Report to bondholders

              Governor Mary Fallin,
Member Ex-Officio
Albert C. Kelly, Jr.,
Chairman
David A. Burrage,
Vice-Chairman
G. Carl Gibson,
Secretary & Treasurer
Kenneth Adams,
Member
Kevin Hern,
Member
Gene Love,
Member
Gary Ridley,
Secretary of Transportation
Oklahoma Turnpike
Authority
Report to Bondholders
Fourth Quarter 2011
Gary Ridley, Director and
Secretary of Transportation
Prepared by the Controller Division
3500 Martin Luther King Ave.• P.O. Box 11357•Oklahoma City, OK 73136-0357 • 405/425-3600 • Fax: 405/427-8246 • www.pikepass.com
Dear Oklahoma Turnpike Authority Bondholders:
On October 13, 2011, the Oklahoma Turnpike Authority (OTA) closed on the delivery of the Series 2011A
Refunding Second Senior Revenue Bonds totaling $524,010,000. These bonds were structured as tax-exempt
fixed rate bonds and refunded the 2013-2022 maturities of the Series 2002A and 2002B Refunding Second
Senior Revenue Bonds and the Series 2006C and 2006D Refunding Second Senior Revenue Bonds. Through
this refunding, the OTA realized a net present value cash flow of over $23.6 million. The Authority’s all-in-cost
of capital was 3.033%. During the two-day marketing period, approximately $190 million were sold to the
retail market, including almost $70 million sold strictly to the Oklahoma retail market. Because of the
Authority’s good credit and the infrequency of the Authority’s bond offerings, these bonds were in high
demand, generating $1.3 billion in orders.
On December 15, 2011, the OTA closed on the delivery of the Series 2011B Second Senior Revenue Bonds
totaling $159,650,000. These bonds were issued to provide funds for the purpose of (a) expanding the Creek
Turnpike and the John Kilpatrick Turnpike, and (b) constructing other capital improvement projects as
remaining bonds funds allow after award of the aforementioned expansion projects. During the one-day order
period, approximately $95 million were sold to the retail market, including almost $66 million sold strictly to
the Oklahoma retail market. Similar to the Series 2011A Bonds, these bonds were also in high demand,
generating almost $950 million in orders. Ultimately, the bonds sold at very aggressive rates, which led to an
all-in-cost of capital of 3.936%.
For the quarter ended December 31, 2011, net toll revenues reported at $58.5 million, remaining flat when
compared to net toll revenues of $58.6 million for the fourth quarter of 2010. Overall, toll transactions for the
fourth quarter reported nearly 38.7 million transactions, fairly consistent with 2010 levels of 38.9 million
transactions. In the fourth quarter 2011, passenger traffic declined 0.6% when compared to the same period last
year. In contrast, heavy truck traffic continued to increase, reporting a 1.1% gain over the fourth quarter of
2010. Year-to-date 2011 net toll revenues reported at approximately $227.6 million, a slight decrease of 0.4%
when compared to the 2010 net toll revenue of $228.5 million and just below budgeted net toll revenues of
$229.1 million. Revenue projections are estimated to be $233.0 million for 2012. Year-to-date revenue fund
operating expenses at the close of the fourth quarter of 2011 reported at $65.7 million, operating at 6.0% under
the annualized operating budget. Efforts by all divisions to monitor costs contributed to the senior and total
debt service ratios continuing to remain in compliance with the minimum trust requirements. Total debt service
coverage exceeds minimum trust requirements on a rolling twelve-month basis by approximately 18%.
