6.30.06

Senator Hobson Says Legislation will Save State Millions on Bonds

State Sen. Cal Hobson said he was pleased the Council for Bond Oversight had approved a request by the Oklahoma Turnpike Authority to refinance about half of its $1.2 billion debt. Hobson authored legislation during the 2006 session to authorize such a move. Hobson said the Council could not have taken that action without the passage of HB 2474.

"This action will result in tremendous savings that we can then reinvest in our transportation system," explained Hobson, D-Lexington. "The quality of our infrastructure-our transportation system-is key to economic development, tourism, and so much more for our state."

While the Council gave approval on Thursday, Hobson said the Turnpike Authority would likely wait for a more favorable rate before proceeding with the refinancing plan.

"But this way, when a better rate becomes available, they'll be able to take advantage of it," Hobson said. "When that happens, it will result in a savings of millions of dollars. That's money that can be used for much-needed improvements to create a stronger, safer transportation system for all of Oklahoma."