The instability in the world's financial markets threatens bond programs for Oklahoma roads and bridges and is causing problems for pension funds.
A $300 million road and bridge bond program approved by lawmakers this past session will no doubt cost more, state Treasurer Scott Meacham has told The Associated Press.
Lawmakers approved the bond issue with hopes of receiving matching federal dollars. It was approved in two increments -- one in 2009 and one in 2010.
Mr. Meacham says bond buyers are tough to find these days. The trouble in the markets is encouraging investors to hoard cash and avoid long-term investments like highway bonds.
Another part of the legislature's bond package was a $75 million debt to fund endowed professor positions. The University of Oklahoma had a backlog of endowed faculty position donations that the state was tardy in matching.
The treasurer said the failure of Lehman Brothers has cost the Teacher Retirement System an estimated $42 million. The Oklahoma Public Employees Retirement lost nearly $16 million.
It remains to be seen whether Congressional action this past week will righten the nation's financial and credit markets. Stocks dropped again Monday.
Opinion
World financial problems threatens road program
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