Oklahoma bill to issue $200 million in bonds advances
Ponca City Now - May 26, 2016 10:45 am
OKLAHOMA CITY (AP) – The Oklahoma House has approved a $200 million bond proposal despite objections that it will put the state in debt while helping to close a $1.3 billion revenue shortfall in next year’s budget.
The House on Wednesday approved the deal on a 56-38 vote and sent it to the Senate. The bonds will be used to fund state road and bridge projects, freeing up $200 million to help fund state government for the fiscal year beginning July 1.
Rep. Earl Sears says the bonds will help close the budget hole without making steeper cuts to core services.
Fellow Republican Rep. Paul Wesselhoft says he can’t support the measure since he has promised his constituents he would not raise taxes or put the state in debt.