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.