Chart 1: Three-Year Comparison of Toll Revenues
Toll Revenue
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$10
$11
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
Millions
2009
2010
2011
2011 Projections
Report to Bondholders - Quarter ending December 31, 2011 - Page II
Chart 2: 2011 Operating Expenses – Budget vs. Actual
Revenue Fund Only (cumulative)
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Actual
Chart 3: Operating Expenses by Division-All Funds
For the Twelve Months Ended December 31, 2011
Fourth Quarter Highlights:
The Authority adopted the calendar year 2012 Annual Budget in December 2011. The 2012 Annual Budget
• he Engineering Division staff received the 90% final design plan submittal for the six-lane project on the
• The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
• he Information Technology (IT) and the PIKEPASS Customer Service Divisions continued implementation
•
includes a total of $71.7 million for the Operating and Maintenance Budget, an increase over the prior
year’s Operating and Maintenance Budget of just under $1.8 million. Increases were included in the 2012
Annual Budget for the mandated employer portion of employee benefits, fuel and contractual services.
Consistent with the current and prior years, division managers will constantly monitor spending levels and
make necessary efforts to keep costs at or below budgeted levels. The 2012 Annual Budget also includes
estimated expenditures of $39.8 million for the Reserve Maintenance Budget and $34.2 million for the
General Fund Budget. The amounts budgeted with the Reserve Maintenance and General Fund Budgets
finance the maintenance, rehabilitation and improvements included in the 2012 portion of the OTA’s five-year
Capital Plan for the System.
T
Creek and John Kilpatrick Turnpikes and began the design review process for these projects. In addition,
the Division continues reviewing design plans and performing construction observation on the prioritized
projects included in the 5-Year Capital Plan. Pavement rehabilitation projects on the Turner and Muskogee
Turnpikes were completed in the fourth quarter, as well as an emergency bridge project on the Turner
Turnpike.
Certificate of Achievement for Excellence in Financial Reporting to the Oklahoma Turnpike Authority
(OTA) for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2010.
The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest
standards for preparation of state and local government financial reports. In order to be awarded a
Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized
CAFR, with contents conforming to program standards. The CAFR must satisfy both accounting principles
generally accepted in the United States of America and applicable legal requirements. A Certificate of
Achievement is valid for a period of one year only. The OTA has received this distinguished award since
1990. The Controller Division believes the 2011 CAFR will continue to meet the Certificate of
Achievement program requirements and plans to submit it to the GFOA to determine its eligibility for
another certificate following its release on April 30, 2012.
Tof the new PIKEPASS eGo sticker tags. Several changes continue to be published to in-house software and
hardware systems in order to achieve sticker tag compatibility. During the fourth quarter, IT implemented
enhancements to the production version of cEnterprise for sticker tags.
Report to Bondholders - Quarter ending December 31, 2011 - Page III
As of December 31, 2011, the total number of active PIKEPASS tags increased to over 1.2 million or 20.0%
• uring the fourth quarter, the upgrade of the Infinity lane controller system of the electronic toll collection
• Throughout the fourth quarter, the OTA’s Maintenance Division, supplementing labor through supervised
The OHP troopers continued their efforts to achieve safe patron travel through several enforcement
Respectfully,
lbert C. Kelly, Jr.
hority
ary Ridley
Secretary of Transportation
•
over the number of active PIKEPASS tags at December 31, 2010; current active sticker tags total over
786,000 and represent 62.5% of total active tags on the System. The OTA has contracted with a third party
service provider, Transcore Houston, to coordinate a replacement effort of existing tags with sticker tags. In
the fourth quarter, TransCore Houston issued just under 123,000 sticker tags. Total active PIKEPASS
accounts totaled over 568,000 at December 31, 2011, an increase of 4.3% when compared to the prior year.
PIKEPASS patrons continued to take advantage of the PIKEPASS volume discount program with
approximately $905,000 in discounts issued to frequent patrons of the System during the fourth quarter of
2011.
Dl
anes was completed on the John Kilpatrick and Turner Turnpikes. The new Infinity lane controller system
provides the same functionality as the existing lane controller system, but also includes additional benefits
such as system monitoring and remote configuration.
inmates and contractors, completed various System repairs. With combined efforts, approximately 341,000
linear feet of joints and cracks were sealed, and drainage repairs of approximately 28,000 square yards were
completed. In addition, the Maintenance Division performed brush and weed control and maintained
approximately 11,000 acres of vegetation management.
