OKLAHOMA CITY (AP) — An Oklahoma Senate committee has given its approval to a bill to limit the state's annual payments on its debt.
The bill by Republican Sen. Josh Brecheen (bruh-KEEN') of Coalgate would limit each year's debt service payments — basically interest payments on state-issued bonds — to 4.5 percent of the state's average total revenue. It would effectively put a limit on how many bonds the state could sell to fund major public projects.
The Committee on Appropriations voted 15-5 to send the bill to the full Senate for consideration.
Interest in potential state bond issues rose after Gov. Mary Fallin called for costly repairs to the Capitol in her State of the State address.
Brecheen says a limit on bond payments would make legislators more supportive of a bond issue.