TITLE

Oklahoma Transportation Department Warns of Looming Debt Service Burden

AUTHOR(S)
Watts, Jim
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/6/2005, Vol. 351 Issue 32044, p28
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the director of the Oklahoma Department of Transportation (ODOT) said Tuesday that his agency is spending millions of dollars that should go to road maintenance to pay the debt service on $450 million in highway revenue bonds that the state Legislature promised to support, but failed to fund. Transportation director Gary Ridley told the state Senate Transportation Committee that ODOT has paid $35 million of debt service on the bonds over the last two fiscal years, but the bill will balloon to almost $70 million a year from fiscal year 2006 through fiscal year 2008.
ACCESSION #
15635385

 

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