Oklahoma bond council OKs $725 million in municipal bond issuance

By Aaron Hochman-Zimmerman

New York, June 25- The Oklahoma Council of Bond Oversight approved $725 million in bond issuance, according to acting state bond council Tim Martin.

The approved items were broken into $625 million of issuance on behalf of Oklahoma State University agriculture and mechanical colleges as well as a $100 million bond for the Oklahoma Capitol Improvement Authority endowment program.

Of the Oklahoma State University bonds, the first issue is expected in early July as $225 million taxable bond anticipation notes, which will carry a two-year maturity.

A $75 million issue of taxable revenue bonds is expected within the year and with a 30-year maturity.

Another $225 million issue may not be offered for another year or longer.

The state is working through issues with the Internal Revenue Service, which are likely to severely delay the sale, Martin said.

The $100 million Oklahoma Capitol Improvement Authority taxable bonds are expected in August and will carry a 15-year maturity.

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