OKLAHOMA CITY (AP) — An Oklahoma Senate committee has cleared a proposal to limit the state's bond debt.
The Senate Appropriations Committee advanced the bill by Republican Sen. Josh Brecheen of Coalgate on a 17-2 vote Wednesday. It now goes to the full Senate.
The bill has already passed the House, but the Senate committee approved a substitute measure. The first version directly limited the state's total bond debt to a percentage of general revenue. The version that cleared the Senate committee instead places a limit on the state's interest payments on its bonds at 4.5 percent of general revenue.
The change is intended to give room for the legislature to issue bonds for Capitol repairs and other major public projects. Brecheen says the limit would make Republicans friendlier to a bond issue.