OKLAHOMA CITY (AP) — The Oklahoma House has approved a bill to keep the state's total bond debt where it is now in relation to total general revenue.
The proposal from Republican House Speaker T. W. Shannon would restrict the state's debt in bonds and leases to 28 percent of general revenue — which is currently about $5.3 billion. The state is currently at that limit with its $1.5 billion in tax-supported debt, meaning some bonds would have to be paid off before more could be issued.
Bond issues have been a hot topic since Gov. Mary Fallin called for extensive repairs to the state Capitol in her State of the State address Feb. 4. Those repairs — and a handful of other potential state projects — could cost hundreds of millions of dollars.