Bond issues open spend-vs.-save debate
Bond issues open spend vs. save debate

Three bond issues totaling $475 million — including $300 million for the state's highways and bridges — will not be a financial drain for the state, the governor's chief budget adviser says.

Gov. Brad Henry is expected to sign the measures into law this week.

"Some people take sort of a consumer view of debt, they look at it like we're taking out a second mortgage on a house,” state Treasurer Scott Meacham said. "State government is more like a business. Our revenues are more predictable and more stable than a business'. ... And just like a business, we use debt as a tool. Most of the most successful businesses in this state would not be as near successful if they did not use debt.”

Meacham, who serves as secretary of revenue and finance on the governor's Cabinet, also is looking over bills passed during the closing hours of the legislative session to make sure the wording is correct.

Rep. Paul Wesselhoft, R-Moore, said he gave his skunkmaster award to the bond issue because it's the "stinkiest” piece of legislation lawmakers approved during the session that ended May 23.

"We've taken the credit card and we're going to owe some $40 million a year for the next 15 to 20 years,” Wesselhoft said. "You have to expect within the next 15 to 20 years that we're going to have not only some flat budgets as we did this year, but we're probably going to have some deficit budgets because our economy is cyclical.”

"Look at what happens if we don't do that,” he said. "If we don't address the road needs in Oklahoma, they cost you more to pay them out over time because of inflation, so you actually spend more money doing it that way.

"Let's say we don't fix those dams, and we have big rains like we have all the time in Oklahoma, and it causes damage to private and public property and it costs you more as a state to deal with that.

"Let's say we have to shut down construction on the Native American museum; first off we have an eyesore until we finally finish it, and then it costs you much more to rebid and restart the whole thing up and get it finished.”

The state should have no problem making the annual payments, Meacham said.

Leave a Comment

News Photo Galleriesview all

Sally Kern: Thursday, July 2, 2009

Photos of State Rep. Sally Kern, who launched a proclamation for morality at a state Capitol rally Thursday morning.

12 photos

Daily Published Photos: July 2, 2009

View photos from The Oklahoman.

41 photos

Daily Published Photos: July 1, 2009.

View photos from The Oklahoman.

47 photos

Storm damage: June 30, 2009

Summer storms caused damage throughout Oklahoma on Tuesday June 30, 2009

11 photos

Page 1 of 5

Prev 1 2 3 4 5 Next