TITLE

High Court Deals Another Blow To Oklahoma's Bond Program

AUTHOR(S)
Williamson, Richard
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/4/2003, Vol. 344 Issue 31649, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports on the cancellation of the 158 million dollar issue of Oklahoma's bond program that was approved by the Legislature in 2001 for completion of the Capitol dome and other projects, by the state Supreme Court as of June 3, 2003. The Supreme Court passed a ruling in 2002, that sidelined Oklahoma's one billion dollar grant anticipation revenue vehicle program and forced the state to create a new bond approval authority to satisfy a constitutional challenge. The court ruled that the process of allocating those funds was unconstitutional because the legislation authorizing the issue did not specify how the money would be used and allowed the governor to choose projects that would receive funding.
ACCESSION #
10014728

 

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