In the Matter of the Application of the Oklahoma Development Finance Authority for Approval of Not to Exceed $725,000,000 Ratepayer-Backed Bonds (Public Service Company of Oklahoma), Series 2022 (Federally Taxable)

Summary

The Oklahoma Supreme Court assumed original jurisdiction over the Oklahoma Development Finance Authority’s application to issue up to $725 million in ratepayer-backed bonds to finance Public Service Company of Oklahoma’s February 2021 winter-storm fuel costs. The Court held that the bonds were properly authorized under the February 2021 Regulated Utility Consumer Protection Act and were constitutional, approving the proposed bond issue. Justice Rowe concurred in the result and discussed concerns about the scope and consequences of the bond-approval proceedings.

Holdings

1. The Supreme Court of Oklahoma assumed exclusive original jurisdiction over the Oklahoma Development Finance Authority's application.
2. The proposed ratepayer-backed bonds were properly authorized under the February 2021 Regulated Utility Consumer Protection Act.
3. The proposed ratepayer-backed bonds were constitutional.

Questions Presented

1. Whether the Oklahoma Supreme Court should assume original jurisdiction over the Oklahoma Development Finance Authority's application to approve ratepayer-backed bonds.
2. Whether the proposed ratepayer-backed bonds were properly authorized under the February 2021 Regulated Utility Consumer Protection Act.
3. Whether the proposed ratepayer-backed bonds were constitutional.

Disposition

approved