Anderson praises Council of Bond Oversight decision to send bond issue back to the legislature

When legislators return to the State Capitol next week to convene the 2012 session, lawmakers will be taking another look at a $25 million bond issue they originally authorized in 2009. That’s after the Council of Bond Oversight voted last week to require that a Concurrent Resolution be passed in order to have the original bonds issued.

Sen. Patrick Anderson applauded the Council’s decision, considering the significant changes in the proposal since it was first approved three years ago.

“My fellow members and I were asked to approve a $25 million bond package back in 2009 that was to be used not only for the Zink Dam improvements, but several other infrastructure projects along the Arkansas River in Tulsa County,” said Anderson, R-Enid. “Now the River Parks Authority is seeking to have all those funds spent on one single project. We absolutely need to take another look at this before obligating the taxpayers of Oklahoma for those bonds.”

In 2009 legislators were told the $25 million bond project would be matched with $50 million in federal funds. Proponents compared the Arkansas River improvements to those made in Oklahoma City along the Oklahoma River, and claimed a projected economic impact of $2.8 billion and 9,450 new jobs. However, Anderson noted, the federal funding was never approved and the project has never moved forward.

“Now, three years later, the River Parks Authority is asking the State to issue those bonds and intends to use the entire $25 million to only fund improvements for the Zink Dam,” Anderson said. “The issue is not whether the Zink Dam needs repairs, but whether it is a proper and intended use of these funds. Article X, Section 16 of the Oklahoma Constitution requires that bond funds be used for the specific purpose that the legislature intended. Therefore, I agree with the recommendation of the Council of Bond Oversight to require a Concurrent Resolution from the legislature before these bonds are ever issued.”