OTA's $2.9 Billion Bond Request Delayed After COBO Meeting Canceled

The Council of Bond Oversight June 25 meeting was canceled due to a lack of a quorum. Earlier, Pike Off OTA submitted a formal objection to the proposed financing.

At 10:20 am this morning, Pike Off OTA filed a formal objection with the Oklahoma Council of Bond Oversight (COBO) regarding the Oklahoma Turnpike Authority's request for approval of up to $2.9 billion in new revenue bonds. The objection asked the Council to postpone any approval of the proposed bond issuance until outstanding legal issues affecting the East-West Connector project are fully resolved.

The objection argued that COBO has an independent statutory responsibility to review proposed bond issuances for compliance with applicable state and federal law before granting approval. It also pointed to longstanding Council precedent recognizing that pending or threatened litigation may affect approval of proposed revenue bond transactions.

Pike Off OTA’s position was straightforward: before approving billions of dollars in additional debt tied to the East-West Connector project, the Council should carefully evaluate whether all legal requirements have been satisfied. The objection emphasized that COBO’s role is to provide independent oversight—not simply approve bond requests placed before it.

Then, at 3:20 p.m. that afternoon, the Oklahoma State Treasurer’s Office notified interested parties that the June 25 COBO meeting had been canceled due to a lack of a quorum. As a result, the OTA’s request for bond approval will not be considered at this time.

The cancellation postpones, but does not eliminate, consideration of the proposed bond issuance. It is likely the OTA’s request will be placed on the agenda of a future COBO meeting.

Pike Off OTA will continue monitoring the bond approval process and will keep supporters informed as additional information becomes available.

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