Some cities wasting money on bond issues | News
OKLAHOMA CITY—An Oklahoma state representative says changes need to be made to some of the municipalities across the state in order to stop wasting money.
Rep. Mike Turner says after talking to the state bond advisor, he learned there are cities that are paying 10 times the amount of what they should be paying on bond issues.
Turner claims the bond for the Cleveland County Jail had poor oversight, which led to a poor deal for taxpayers.
He said, “There are cases around the country of the Securities and Exchange Commission and IRS having to step in and examine these bond agreements.”
Turner cited the state bond advisor, James Joseph, who said municipalities often fail to reexamine bonds and when they do, often fail to get the best terms available.
Turner said, “When communities leverage their bonding power together in the form of say, a bond bank, they can get better rates.”
He went on to say that he wants to work with Rep. Charles McCall, from Atoka, to look into ways to get lower fees, lower yields and lower set up costs.
Upcoming Events near Cleveland County
Most popular stories from nearby communities
- Organization updating public on funds raised during last May’s tornadoes
- Emergency crews respond to bus accident
- Man charged with sex crimes after game of truth or dare with 2 teenage girls
- Oklahoma resident behind bars after taking advantage of tornado victims’ benefits
- Plaza Towers Memorial: Here’s how you can help
- UPDATE: Police arrest man who turned himself in after killing his wife
- Driver escapes without a scratch after truck vs. train collision in Norman
- Disabled athletes take to the court to raise funds for a local organization
- Major Norman roadways to open soon
- UPDATE: Popular exit back open for commute in Norman