•
programs. In the fourth quarter of 2011, OHP troopers made nearly 32,000 violator contacts and assisted
over 3,000 motorists.
A
Chairman of the Aut
G
Director and
Report to Bondholders - Quarter ending December 31, 2011 - Page IV
OKLAHOMA TURNPIKE AUTHORITY
TABLE OF CONTENTS
December 31, 2011
Schedule Page
Statements of Net Assets 1
Schedule of Deposits and Withdrawals 2
Statements of Revenues, Expenses and Changes in Net Assets 3
Statement of Revenues - Total All Turnpikes 4
Statement of Revenues - Turner Turnpike 5
Statement of Revenues - Will Rogers Turnpike 6
Statement of Revenues - H. E. Bailey Turnpike 7
Statement of Revenues - Muskogee Turnpike 8
Statement of Revenues - Indian Nation Turnpike 9
Statement of Revenues - Cimarron Turnpike 10
Statement of Revenues - John Kilpatrick Turnpike 11
Statement of Revenues - Cherokee Turnpike 12
Statement of Revenues - Chickasaw Turnpike 13
Statement of Revenues - Creek Turnpike 14
Schedule of Cash, Cash Equivalents and Investments 15
Schedule of Bonds Issued, Retired, Defeased and Outstanding 18
Schedule of Sales of Surplus Property 18
Prepared by the Controller Division
Report to Bondholders - Quarter ending December 31, 2011 - Page 1
***PRELIMINARY AND UNAUDITED***
Oklahoma Turnpike Authority
Statements of Net Assets
December 31, 2011 and 2010
2011 2010
Assets
Current assets:
Cash and cash equivalents-unrestricted $ 15,218,958 $ 47,558,895
Investments-unrestricted 54,643,250 53,283,245
Cash and cash equivalents - restricted 229,921,370 76,717,558
Investments-restricted 66,300,068 38,432,677
Accounts receivable 2,124,334 2,525,204
Accrued interest receivable-unrestricted 263,335 404,134
Accrued interest receivable-restricted 352,688 371,218
Tag inventory 3,237,894 2,944,606
Materials inventory 3,214,913 3,124,662
Prepaid expenses 176,576 219,614
Total current assets 375,453,386 225,581,813
Noncurrent assets:
Cash and cash equivalents - restricted 31,443,145 42,079,755
Investments-restricted 111,067,039 95,084,697
Total noncurrent cash, cash equivalents and investments 142,510,184 137,164,452
Capital assets:
Depreciable, net 891,568,383 902,089,219
Land 162,942,443 162,929,743
Construction work in progress 41,820,141 52,558,589
Net capital assets 1,096,330,967 1,117,577,551
Revenue bond issuance costs (net of accumulated amortization
of $990,950 and $3,002,964 in 2011 and 2010, respectively) 4,563,970 4,386,813
Deferred outflow of resources 80,712,726 81,629,701
Total noncurrent assets 1,324,117,847 1,340,758,517
Total assets 1,699,571,233 1,566,340,330
Liabilities
Current liabilities:
Accounts payable and accrued expenses 13,177,086 16,142,708
Payable from restricted assets :
Accounts payable and accrued expenses payable 2,302,264 315,222
Accrued interest payable 9,916,963 15,693,822
Deferred revenue 22,309,251 21,735,227
Arbitrage rebate payable to U.S. Treasury 2,563,867 2,460,233
Current portion of revenue bonds payable 78,444,991 82,134,991
Total current liabilities 128,714,422 138,482,203
Noncurrent liabilities:
Accounts payable and accrued expenses 1,392,427 1,395,533
Long-term debt:
Revenue bonds, net of unamortized net premiums of
$79,115,943 and $9,418,239 in 2011 and 2010, respectively,
and of unamortized net deferred debit on refundings of
