds.

• Authorizes the Authority to combine multiple turnpike projects into a single unit for bond issuance purposes when economically beneficial.

• Permits the Authority to utilize credit facilities, derivative products, and other financial instruments to hedge interest rate risk, subject to approval by the Oklahoma State Bond Advisor and Council of Bond Oversight.

• Becomes effective November 1, 2015.