Turnpikes; establishing a bond debt ceiling. Effective date.

SB 963 sets a $2.71 billion debt ceiling for the Oklahoma Turnpike Authority's revenue bonds, replacing previous borrowing limits. The bill requires all bond proceeds to fund turnpike projects exclusively, with any surplus deposited into a sinking fund. It updates Section 1709 of Oklahoma law to clarify bond issuance rules, including interest rates, maturity terms, and repayment mechanisms. This directly affects the Oklahoma Turnpike Authority's ability to finance new turnpike construction or improvements within the established spending limit.