Oklahoma Turnpike Authority; requiring Oklahoma Turnpike Authority obtain legislative approval to increase toll rates; requiring Authority to adopt certain rules; effective date.

Req. No. 15420 Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

STATE OF OKLAHOMA

2nd Session of the 60th Legislature (2026)

HOUSE BILL 3309 By: Steagall

AS INTRODUCED

An Act relating to the Oklahoma Turnpike Authority;
requiring Oklahoma Turnpike Authority obtain
legislative approval to increase toll rates;
requiring Authority to adopt certain rules; 69 O.S.
2021, Section 1705, as amended by Section 572,
Chapter 486, O.S.L. 2025 (69 O.S. Supp. 2025, Section
1705), which relates to powers and duties of the
Oklahoma Turnpike Authority; requiring bonds issued
after certain date be secured only by certain
revenue; prohibiting revenues from projects from
being used for other projects; requiring Authority
maintain certain separate accounts; stating existing
obligations shall not be impaired; requiring certain
legislative approval; amending 69 O.S. 2021, Section
1709, which relates to turnpike revenue bonds;
requiring bonds issued after certain date be secured
only by certain revenue; prohibiting revenues from
projects from being used for other projects;
requiring Authority maintain certain separate
accounts; stating existing obligations shall not be
impaired; amending 69 O.S. 2021, Section 1711, which
relates to tolls; making the setting of tolls subject
to legislative approval; requiring bonds issued after
certain date be secured only by certain revenue;
prohibiting revenues from projects from being used
for other projects; requiring Authority maintain
certain separate accounts; stating existing
obligations shall not be impaired; amending 69 O.S.
2021, Section 1717, which relates to continuation of
tolls until bonds are paid; requiring bonds issued
after certain date be secured only by certain
revenue; prohibiting revenues from projects from
being used for other projects; requiring Authority
maintain certain separate accounts; stating existing
obligations shall not be impaired; amending 69 O.S.

Req. No. 15420 Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

2021, Section 1719, which relates to the refunding of
bonds; providing that each refunding issue after
certain date shall be limited to certain project;
limiting refunding issue to revenue derived from
separate project; stating existing obligations shall
not be impaired; providing for codification; and
providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1711.1 of Title 69, unless there
is created a duplication in numbering, reads as follows:
The Oklahoma Turnpike Authority shall be required to obtain
legislative approval before increasing toll rates on any turnpikes
in this state. The Legislature shall provide such approval by joint
resolution.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1711.2 of Title 69, unless there
is created a duplication in numbering, reads as follows:
The Oklahoma Turnpike Authority shall, on or before July 1,
2027, adopt rules establishing segregated accounting and reporting
practices for each turnpike or project, which shall include, but may
not be limited to:
1. Separate operating funds;
2. Separate reserve and sinking funds;

Req. No. 15420 Page 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

3. Annual publication of revenues, expenditures, and debt
service by project.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1711.3 of Title 69, unless there
is created a duplication in numbering, reads as follows:
The Oklahoma Turnpike Authority shall promulgate rules
establishing that, once a turnpike project is completed and all
project-specific indebtedness has been satisfied, tolls collected on
that project shall be imposed solely to recover the direct costs of
operation, maintenance, and long-term preservation of that turnpike,
and shall not exceed those costs.
SECTION 4. AMENDATORY 69 O.S. 2021, Section 1705, as
amended by Section 572, Chapter 486, O.S.L. 2025 (69 O.S. Supp.
2025, Section 1705), is amended to read as follows:
Section 1705. The Oklahoma Turnpike Authority is hereby
authorized and empowered:
(a) To adopt bylaws for the regulation of its affairs and
conduct of its business.
(b) To adopt an official seal and alter the same at pleasure.
(c) To maintain an office at such place or places within the
state as it may designate.
(d) To sue and be sued in contract, reverse condemnation,
equity, mandamus and similar actions in its own name, plead and be
impleaded; provided, that any and all actions at law or in equity

Req. No. 15420 Page 4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

against the Authority shall be brought in the county in which the
principal office of the Authority shall be located, or in the county
of the residence of the plaintiff, or the county where the cause of
action arose. All privileges granted to the Authority and duties
enjoined upon the Authority by the provisions of Sections 1701
through 1734 of this title may be enforced in a court of competent
jurisdiction in an action in mandamus.
(e) To construct, maintain, repair and operate turnpike
projects and highways, with their access and connecting roads, at
such locations and on such routes as it shall determine to be
feasible and economically sound; provided, that until specifically
authorized by the Legislature, the Authority shall be authorized to
construct and operate toll turnpikes only at the following
locations:
(1) The Turner Turnpike between Oklahoma City and Tulsa.
(2) The Southwestern (H.E. Bailey) Turnpike between Oklahoma
City and Wichita Falls, Texas.
(3) The Northeastern (Will Rogers) Turnpike between Tulsa and
Joplin, Missouri.
(4) The Eastern (Indian Nation) Turnpike between Tulsa and
Paris, Texas, including all or any part thereof between McAlester
and the Red River south of Hugo.
(5) The Cimarron Turnpike between Tulsa and Interstate Highway
35 north of Perry, including a connection to Stillwater.

