FOR IMMEDIATE RELEASE

January 4, 2012

Rep. Richard Morrissette, District 92
2300 N. Lincoln Blvd.
StateCapitolBuilding– Room 543
Oklahoma City,OK73105
Contact: Jacklyn Brink-Rosen
(405) 557-7404

Morrissette to file state infrastructure bank legislation

(Oklahoma City,OK) Today, state Rep. Richard Morrissette (D-OKC) announced that he will file legislation to allow for the formation of a state infrastructure bank which is essentially a revolving loan fund for transportation projects.

“Currently, we use our budgeted transportation dollars for many purposes and that sometimes means that areas of great need are left lacking. With the infrastructure bank, funds committed to the program are always dedicated to transportation related improvement and cannot be spent to shore up other needs.” Morrissette explained.

Proposed projects could include roads, signals, intersection improvements, bridges, transit capital such as bus initiatives, bikeways or pedestrian access, trucking emissions reduction and rail; all projects eligible for federal aid under Title 23 or 49 of the United States Code.

A State Infrastructure Bank, or SIB, serves as a flexible and useful tool to meet a state’s project financing demands, stretching both federal and state dollars. Through the SIB financing mechanism, states can leverage additional transportation resources, accelerate construction timelines for projects with dedicated revenue sources, and recycle assistance for future transportation projects.

Increased local tax revenue generated by SIB improvement projects are used to repay the bank in so as to make funds available for future projects. In the history of the program, there have been no major defaults on loans issued by the existing infrastructure banks which now total more than 500 overseen by 33 participating states that have agreements totaling more than $5 million.

“As we anticipate the historic grand reopening of the relocated Interstate 40 Crosstown tomorrow, I am excited about the potential possibilities of this SIB funding vehicle. Our Oklahoma labor force will benefit from important efforts to save our crumbling infrastructure,” said Morrissette.

Rep. Richard Morrissette, whose District 92 lies within the Crosstown relocation, will participate in reopening ceremonies to be held on January 5, 2012, at 10:00 a.m. as a part of a caravan of dignitaries and local business owners.

Comments and questions should be directed to Rep. Morrissette’s Capitol office at(405) 557-7404.

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