Bonds

Bond Offering

2020 A State Highway Capital Improvement Revenue Refunding Bonds

Offering Summary

Bond Details

Par Amount
$83,160,000
Sale Date
March 4, 2020
Closing Date
April 2, 2020
Method of Sale
Negotiated
Bond Type
Fixed Rate
Principal Payment Dates
July 1st
Interest Payment Dates
January 1st & July 1st
Expected Structure
Serial Maturities 2021-2025
Denominations
$5,000, or integral multiples thereof
Tax Status
Interest on the Bonds is exempt from Federal Income Tax

Offering Documents

Additional Information

Concurrently with the sale and delivery of the Series 2020A Bonds, the Oklahoma Department of Transportation will use a portion of the proceeds thereof to currently refund all of the Authority’s Series 2010B Bonds, issued in the original aggregate principal amount of $92,075,000, all of which remains outstanding. The proceeds of the Series 2010B Bonds were used to provide funds for the construction, improvement, maintenance and repair of roads, highways and bridges which are part of the highway system of the State of Oklahoma (the “Highway System Improvements”), as well as to pay the costs related to the issuance of the Series 2010B Bonds. A portion of the proceeds of the Series 2020A Bonds will be used to purchase certain types of securitiesthat will be held in an irrevocable escrow account under the control of the State Treasurer of the State of Oklahoma. The Escrowed Securities will mature in such amounts and at such times as shall be sufficient, together with the interest to accrue thereon, to pay all of the principal of and interest on the Series 2010B Bonds on July 1, 2020, at a redemption price of 100% of the principal amount thereof.

Offering Participants

Lead Manager

Bank of America Merrill Lynch
Bank of America Merrill Lynch

Eric Cowan

(314) 466-8387

eric.cowan@bofa.com

Co-Manager

BOK Financial Securities
BOK Financial Securities

Zack Robinson

(405) 272-2199

zrobinson@bokf.com

Municipal Advisor

Bond Counsel

Trustee Bank

Bank of Oklahoma Financial, NA

Rachel Singleton

(405) 272-2172

rsingleton@bokf.com