Req. No. 15420 Page 5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(6) The Muskogee Turnpike between Broken Arrow and Interstate
Highway 40 west of Webbers Falls.
(7) All or any part of an extension of the Muskogee Turnpike,
beginning at a point on Interstate Highway 40 near the present south
terminus of the Muskogee Turnpike, and extending in a southeasterly
direction on an alignment near Stigler, Poteau and Heavener to the
vicinity of the Arkansas State Line to furnish access to Hot
Springs, Texarkana, Shreveport and New Orleans.
(8) A tollgate on the Turner Turnpike in the vicinity of
Luther, Oklahoma, and in the vicinity of the intersection of State
Highway 33 and Turner Turnpike in Creek County, Oklahoma, or in the
vicinity of the intersection of State Highway 33 and Turner Turnpike
or U.S. Highway 66 in Creek County, Oklahoma, from any monies
available to the Authority.
(9) Add on the Will Rogers Turnpike a northbound automatic
tollgate onto State Highway 28 and a southbound on-ramp from State
Highway 28.
(10) A turnpike or any part or parts thereof beginning in the
vicinity of Duncan extending east to the vicinity of the City of
Davis, and extending in a northeasterly direction, by way of the
vicinity of the City of Ada, to a connection in the vicinity of
Henryetta or in the vicinity of the intersection of State Highway 48
and Interstate 40; and a turnpike or any part or parts thereof from
the vicinity of Snyder extending north to the vicinity of Woodward.

Req. No. 15420 Page 6
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(11) A turnpike or any part or parts thereof beginning at a
point in the vicinity of Ponca City, or at a point on the Kansas-
Oklahoma state boundary line east of the Arkansas River and west of
the point where Oklahoma State Highway No. 18 intersects said state
boundary line, and extending in a southeasterly direction to a
connection with the Tulsa Urban Expressway System in the general
area of the Port of Catoosa.
(12) All or any part of an Oklahoma City toll expressway system
connecting the residential, industrial and State Capitol Complex in
the north part of Oklahoma City with the residential, industrial and
Will Rogers World Airport Complex in the south and southwest parts
of Oklahoma City.
(13) A turnpike (The Industrial Parkway) or any part or parts
thereof beginning at a point on the Oklahoma-Kansas state boundary
line between the point where U.S. Highway 66 intersects the boundary
line and the northeast corner of Oklahoma and ending by means of a
connection or connections with Shreveport, Louisiana, and Houston,
Texas, in southeastern Oklahoma and at no point to exceed thirty
(30) miles west of the Missouri or Arkansas border.
(14) A turnpike or any part or parts thereof beginning in the
vicinity of Velma or County Line to a point intersecting with
Interstate 35 in the area south of Davis.

Req. No. 15420 Page 7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(15) A turnpike or any part or parts thereof beginning in the
vicinity of Watonga and extending south and/or east to the vicinity
of north and/or west Oklahoma City.
(16) A tollgate on the Will Rogers Turnpike near the
intersection of State Highway 137 and the Will Rogers Turnpike,
located south of Quapaw.
(17) A tollgate on the Muskogee Turnpike in the vicinity of
Porter, Oklahoma, a tollgate on the Will Rogers Turnpike in the
vicinity of Adair, Oklahoma, a tollgate on the Turner Turnpike in
the vicinity of Luther, Oklahoma, and a tollgate on the H.E. Bailey
Turnpike at Elgin, Oklahoma, from any monies available to the
Authority.
(18) A tollgate on the Turner Turnpike in the vicinity of
Wellston, Oklahoma, from any monies available to the Authority.
(19) A tollgate on the Muskogee Turnpike in the vicinity of
Brushy Mountain, Oklahoma, and in the vicinity of Elm Grove,
Oklahoma, from any monies available to the Authority.
(20) All or any part of an Oklahoma City Outer Loop expressway
system beginning in the vicinity of I-35 and the Turner Turnpike and
extending west into Canadian County and then south to I-40; and then
south and east to I-35 in the vicinity of Moore and Norman; and then
extending east and north to I-40 east of Tinker Field; and then
extending north to the Turner Turnpike to complete the Outer Loop.

