Oversight panel says action covers program financing — not individual turnpike projects — and includes 12 conditions.
OKLAHOMA CITY — The Oklahoma Council of Bond Oversight on Thursday conditionally approved the Oklahoma Turnpike Authority’s request to issue up to $2.9 billion in bonds for the ACCESS Oklahoma program, while emphasizing the action does not approve funding for any specific turnpike project.
The approval is subject to 12 conditions that must be met by the Turnpike Authority and its financing team before the bonds can be issued.
The request includes up to $1.9 billion in Second Senior Revenue Bonds to finance future ACCESS Oklahoma projects and up to $1 billion in refunding bonds that would be issued only if refinancing reduces debt service costs.
State Treasurer Todd Russ said the council’s role was limited to determining whether the proposed bond issue met statutory and financial requirements.
“Today, the Council, complete in their capacity, did not approve or disapprove any specific project funding,” Russ said in a statement. “The only action conditionally approved financing for the ACCESS Oklahoma Program as authorized under state law.”
The approval comes as litigation continues over the proposed East-West Connector, also known as the Toby Keith Expressway. According to the treasurer’s office, the lawsuit does not challenge the Turnpike Authority’s authority to issue ACCESS Oklahoma bonds, which the Oklahoma Supreme Court upheld during 2023 bond validation proceedings.
Among the conditions attached to the approval, the Turnpike Authority must comply with any federal court orders. If bond proceeds cannot be used for the East-West Connector, the authority must redirect the money to other eligible ACCESS Oklahoma projects within three years, consistent with federal tax requirements.
