State Transportation Officials Approve Use Of Bonds

Friday, September 1st 2006, 6:11 am
By: News On 6

OKLAHOMA CITY (AP) -- Twelve highway projects will get money from a program that allows bonds to be paid off with future allocations of federal highway funding.

The state Council of Bond Oversight yesterday approved the issuance of $100-million through the Grant Anticipation Revenue Vehicles, or GARVEE, program and can only be used for highways that are key to economic development.

The Oklahoma Department of Transportation had requested the issuance.

Two other bond issues, each a 15-year measure for $50-million, previously were approved by the council.

The $100-million bond issue will be financed over 15 years.

Some of the money is earmarked to acquire rights of way for Interstate 44 between Riverside and Yale in Tulsa and to build bridges on US 70 in the Hugo area and on State Highway 99 in the Seminole area.