Req. No. 15420 Page 8
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(21) All or any part of the Tulsa south bypass expressway
system beginning in the vicinity of the Turner Turnpike near Sapulpa
and extending south and east to U.S. 75 in the vicinity of 96th
Street to 121st Street; and then east across the Arkansas River to a
connection with the Mingo Valley Expressway; and then south and/or
east to a point on the Tulsa-Wagoner County Line near 131st Street
south in the city of Broken Arrow.
(22) A new turnpike or any part thereof from near the west gate
of the Will Rogers Turnpike south to the west end of south Tulsa
Turnpike at the Tulsa-Wagoner County Line.
(23) A new turnpike or any parts thereof from the vicinity of
the connection between State Highway 33 and U.S. 69 easterly to the
Arkansas State Line.
(24) A four-lane extension of the Muskogee Turnpike from
Interstate Highway 40 west of Webbers Falls to the Poteau vicinity.
(25) A new turnpike or any part or parts thereof beginning at a
point in the vicinity of northwest Tulsa, and extending in a
northwesterly direction, by means of a connection or connections
with the cities of Pawhuska and Newkirk, to a point intersecting in
the vicinity of U.S. Highway No. 77 and the Kansas State Line.
(26) A full access interchange on the Indian Nation Turnpike
south of Interstate 40, in the vicinity of Henryetta, Oklahoma, and
in the vicinity of the proposed theme park, museum or an industrial

Req. No. 15420 Page 9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

facility which qualifies for the Oklahoma Quality Jobs Program Act,
from any monies available to the Authority.
(27) A new turnpike beginning at a point directly west of the
Arkansas line and four-laning Highway 70 from that point to the
farthest western reach of Highway 70 creating a southern route
through Oklahoma.
(28) A new turnpike and bridge or any parts thereof from a
point in the vicinity of the city of Mustang southerly across the
South Canadian River to the H.E. Bailey Turnpike in the vicinity of
the city of Tuttle; and then easterly across the South Canadian
River to a point in the vicinity of the city of Norman.
(29) A new turnpike or any parts thereof beginning at a point
in the vicinity of the city of Altus and extending in a
northwesterly direction to a point in the vicinity of the city of
Sayre.
(30) A new turnpike or any parts thereof beginning at a point
in the vicinity of the city of Enid and extending in a westerly
direction to a point in the vicinity of the city of Woodward.
(31) An on- and off-ramp or any parts thereof at Fletcher,
Oklahoma, in the vicinity of the Interstate 44 and State Highway 277
intersection. Any existing on- or off-ramp or any parts thereof in
the vicinity of Fletcher, Oklahoma, shall not be removed and shall
be maintained pursuant to Section 1701 et seq. of this title.

Req. No. 15420 Page 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(32) A new bridge crossing the Arkansas River between South
Delaware Avenue and Memorial Drive in Tulsa County. This project
shall commence upon a determination by the Oklahoma Transportation
Authority that such bridge shall be self-sufficient at some point
over a thirty-year time period from the toll charges associated with
the bridge project.
(33) An exit ramp or any parts thereof from the eastbound lane
of the Turner Turnpike at 96th Street in Tulsa.
(34) An on- and off-ramp or any parts thereof on the Cimarron
Turnpike in the vicinity of the northside of the Glencoe, Oklahoma,
municipal limits.
(35) A new turnpike or any parts thereof beginning at
Interstate 44 at or near its intersection with 49th West Avenue,
past State Highway 64/412, turning northeasterly, crossing 41st West
Avenue, and continuing eastward to the L.L. Tisdale Expressway in
Tulsa, Oklahoma.
All access roads, interchanges, or lead roads connecting such
turnpikes with existing highways must be built by funds furnished by
the Authority.
The minimum and maximum wages for the construction of the roads,
highways and projects provided for in Sections 1701 through 1734 of
this title shall be in accordance with the schedules of wages used
or adopted by the Commission in construction of state highways.

