The Council of Bond Oversight conditionally approved the Oklahoma Turnpike Authority’s request to issue bonds supporting the next phase of the ACCESS Oklahoma program. The application was programmatic in nature, providing financing for the broader ACCESS Oklahoma Program rather than a single project. The Oklahoma Turnpike Authority retains responsibility for allocating bond proceeds among eligible ACCESS Oklahoma projects as construction schedules, costs, and priorities evolve.
The Council of Bond Oversight voted to approve the application, subject to a list of 12 conditions that must be met by the Oklahoma Turnpike Authority and the competitively selected financing team.
“Today, the Council, complete in their capacity, did not approve or disapprove any specific project funding as per their responsibility. The only action conditionally approved financing for the ACCESS Oklahoma Program as authorized under state law,” Treasurer Russ said. “The Council’s responsibility is to review whether a bond issue satisfies statutory requirements and financial standards, not to determine which individual transportation projects receive financing.”
The Oklahoma Turnpike Authority requested approval to issue up to $1.9 billion in Second Senior Revenue Bonds, Series 2026, to support the next phase of the ACCESS Oklahoma program, and up to $1.0 billion in Refunding Second Senior Revenue Bonds, Series 2026. The refunding bonds would only be issued if market conditions are favorable and are expected to reduce debt service costs by refinancing outstanding debt.
Recent public discussion has focused on litigation involving the proposed East-West Connector, also known as the Toby Keith Expressway. That litigation does not challenge the Oklahoma Turnpike Authority’s statutory authority to issue revenue bonds for the ACCESS Oklahoma program itself. The Oklahoma Supreme Court previously upheld that authority during bond validation proceedings in 2023.
The Council’s approval also includes conditions requiring the Oklahoma Turnpike Authority to comply with any preliminary, temporary, or final court order issued by the Federal court. In addition, the Authority must represent that if bond proceeds cannot be used for the East-West Connector project, it reasonably expects to redirect those proceeds to other eligible ACCESS Oklahoma projects within three years, consistent with federal tax requirements governing the bonds.
