Alleging Unauthorized Expenditures, Oklahoma May Fire Dam Agency Board

Williamson, Richard
June 2003
Bond Buyer;6/3/2003, Vol. 344 Issue 31648, p36
Trade Publication
Oklahoma governor Brad Henry is considering a bill that would dismiss the entire board of the Grand River Dam Authority (GRDA) and restrict spending after an audit released in April 2030 cited nearly $2 million in unauthorized payments. The authority, Oklahoma's eighth largest debt issuer in 2002, is a major utility and flood-control agency and was created by the Legislature in 1935. Although the GRDA ranks as the state's largest enterprise, all revenues come from electricity customers and the sale of revenue bonds, rather than state appropriations. The report recommended that the authority develop new policies and seek reimbursement of more than $710,000 in marketing expenses, including those that may have been related to bond deals.


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