Req. No. 15420 Page 11
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

The Authority is hereby authorized to enter into contracts or
agreements with agencies and instrumentalities of other states or
the national government for construction, maintenance and operation
of interstate turnpikes or highways.
The Authority is hereby required to construct and install
automatic tollgates on the Will Rogers Turnpike at State Highway No.
28 near Adair.
(f) To issue turnpike revenue bonds of the Authority, payable
solely from revenues, including the revenues accruing to the trust
fund created by Sections 1701 through 1734 of this title, for the
purpose of paying all or any part of the cost of any one or more
turnpike projects. Provided that any bonds issued for the
construction of the proposed turnpike referred to in subparagraphs
(10), (20), (21) and (22) of paragraph (e) of this section shall be
issued as one issue for all four of the proposed turnpikes and shall
be financed, constructed and operated under one bond indenture.
Provided, however, that bonds issued after November 1, 2026, shall
be secured only by the revenues of the specific turnpike or project
for which the bonds are issued. Revenues generated by any turnpike,
roadway or project shall not be pledged, committed, transferred, or
otherwise encumbered to secure bonds or other obligations issued for
any other turnpike, roadway, or project. The Authority shall
maintain segregated revenue, reserve, and sinking fund accounts for
each turnpike or project for which bonds are issued. Provided,

Req. No. 15420 Page 12
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

further, nothing in this subsection shall be construed to impair the
obligations of any contract or trust agreement relating to turnpike
revenue bonds issued before November 1, 2026.
(g) To fix and revise from time to time tolls for the use of
any turnpike projects with approval from the Legislature pursuant to
Section 1 of this act.
Any common carrier having authority at the time of opening any
turnpike project to operate upon a highway approximately paralleling
the turnpike project shall be granted without further showing
authority to operate over the turnpike project to all municipalities
which such carrier is serving at the time the turnpike project is
opened to traffic. But nothing herein shall be construed as
granting any new operation rights to any common carriers.
(h) To acquire, hold, and dispose of real and personal property
in the exercise of its powers and the performance of its duties.
(i) To acquire in the name of the Authority by purchase or
otherwise on such terms and conditions and in such manner as it may
deem proper, or by exercise of the right of condemnation in manner
hereinafter provided, such public or private lands, including public
parks, playgrounds, or reservations, or parts thereof or rights
therein, rights-of-way, property, rights, easements, and interests,
as it may deem necessary for carrying out the provisions of Sections
1701 through 1734 of this title; provided, that all public property
damaged in carrying out the powers granted by Sections 1701 through

Req. No. 15420 Page 13
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

1734 of this title shall be restored or repaired and placed in its
original condition as nearly as practicable.
(j) To designate, except as is provided for herein, the
location, and establish, limit and control such points of ingress to
and egress from each turnpike project as may be necessary or
desirable in the judgment of the Authority to insure the proper
operation and maintenance of such project, and to prohibit entrance
to such project from any point or points not so designated.
(k) To make and enter into all contracts and agreements
necessary or incidental to the performance of its duties and the
execution of its powers, and to employ consulting engineers,
attorneys, accountants, construction and financial experts,
superintendents, managers, and such other employees and agents as
may be necessary in its judgment, and to fix their compensation;
provided, that all such expenses shall be payable solely from the
proceeds of turnpike revenue bonds issued under the provisions of
Sections 1701 through 1734 of this title or from revenues; provided,
further, no attorney employed by the Authority, nor any member of
any law firm of which the attorney may be connected, shall ever be
paid any fee or compensation for any special or extraordinary
services.
(l) To receive and accept from any federal agency grants for or
in aid of the construction of any turnpike project, provided, the
acceptance of such grants will not reduce the amount of federal aid

Req. No. 15420 Page 14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

for the construction, repair, or maintenance of farm-to-market roads
and other highways and bridges in this state; and to receive and
accept aid or contributions from any source of either money,
property, labor, or other things of value, to be held, used, and
applied only for the purposes for which such grants and
contributions may be made.
(m) To adopt such rules, and to do any and all things necessary
to comply with rules, regulations, or requirements of the Bureau of
Public Roads, Multistate Economic Development Regional Commission,
as defined in Sections 1151 through 1153, inclusive, of Title 74 of
the Oklahoma Statutes, Ozarka Region Commission or any other federal
agency administering any law enacted by the Congress of the United
States to aid or encourage the construction of highways.
(n) To do all things necessary or convenient to carry out the
powers expressly granted in Sections 1701 through 1734 of this
title. The design standards for all paving shall comply with the
design standards of the American Association of State Highway and
Transportation Officials as modified by the Oklahoma Department of
Transportation. All contracts for construction work on turnpike
projects shall be let to the lowest responsible bidder, or bidders,
after notice by publication in a newspaper published in the county
where the work is to be done in two consecutive weekly issues of the
newspaper. In all cases where more than eight (8) miles of
construction is let at the same time and is not an advertisement for

