EDMOND —
State leaders will need to be able to work through differing viewpoints on bond issues during the next legislative session to resolve infrastructure issues with Oklahoma State Capitol repairs, Gov. Mary Fallin said.
“We have to take care of our investment as a state and our seat of government where not only do we conduct the state’s most important business, but it’s an image of our state,” Fallin told The Edmond Sun.
A proposed $200 million bond issue to make repairs on the state Capitol complex was voted down in May by the House of Representatives. House Speaker Kris Steele said the House will not accept a $200 million proposal to begin repairs on the state Capitol building.
“It’s estimated to be about $135 million to $150 million for the Capitol itself,” Fallin said.
Bond issues are not easy to get passed, Fallin said. A political election year and the uncertainty of federal debt has an impact on the mindset of capital bond improvements, she said.
Structural issues combined with antiquated plumbing and electrical systems make it imperative for state lawmakers to fund the restoration of the state Capitol building. The state Capitol building was completed in 1917 after three years of construction at a cost of $1.5 million, Fallin said.
Fallin said it’s embarrassing for Oklahoma to prolong the necessity of having barricades across the front of the Capitol.
“We know we saw some of the facade fall on the outside which is dangerous for not only the people who work in the Capitol, but for those who come to visit the Capitol.” Fallin said. “And, it’s important that we take care of our infrastructure as a state just like a homeowner would repair their home.”
Fallin said protecting visitors and workers at the Capitol by securing structural viability is a priority for the state.
“That’s why as governor I laid out very clearly that I think this has to be a priority — that we pass a bond issue,” Fallin said. “Certainly we want to be wise about state indebtedness. We don’t want to over-exceed what we can afford as a state.”
Inflation makes putting off repairs more expensive, she said. So Fallin has traveled to New York to discuss Oklahoma’s standing with bond rating agencies. Low interest rates make it a good time to finance capital bond improvements for the state, Fallin said.
State Rep. Randy McDaniel, R-Edmond, said the Legislature has to address state Capitol repairs. McDaniel said there are several solutions but he would prefer keeping the state’s debt to a minimum with a pay-as-you-go method.
Lawmakers have reduced the state’s unfunded pension system by $5 billion since 2011, which has greatly improved the state’s financial condition, McDaniel said. One outcome is a stable bond rating, he added.
McDaniel said his first priority has been to have the state budget appropriated within its means.
“New York rating agencies have told us we could bond up to $300 million and not have any effect on our rating as a state,” Fallin continued. Oklahoma’s debt service of 3 percent is one of the lowest in the nation and could increase, she said.
“We’ll continue to talk about it next year. One of the things we’re fortunate right now to have is a nice deposit in our Rainy Day account,” Fallin said. “When I took office in January 2011, we had $2.03 in our Rainy Day account and right now we’re just under $600 million.”
Fallin said the Rainy Day account is a possible funding source for repairing the state Capitol. The Rainy Day account is set aside for state emergency issues, she said. Fallin cautioned that global financial instability market issues with Greece, Spain, Italy, Egypt and other countries can affect the U.S. marketplace.
State lawmakers used the state’s Rainy Day Fund to finance core services of state government when the state faced a $1 billion revenue shortfall after the start of the 2008 recession, Fallin said.
“So my preference has been that we keep our saving account intact, so that we do have it for a rainy day in the state of Oklahoma,” Fallin said.
McDaniel said the Capitol repairs are almost nearing the point of emergency.
“I would rather see repairs made through appropriated funds, but I would be willing to look at the Rainy Day account as a solution,” McDaniel said.
McDaniel, representing House District 83, had a primary opponent who withdrew his candidacy. McDaniel will face Democrat Ed Holzberger of Nichols Hills on the Nov. 6 general election ballot.
jcoburn@edmondsun.com | 341-2121, ext. 114
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