Governor Fallin bridge and turnpike plan

[zstyles]

"Occupy The Turnpikes 2012?"

[Townsend]

"Occupy The Turnpikes 2012?"

We'd be placed in Authority Dungeons for sure.

[nathanm]

At the exact same time, the turnpike authority has "investment" assets totally nearly $200 million dollars just sitting around in case they find another worthwhile way to get some more political patronage going.  Rather than using that to pay off a pretty good chunk of the debt...

Why would you pay off debt at 2-3% interest? Besides, the bonds could have been paid off years ago if state law didn't require that most of the funds in excess of the bond payments get funneled into OKDOT. (which is why we'll never get rid of the turnpikes..they largely pay for the rest of the roads, too)

[swake]

Why would you pay off debt at 2-3% interest? Besides, the bonds could have been paid off years ago if state law didn't require that most of the funds in excess of the bond payments get funneled into OKDOT. (which is why we'll never get rid of the turnpikes..they largely pay for the rest of the roads, too)

They also pay for like 20% of the budget of the highway patrol.

[heironymouspasparagus]

Why would you pay off debt at 2-3% interest? Besides, the bonds could have been paid off years ago if state law didn't require that most of the funds in excess of the bond payments get funneled into OKDOT. (which is why we'll never get rid of the turnpikes..they largely pay for the rest of the roads, too)

Most of those bonds are much more than 2-3% interest.  Plus the investments they are holding that cash in are only paying 0 to 1%, so why would you NOT pay them off??

The rates have been coming down, but page 34 shows some recent activity at 3 to 5%.  When you take into account the tax free nature of these bonds, you are talking about a much higher effective rate (7 or 8% - ish).  Page 45 shows the total all bonds from now to 2028.

Principal  $ 1,034,525,000
Interest  $    435,085,896

Total       $ 1,469,610,896   

That turns out to be about $1.5 billion in debt in a state where the Constitution requires a balanced budget.  Apologists and rationalizers will say, no, it is not a "state" agency.  But then you look at the "officers" of this "company" and it actually IS a state agency.

It also shows the indebtedness going to $0 in 2028, which we know is another lie.  Makes me suspicious of all the numbers - and not to the "good" side.

Here is their website with annual reports - they call them CAFR.

https://www.pikepass.com/about/CAFR.aspx

[nathanm]

Most of those bonds are much more than 2-3% interest.  Plus the investments they are holding that cash in are only paying 0 to 1%, so why would you NOT pay them off??

Because it's a good idea to keep ample reserves around in case some disaster should befall the system. Massive flooding, harsh winters, bridge collapses, whatever. They've got to have the money on hand to pay to repair the damage.

[heironymouspasparagus]

Because it's a good idea to keep ample reserves around in case some disaster should befall the system. Massive flooding, harsh winters, bridge collapses, whatever. They've got to have the money on hand to pay to repair the damage.

I know.  $200 million seems a little big for all that, based on historical norms.  Plus with the cash flow they have now since they are raping and pillaging even more now....

[okcpulse]

That turns out to be about $1.5 billion in debt in a state where the Constitution requires a balanced budget.  Apologists and rationalizers will say, no, it is not a "state" agency.  But then you look at the "officers" of this "company" and it actually IS a state agency.

Okay.  It is a state agency, but it is not FUNDED with tax dollars.  The state constitution requires a balanced budget funded with the taxes we pay.  The turnpike authority remains a separate entity that doesn't get a dime of money from the general fund.  The tolls we pay funds the authority, construction, and yes, the bonds.  You use the turnpike, you pay for it.  I never drive State Highway 152, but indirectly I pay taxes to maintain a road I never use. 

I am not saying I am a fan of turnpikes, but there is no such thing as a "free" road.  Stop fooling yourselves.

[okcpulse]

And our roads show it.  And have suffered from it.  Horribly.

Looks like our fuel taxes are fourth from the bottom, as are our roads!

Turnpike authority is a catastrophic mess.  Busy building new ways to pay off political patronage while leaving the Turner Turnpike to rust in place.  Overpass at mile N3300 Rd, just south of E0930 Rd - couple miles west of Wellston is classic example.  It looks like an example of a rusted out shell of a bridge that would expect to see in a northern, salt dissolved state.  Looking at it from the bottom is scary!

Nevermind the numerous resurfacing projects and bridge replacements on the Turner that have been performed since 2003.  You cherry-pick a rotten bridge out of x number of bridges on the turnpike and declare the turnpike is suffering.  Are you a protestant preacher?

[heironymouspasparagus]

Nevermind the numerous resurfacing projects and bridge replacements on the Turner that have been performed since 2003.  You cherry-pick a rotten bridge out of x number of bridges on the turnpike and declare the turnpike is suffering.  Are you a protestant preacher?

There are more than that one.  Will start a list and get back with you.  Want pictures?

[Townsend]

Road funds at risk in some states over safety rule

http://hosted.ap.org/dynamic/stories/U/US_HIGHWAY_FUNDS_PENALTIES_?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

Other states still must change their laws to comply with the federal requirement.

Oklahoma, for example, needs to amend its law to disqualify truck drivers who fail to provide medical certificates to the state. But a wide-ranging bill that included the necessary changes was derailed this past year in the Oklahoma Senate. And the Legislature does not reconvene until early February, just after the federal deadline.

Oklahoma could lose nearly $20 million if it's not in compliance with the new requirement, said Mike Patterson, deputy director of the Oklahoma Department of Transportation.

[heironymouspasparagus]

Nevermind the numerous resurfacing projects and bridge replacements on the Turner that have been performed since 2003.  You cherry-pick a rotten bridge out of x number of bridges on the turnpike and declare the turnpike is suffering.  Are you a protestant preacher?

Wait!...What??  Have I EVER sounded like a Protestant preacher??

[Red Arrow]

Wait!...What??  Have I EVER sounded like a Protestant preacher??

Are you looking for a one word answer?

[Breadburner]

Dont drive on them.....