State Treasurer Todd Russ Applauds Successful Bond Offering to Fund $275 Million in Transportation Improvements

OKLAHOMA CITY (May 8, 2025) – Within the Oklahoma State Treasurer’s Office is the Oklahoma Capitol Improvement Authority (OCIA), which took official action with financing a $275 million infrastructure package in partnership with the Oklahoma Department of Transportation (ODOT).

Approved earlier this year by the OCIA Board as authorized by the Legislature, the bond financing will fund major transportation improvements across the state, such as upgrades to the Roosevelt Bridge over Lake Texoma, a new truck bypass on U.S. Highway 81 in Chickasha and the widening of I-35 from south of Purcell to Ardmore.

“This is a strong example of careful and responsible financial management,” said State Treasurer Todd Russ. “Upgrades and maintenance can be painful, but they are extremely vital. By acting at the right time in the bond market, we are securing the best possible rates to finance important transportation upgrades that will benefit Oklahoma families and businesses for years to come.”

The OCIA Board—chaired by Governor Kevin Stitt, with Lt. Governor Matt Pinnell as Vice Chair, and Treasurer Russ serving as Secretary—approved the project in February 2025. Other board members include Tim Gatz, Rick Rose, Sterling Zearley, Charles Prater and Jeffrey Cartmell. The Office of the State Treasurer, on behalf of OCIA, executes the bond financing to generate project funds.

The Board authorized the issuance of the Oklahoma Capitol Improvement Authority State Highways Capital Improvement Revenue Bonds, Series 2025A, in an amount not to exceed $275 million. These funds will be used for construction, maintenance, and improvements to state highway and bridge infrastructure. As part of the state's goal of becoming the top 10 nationwide in sound roads and bridges, this funding is crucial to continuing the positive momentum created over the last ten years.

The pricing was competitive with strong investor demand, which in conjunction with the tax-exempt status of the bonds, allowed for tightening of spreads and a lower cost of capital on the financing —further evidence of the state’s strong credit standing and market timing.

“We carefully watched the market and weighed the best possible time to act, and result spoke to those efforts,” said Treasurer Russ. “OCIA’s role within the Office of the State Treasurer ensures Oklahoma can respond quickly and effectively in moments like this—making the most of market conditions and investing wisely in our state’s future.”

Bond proceeds will be delivered promptly to ODOT to begin the authorized projects.

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Photo: State Treasurer Todd Russ

Contact: Lara Blubaugh
lara.blubaugh@treasurer.ok.gov