December 23, 2024

Rise To Thrive

Investing guide, latest news & videos!

Litigation continues to cloud bond-funded Oklahoma Turnpike plan

1 min read
Litigation continues to cloud bond-funded Oklahoma Turnpike plan

A bond-financed, $5 billion extension of the Oklahoma Turnpike is facing more litigation as both proponents and opponents of the project may return to court.

The Oklahoma Turnpike Authority Board on Tuesday passed a resolution to explore appealing a Cleveland County District Court for the debt from the Oklahoma Council of Bond Oversight, which was conditioned on the dismissal or resolution of two lawsuits, including the Open Meeting Act case, in OTA’s favor.

“Any conditions of approval by the council related to a specific agenda item must be met prior to the issuance of the bonds approved in that agenda item,” according to Alexandra Edwards, Oklahoma’s deputy treasurer for debt management.

In December, Olsen dismissed a second lawsuit that challenged the bond financing and building of the turnpike’s South Extension, East-West Connector, and Tri-City Connector projects. He ruled the state Supreme Court has exclusive jurisdiction over the validation of OTA bonds. 

Randy Carter, a spokesman for Pike Off OTA, the lead plaintiff in that case, said OTA’s board meeting was “well-orchestrated political theater.”

“It seems to me that everything was already decided ahead of time and the OTA Board just publicly went through the motions to make it appear legitimate,” he said in an email. 

The six-member board is appointed by the governor and confirmed by the state Senate.