ATLANTA -- The Oklahoma Turnpike Authority's plan to sell $650 million of bonds to refund all of its outstanding debt was stopped Tuesday by the state Legislative Bond Oversight Commission.

The proposal died on 2-to-2 vote of the commission, as Sen. Stratton Taylor, D-Claremore, and Rep. Jim Hamilton, D-Poteau, remained unconvinced that the deal generates sufficient savings, Sen. Taylor said yesterday. Under Oklahoma law, state bond sales cannot move forward unless they get separate majority approval from the Legislative Bond Oversight Commission and its companion oversight agency, the Executive Bond Oversight Commission.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.