Req. No. 15420 Page 15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

a surface-treatment-only project, such advertisement shall provide
for bids on sections of the turnpike not to exceed eight (8) miles.
If the project advertised is a surface-treatment-only project of
more than twenty (20) miles of road, the advertisement shall provide
for bids on sections of the road no longer than twenty (20) miles,
as well as bids on the project as a whole. Subject to the following
restrictions and limitations, the Authority shall, when contracting
for construction work, divide such work into paving projects, bridge
projects, including underpasses and overpasses, and earthmoving or
miscellaneous projects, according to the type of work to be done.
Each project shall be let under a separate contract or contracts and
no contract or project shall include more than one of such types of
construction work. Each contract for construction work shall
contain a provision that ninety percent (90%) of all labor employed
on the project shall be residents of Oklahoma. However, contracts
for bridges may include earthwork and structures for the approaches
thereto.
(o) It shall be unlawful for any member, officer or employee of
the Authority to transact with the Authority, either directly or
indirectly, any business for profit of such member, officer, or
employee; and any person, firm, or corporation knowingly
participating therein shall be equally liable for violation of this
provision.

Req. No. 15420 Page 16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

The term "business for profit" shall include, but not be limited
to, the acceptance or payment of any fee, commission, gift, or
consideration to such member, officer, or employee.
Violation of this provision shall constitute a Class D1 felony
offense punishable by incarceration as provided for in subsections B
through F of Section 20N of Title 21 of the Oklahoma Statutes, or a
fine of not less than Five Hundred Dollars ($500.00) and not more
than Five Thousand Dollars ($5,000.00), or both such imprisonment
and fine.
(p) In the event of a national emergency, the Authority,
subject to any vested rights or claims, may enter into contracts
with the federal government or any authorized agency thereof to
allow the federal government or agency thereof to use such turnpikes
partly or exclusively during the existence of such emergency,
provided, that the federal government agrees in such contract to
pay, during the term of such contract, an amount sufficient, when
added to any tolls collected, to meet all operating and maintenance
expenses, interest payments, and the minimum sinking fund and
reserve requirements of the trust agreement for the turnpike covered
by the contract.
(q) All meetings of the Authority shall be open public
meetings, and all records shall be public records, except when
considering personnel or litigation.

Req. No. 15420 Page 17
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

SECTION 5. AMENDATORY 69 O.S. 2021, Section 1709, is
amended to read as follows:
Section 1709. A. The Authority may provide by resolution, at
one time or from time to time, for the issuance of turnpike revenue
bonds of the Authority for the purpose of paying all or any part of
the cost of any one or more turnpike projects. The Authority, when
it finds that it would be economical and beneficial to do so, may
combine two or more, or any part thereof, or all of its proposed
projects into one unit and consider the same as one project to the
same extent and with like effect as if the same were a single
project. The principal of and the interest on the bonds shall be
payable solely from the funds provided for such payment. The bonds
of each issue shall be dated, shall bear interest at such rate or
rates not exceeding the limitations pertaining to public trust
indebtedness from time to time expressed in subsection E of Section
176 of Title 60 of the Oklahoma Statutes, shall mature at such time
or times not exceeding forty (40) years from their date or dates, as
may be determined by the Authority, and may be made redeemable
before maturity at the option of the Authority at such price or
prices and pursuant to such terms and conditions as may be fixed by
the Authority prior to the issuance of the bonds. The Authority
shall determine the form of the bonds, including any interest
coupons to be attached thereto, and the manner of execution of the
bonds, and shall fix the denomination or denominations of the bonds

Req. No. 15420 Page 18
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

and the place or places of payment of principal and interest, which
may be at any bank or trust company within or without the state. If
any officer whose signature or facsimile of whose signature appears
on any bonds or coupons shall cease to be said officer before the
delivery of the bonds, the signature or the facsimile shall
nevertheless be valid and sufficient for all purposes the same as if
the person had remained in office until such delivery. All bonds
issued pursuant to the provisions of this article shall have all the
qualities and incidents of negotiable instruments subject to the
negotiable instruments law of this state. The bonds may be issued
in coupon or in registered form, or both, as the Authority may
determine, and provisions may be made for the registration of any
coupon bonds as to principal alone and also as to both principal and
interest, and for the reconversion into coupon bonds of any bonds
registered as to both principal and interest. The Authority may
sell the bonds in such amounts and in such manner, either at public
or private sale, and for such price, as it may determine to be in
the best interest of this state, but in no event at a discount in
excess of that from time to time expressed in said subsection E of
Section 176 of Title 60 of the Oklahoma Statutes. Provided,
however, that bonds issued after November 1, 2026, shall be secured
only by the revenues of the specific turnpike or project for which
the bonds are issued. Revenues generated by any turnpike, roadway,
or project shall not be pledged, committed, transferred, or

