Governor Mary Fallin suspends Grand River Dam Authority taskforce to protect future bond ratings
1:25 PM, Aug 13, 2013
OKLAHOMA CITY (AP) -- Gov. Mary Fallin is suspending a task force she created to study the Grand River Dam Authority.
Fallin announced the action Tuesday and said it was necessary to prevent possible negative impact to GRDA's future bond ratings.
The GRDA board is expected to vote as early as Wednesday on the creation of a new natural gas-fired power plant. The project, estimated to cost $300 million, would be paid for by bonds let through the GRDA.
Fallin says bond rating agencies could react negatively to the uncertainty created by an ongoing performance review like the work done by the GRDA task force. That uncertainty could impact GRDA's bond rating and dramatically increase the total cost of a new power plant, eventually increasing utility rates for GRDA's electricity customers in northeastern Oklahoman.