Oklahoma bond council approves $660 million in 2009 issuance, pending constitutionality challenge

By Aaron Hochman-Zimmerman

New York, Nov. 20 - The Oklahoma State Bond Advisor's Council of Bond Oversight approved the sale $660 million in municipal bonds in 2009 pending a challenge to the constitutionality of the legislation governing the issuance, according to Tim Martin of the advisor's office.

The issues would come in three separate tranches worth $40 million, $595.2 million and $26 million.

However, during the council's meeting, a question was raised concerning the legality of placing three items on the same piece of legislation.

The opposing camp argued that the broader topic of bond issuance constituted one item.

"There's a disagreement," Martin told Prospect News, but he added that the issue was largely administrative and would not serve to prevent the issuance.

The $40 million lease revenue bonds will likely come after Jan. 1 to fund the state data center project.

The $595.2 million taxable and tax-exempt revenue bonds to refund outstanding debt and raise new money have traditionally been issued in the spring, but now are scheduled for "when market conditions permit," Martin said.

The $26 million tax-exempt lease revenue obligations to fund the Oklahoma Conservation Commission are also expected after Jan. 1.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.