Req. No. 15420 Page 19
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

otherwise encumbered to secure bonds or other obligations issued for
any other turnpike, roadway, or project. The Authority shall
maintain segregated revenue, reserve, and sinking fund accounts for
each turnpike or project for which bonds are issued. Provided,
further, nothing in this subsection shall be construed to impair the
obligations of any contract or trust agreement relating to turnpike
revenue bonds issued before November 1, 2026.
B. The proceeds of the bonds of each issue shall be used solely
for the payment of the cost of the turnpike project for which such
bonds have been issued, and shall be disbursed in such manner and
pursuant to such restrictions, if any, as the Authority may provide
in the resolution authorizing the issuance of such bonds or in the
trust agreement securing the same. If the proceeds of the bonds of
any issue, by error of estimates or otherwise, shall be less than
such cost, additional bonds may in like manner be issued to provide
the amount of such deficit, and, unless otherwise provided for in
the resolution authorizing the issuance of such bonds or in the
trust agreement securing the same, shall be deemed to be of the same
issue and shall be entitled to payment from the same fund without
preference or priority of the bonds first issued. If the proceeds
of the bonds of any issue shall exceed such cost, the surplus shall
be deposited to the credit of the sinking fund for such bonds, or
shall be used by the Authority in implementing any other power
expressly granted to the Authority in this article.

Req. No. 15420 Page 20
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

C. Prior to the preparation of definitive bonds, the Authority,
subject to like restrictions, may issue interim receipts or
temporary bonds, with or without coupons, exchangeable for
definitive bonds when such bonds have been executed and are
available for delivery. The Authority may also provide for the
replacement of any bonds which have become mutilated or were
destroyed or lost. Bonds may be issued pursuant to the provisions
of this article without obtaining the consent of any department,
division, commission, board, bureau, or agency of this state, and
without any other proceedings or the occurrence of any other
conditions or things than those proceedings, conditions, or things
that are specifically required by this article.
D. The Authority is hereby authorized to provide that the
bonds:
1. Be made payable from time to time on demand or tender for
purchase by the owner provided a credit facility supports such
bonds, unless the Authority specifically determines that a credit
facility is not required;
2. Be additionally supported by a credit facility;
3. Be made subject to redemption prior to maturity, with or
without premium, on such notice and at such time or times and with
such redemption provisions as may be determined by the Authority or
with such variations as may be permitted in connection with a par
formula;

Req. No. 15420 Page 21
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

4. Bear interest at a rate or rates that may vary as permitted
pursuant to a par formula and for such period or periods of time,
all as may be determined by the Authority; and
5. Be made the subject of a remarketing agreement whereby an
attempt is made to remarket the bonds to new purchasers prior to
their presentment for payment to the provider of the credit facility
or to the Authority.
No credit facility, repayment agreement, par formula or
remarketing agreement shall become effective without the approval of
the Authority.
E. As used in this section, the following terms shall have the
following meanings:
1. "Credit facility" means an agreement entered into by the
Authority with any bank, savings and loan association or other
banking institution; an insurance company, reinsurance company,
surety company, or other insurance institution; a corporation,
investment banker or other investment institution; or any other
financial institution providing for prompt payment of all or any
part of the principal, whether at maturity, presentment for
purchase, redemption or acceleration, redemption premium, if any,
and interest on any bonds payable on demand or tender by the owner
issued in accordance with this section, in consideration of the
Authority's agreeing to repay the provider of such credit facility
in accordance with the terms and provisions of such repayment

Req. No. 15420 Page 22
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

agreement; provided, that any such repayment agreement shall provide
that the obligation of the Authority thereunder shall have only such
sources of payment as are permitted for the payment of the bonds
issued under this article; and
2. "Par formula" means any provision or formula adopted by the
Authority to provide for the adjustment, from time to time, of the
interest rate or rates borne by any such bonds so that the purchase
price of such bonds in the open market would be as close to par as
possible.
F. Nothing in any law heretofore enacted or enacted at the
present session of the Legislature shall be deemed to limit or
restrict the right of the Authority to issue bonds or other
obligations the interest income, in whole or in part, on which is
subject, directly or indirectly, to federal income taxation.
G. The Authority may enter into transactions utilizing
derivative products, and other financial products intended to hedge
interest rate risk, including any option to enter into or terminate
any of them, that the Authority deems to be necessary or desirable
in connection with any bonds issued prior to, at the same time as,
or after entering into such arrangement and containing terms and
provisions, and may be with such parties, as determined by the
Authority. Provided, any action taken by the Authority pursuant to
this subsection must first be approved by the Oklahoma State Bond

