The bill amends the laws governing the Oklahoma Turnpike Authority (OTA) by instituting new requirements for toll rate increases and financial management of turnpike projects. It mandates that the OTA must obtain legislative approval through a joint resolution before increasing toll rates. Additionally, by July 1, 2027, the OTA is required to adopt rules for segregated accounting and reporting practices for each turnpike or project, which includes maintaining separate operating and reserve funds and publishing annual financial data. The bill also stipulates that tolls collected from completed projects can only be used for their direct operational and maintenance costs, preventing the cross-funding of different projects.

Moreover, the bill significantly alters the powers and duties of the OTA concerning the issuance of bonds. It specifies that bonds issued after November 1, 2026, must be secured solely by the revenues from the specific turnpike or project for which they are issued, ensuring that revenues from one project cannot be used to secure bonds for another. The OTA is also required to maintain separate accounts for each project and uphold existing obligations. The bill further establishes regulations to prevent conflicts of interest among OTA members and mandates that all meetings be open to the public, enhancing transparency and accountability within the Authority. Overall, these amendments aim to improve financial integrity and operational transparency while prioritizing local labor in construction projects.

Statutes affected:
Introduced: 69-1705