Republican Senator and President Pro Tem Glenn Coffee admitted he took out a loan to pay off the IRS on Wednesday.  Sen. Coffee was forced to secure a loan for $28,882 when the IRS filed a lien against him for back taxes.  Sen. Coffee said the loan was for 5.5% interest and he put up collateral for the nearly $30,000 loan.  

    While Coffee admits to the loan's existence he will not divulge additional information.

    “He says he put up collateral for the loan but won't tell us where the bank is or what he put up for collateral,” said Ivan Holmes, State Democratic Party Chair. “I'd like to know how someone who makes $50,000 a year and owes the IRS $30,000 gets a loan for $30,000 at 5.5%,” Holmes continued.  “This issue is not going to be resolved until Sen. Coffee turns over the records,” Holmes added.

    “According to a story in the Tulsa World it was a computer glitch that prevented a warrant for his arrest from being issued.  Regular guys don't have that kind of luck and regular guys don't get that big a loan that quickly with that low a rate,” said Holmes.

    “I am happy that Sen. Coffee is for the American Economic Recovery and Reinvestment Act  in Oklahoma opposing most of his Republican colleagues,” Holmes said.