Req. No. 15420 Page 23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Advisor and the Council of Bond Oversight pursuant to the provisions
of the Oklahoma Bond Oversight and Reform Act.
SECTION 6. AMENDATORY 69 O.S. 2021, Section 1711, is
amended to read as follows:
Section 1711. A. The Authority, subject to the provisions
hereof, and to Section 1 of this act, is hereby authorized to fix,
revise, charge and collect tolls for the use of each turnpike
project and the different parts or sections thereof, except for use
by law enforcement officers responsible for enforcing the traffic
laws and the general laws of the state and federal governments on
turnpikes, who shall be entitled to free use of every such project
in the performance of official duties connected with such turnpike
project, and to contract with any person, partnership, association
or corporation desiring the use of any part thereof, including the
right-of-way adjoining the paved portion, for placing thereon
telephone, telegraph, electric light or power lines, gas stations,
garages, stores, hotels, restaurants and advertising signs, or for
any other purpose except for tracks for railroad or railway use, and
to fix the terms, conditions, rents and rates of charges for such
use. Such tolls, subject to the other restrictions hereof, shall be
so fixed and adjusted in respect of the aggregate of tolls from the
turnpike project or projects in connection with which the bonds of
any issue shall have been issued pursuant to Section 1 of this act
as to provide a fund sufficient with other revenues, if any, to pay

Req. No. 15420 Page 24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

(a) the cost of maintaining, repairing, and operating such turnpike
project or projects, and (b) the principal of and the interest of
such bonds as the same shall become due and payable, and to create
reserves for such purposes. The tolls and all other revenues derived
from the turnpike project or projects in connection with which the
bonds of any issue shall have been issued, except such part thereof
as may be necessary to pay such cost of maintenance, repair, and
operation and to provide such reserves therefor as may be provided
for in the resolution authorizing the issuance of such bonds or in
the trust agreement securing the same shall be set aside at such
regular intervals as may be provided in such resolution or such
trust agreement in a sinking fund which is hereby pledged to, and
charged with, the payment of (a) the interest upon such bonds as
such interest shall fall due, (b) the principal of such bonds as the
same shall fall due, (c) the necessary charges of paying agents for
paying principal and interest, and (d) the redemption price or the
purchase price of bonds retired by call or purchase as therein
provided, which are a charge against such fund. The use and
disposition of monies to the credit of such sinking fund shall be
subject to the provisions of the resolution authorizing the issuance
of such bonds or of such trust agreement. Except as may otherwise be
provided in such resolution or such trust agreement, such sinking
fund shall be a fund for all such bonds without distinction or
priority of one over another. The monies in the sinking fund, less

Req. No. 15420 Page 25
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

such reserve as may be provided in such resolution or trust
agreement, if not used within a reasonable time for the purchase of
bonds for cancellation as above provided, shall be applied to the
redemption of bonds at the redemption price then applicable. Any
person who leases, rents, or acquires control of any gas station,
garage, store, hotel, or restaurant must have been a resident of, or
been doing business in, Oklahoma for the past five (5) years.
Notwithstanding anything else herein contained to the contrary, the
Corporation Commission of the State of Oklahoma shall exercise the
jurisdiction now or hereafter vested in it to regulate and control
the operation of motor carriers of passengers and freight, using or
desiring to use any turnpike project, in the manner and to the
extent that it regulates or controls such carriers using the
highways of the state. The Authority shall not discriminate against
any group or class or individual member thereof in fixing the amount
of toll, rents, or charge for the use of the turnpike project.
B. Provided, however, that bonds issued after November 1, 2026,
shall be secured only by the revenues of the specific turnpike or
project for which the bonds are issued. Revenues generated by any
turnpike, roadway, or project shall not be pledged, committed,
transferred, or otherwise encumbered to secure bonds or other
obligations issued for any other turnpike, roadway, or project. The
Authority shall maintain segregated revenue, reserve, and sinking
fund accounts for each turnpike or project for which bonds are

