Senate Republican Leader Glenn Coffee said today that Senate Republicans are generally supportive of the higher education bond proposal, but are concerned whether the new state lottery will provide sufficient funds to pay the annual debt service.
“Senate Republicans have long been very supportive of higher education, and I am certain there will be widespread support within our caucus for the concept of a higher education bond issue,” stated Coffee, R-Oklahoma City.
“However, many of our members are concerned that the lottery may not provide sufficient funds to meet the required debt service payments. There is no track record of lottery revenues in Oklahoma, so the Legislature must make sure that the lottery is the right funding source to fully fund this project,” he said.
For Fiscal Year 2006 the State Equalization Board has estimated that the lottery will produce only about $65.5 million, of which about $28 million would be available for higher education.