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Learn about Oklahoma Capitol Improvement Authority, including Featured News, Key Projects, The Team, and Authority Members.
OKLAHOMA CITV-S&P Global Ratings has issued a revised outlook for the State of Oklahoma, elevating its status
from stable to positive, and affirmed the state's 'AA' long-term issuer credit rating, State Treasurer Todd Russ
The upgraded outlook from stable to positive applies to the appropriation-backed outstanding debt of the
Oklahoma Development Finance Authority (ODFA) and the Oklahoma Capitol Improvement Authority (OCIA),
including ODFA's $3.88 million master real property lease revenue bonds from series 2023A. These particular
bonds are issued by the Legislature on behalf of the Oklahoma State System for Higher Education, with sale
proceeds being used to finance capital enhancement and construction at state colleges and universities.
According to S&P, "The outlook reflects our expectation that Oklahoma will continue its practice of tight
expenditure management, and its accumulation of large reserve balances should provide the state with a
substantial financial buffer to navigate potential near-term cyclical pressures."
Treasurer Russ welcomed the news from S&P as an endorsement of the state's fiscally conservative practices.
"The recognition of Oklahoma's improved financial condition is well-earned and can be attributed to state leaders'
commitment to keeping debt levels low, decreasing pension system liabilities and providing reserves for the Rainy
Day Fund," said Russ. "A better credit status should translate into reduced costs for public infrastructure projects."
The report from S&P comes on the heels of the credit rating agency's invitation by the Treasurer to visit Oklahoma
in the spring, where the Governor, state officials and business leaders showcased the state's extensive presence in
the aerospace and defense industries through tours at Will Rogers World Airport, Boeing and Tinker Air Force
Base. In its justification for the state's updated outlook, S&P pointed out that "Oklahoma has made significant
efforts to diversify its economy, which, over the long-term, could bolster its employment and overall economic
metrics during downturns."
Carrying on with its positive outlook on the state, S&P suggested a future raise in Oklahoma's credit rating "should
the state continue to attract development that grows its economy, while also demonstrating a firm commitment
to structurally balanced financial performance and sustaining reserves and liquidity."
The U.S. Department of Transportation today announced that its Build America Bureau has provided a $45 million low-interest loan to the Oklahoma Capital Improvement Authority (OCIA), on behalf of the Oklahoma Department of Transportation (ODOT) to improve rural road safety. By providing Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other financing, the Bureau helps communities expedite infrastructure projects and reduce project costs.
Bucking the traditional 33 percent cost coverage of such matters, the United States Department of Transportation (DOT) announced this week that it granted a $41.55 million loan to the Oklahoma Department of Transportation (ODOT) for its Rural Two-Lane Advancement and Management Plan (RAAMP)
Governor Kevin Stitt, Chairman
Lt. Governor Matt Pinnell, Vice Chairman
Treasurer Todd Russ, Secretary
John Suter, Member
Executive Director of OMES
Charles Prater, Member
Commissioner, Oklahoma Tax Commission- Secretary Member
Tim Gatz, Member
Executive Director of ODOT
Dr. Deborah Shropshire , Member
Director of OKDHS
Shelley Zumwalt, Member
Executive Director of Tourism and Recreation