Req. No. 15420 Page 26
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

issued. Provided, further, nothing in this subsection shall be
construed to impair the obligations of any contract or trust
agreement relating to turnpike revenue bonds issued before November
1, 2026.
SECTION 7. AMENDATORY 69 O.S. 2021, Section 1717, is
amended to read as follows:
Section 1717. A. When all bonds issued under the provisions of
this article and the interest thereon shall have been paid or a
sufficient amount for the payment of all such bonds and the interest
thereon to the maturity thereof shall have been set aside in trust
for the benefit of the bondholders, such projects, if then in good
condition and repair to the satisfaction of the Commission, shall
become part of the state highway system and shall thereafter be
maintained by the Commission free of tolls. Provided, that when all
bonds for any turnpike project and the interest thereon shall have
been paid or such provision for payment made, prior to payment of
the bonds and interest on any other project or projects, such
project shall continue to be operated as a toll facility at toll
rates not less than the lowest rate being charged on any project,
until all bonds issued by the Authority and the interest thereon
shall have been paid or such provisions for payment made. The
revenues of such paid-out projects shall be used and applied by the
Authority in paying the obligations or depositing in the sinking
fund of such other turnpike projects in the following order: (a) To

Req. No. 15420 Page 27
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

any project or projects in default on interest; (b) to any project
or projects in default on principal; (c) to any project or projects
having insufficient reserves or sinking fund under its trust
agreement. If all such other projects have sufficient reserves then
the revenues from such paid-out project shall be prorated between
such other projects on the basis of the outstanding bonds of each
project. If two or more projects fall within any of the above
categories, then the revenues shall be prorated between them on the
basis of the outstanding bonds of each project.
B. Provided, however, that bonds issued after November 1, 2026,
shall be secured only by the revenues of the specific turnpike or
project for which the bonds are issued. Revenues generated by any
turnpike, roadway, or project shall not be pledged, committed,
transferred, or otherwise encumbered to secure bonds or other
obligations issued for any other turnpike, roadway, or project. The
Authority shall maintain segregated revenue, reserve, and sinking
fund accounts for each turnpike or project for which bonds are
issued. Provided, further, nothing in this subsection shall be
construed to impair the obligations of any contract or trust
agreement relating to turnpike revenue bonds issued before November
1, 2026.
SECTION 8. AMENDATORY 69 O.S. 2021, Section 1719, is
amended to read as follows:

Req. No. 15420 Page 28
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Section 1719. (a) The Authority is hereby authorized to
provide by resolution for the issuance of turnpike revenue refunding
bonds of the Authority for the purpose of refunding any bonds then
outstanding which shall have been issued under the provisions of
this article including the payment of any redemption premium thereon
and any interest accrued or to accrue to the date of redemption of
such bonds, and, if the Authority shall so determine, for the
additional purpose of constructing improvements, extensions, or
enlargements of the turnpike project or projects in connection with
which the bonds to be refunded shall have been issued. The
Authority is further authorized to provide for the issuance of its
turnpike revenue bonds for the combined purpose of (a) refunding any
bonds then outstanding which shall have been issued under the
provisions of this article, including the payment of any redemption
premium thereon and any interest accrued, or to accrue to the date
of redemption of such bonds, and (b) paying all or any part of the
cost of any additional turnpike project or projects as authorized by
this article. Provided, however, for bonds issued on or after
November 1, 2026, each refunding issue shall be limited to the
project in connection with which the bonds being refunded were
issued and revenues pledged to pay any such refunding issue shall be
limited to the revenue derived from said separate project.
Provided, further, nothing in this subsection shall be construed to
impair the obligations of any contract or trust agreement relating

Req. No. 15420 Page 29
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

to turnpike revenue bonds issued before November 1, 2026. The
issuance of such bonds, the maturities and other details thereof,
the rights of the holders thereof, and the rights, duties, and
obligations of the Authority in respect of the same, shall be
governed by the provisions of this article insofar as the same may
be applicable.
(b) Bonds may be issued by the Authority under the provisions
of this section at any time prior to the maturity or maturities or
the date selected for the redemption of the bonds being refunded
thereby. Pending the application of the proceeds of such refunding
bonds, with any other available funds, to the payment of the
principal, accrued interest, and any redemption premium of the bonds
being refunded, and if so provided or permitted in the resolution
authorizing the issuance of such refunding bonds or in the trust
agreement securing the same, to the payment of any interest on such
refunding bonds, and any expenses in connection with such refunding,
such proceeds may be invested in direct obligations of, or
obligations the principal of and the interest on which are
unconditionally guaranteed by, the United States of America which
shall mature or which shall be subject to redemption by the holder
thereof at the option of such holder, not later than the respective
dates when the proceeds, together with the interest accruing
thereon, will be required for the purposes intended, or, in lieu of
such investments, all or any part of such proceeds may be placed in

Req. No. 15420 Page 30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

interest bearing time deposits or other similar arrangements may be
made with regard thereto which will assure that such proceeds,
together with the interest accruing thereon, will be available when
required for the purposes intended.
SECTION 9. This act shall become effective November 1, 2026.

60-2-15420 JBH 01/07/26