$86,744,472 and $35,144,745 in 2011 and 2010, respectively 1,077,631,480 960,153,503
Payable to Department of Transportation 52,066,122 51,650,266
Derivative instrument liability 80,712,726 81,629,701
Total noncurrent liabilities 1,211,802,755 1,094,829,003
Total liabilities 1,340,517,177 1,233,311,206
Net Assets
Invested in capital assets, net of related debt 122,467,569 100,746,813
Restricted for debt service 121,357,804 107,454,253
Restricted for reserve maintenance 48,626,229 30,144,074
Unrestricted 66,602,454 94,683,984
Total net assets $ 359,054,056 $ 333,029,124
Report to Bondholders - Quarter ending December 31, 2011 - Page 2
Oklahoma Turnpike Authority
Schedule of Deposits and Withdrawals
For the Quarter Ending December 31, 2011
Beginning Ending
Account Book Receipts or Withdrawals Book
Balance Deposits or Payments Balance
2002 Debt service accounts 24,892,253 111,342,694 108,387,963 27,846,984
2006 Fixed rate debt service accounts 16,945,004 53,997,340 47,963,404 22,978,940
2006 Variable rate debt service accounts 1,820,762 11,719,440 12,447,745 1,092,457
2007 Debt service accounts 609,291 2,923,286 2,411,631 1,120,946
2011 Debt service accounts 0 775,972,565 768,695,770 7,276,795
Revenue Bond reserve account 95,321,877 9 7,711,671 94,725,964 98,307,584
Revenue fund 15,667,924 105,949,798 108,724,907 12,892,815
Reserve maintenance fund 46,549,231 41,604,844 37,374,140 50,779,935
General fund 61,834,632 62,245,454 67,110,693 56,969,393
Motor fuel tax trust fund 44,174,519 36,093,108 36,065,027 44,202,600
2011B Construction fund 0 325,173,192 162,586,596 162,586,596
PIKEPASS account 21,532,313 44,898,452 43,891,980 22,538,785
Total $ 329,347,806 $ 508,593,830
Cash & Cash Equivalents-unrestricted 15,218,958
Investments-unrestricted 54,643,250
Cash & Cash Equivalents-restricted 261,364,515
Investments-restricted 177,367,107
Total $ 508,593,830
Report to Bondholders - Quarter ending December 31, 2011 - Page 3
Oklahoma Turnpike Authority
Statements of Revenues, Expenses and Changes in Net Assets
For the Quarters Ended and Year to Date December 31, 2011 and 2010
2011 2010 2011 2010
Current Current Year Year
Quarter Quarter to Date to Date
Operating revenues:
Tolls $ 58,482,424 $ 58,623,228 $ 2 27,624,157 $ 2 28,468,962
Concessions 341,740 244,116 1,309,045 1,269,556
Total operating revenues 58,824,164 58,867,344 2 28,933,202 2 29,738,518
Operating expenses:
Toll Operations 4,815,309 4,630,031 18,768,021 18,174,606
Turnpike Maintenance 4,884,114 3,489,800 19,779,143 18,239,922
Engineering 1,395,382 1,713,054 5,809,738 3,429,587
Highway Patrol 2,975,337 3,695,537 13,350,248 12,850,922
PIKEPASS Customer Service 5,035,323 2,592,354 18,502,959 10,443,651
General Administration 472,634 745,031 2,178,530 2,354,822
Information Technology 1,038,614 1,109,612 3,860,376 3,905,555
Controller 208,100 200,355 859,289 817,465
Finance and Revenue 118,446 254,527 720,685 696,233
Executive 323,137 380,385 1,438,639 1,483,415
Authority - - 2 ,193 -
Total operating expenses before depreciation
and amortization 21,266,396 18,810,686 85,269,821 72,396,178
Operating income before depreciation and amortization 37,557,768 40,056,658 1 43,663,381 1 57,342,340
Depreciation and amortization (19,647,664) (19,966,553) (80,000,427) (79,780,189)
Operating income 17,910,104 20,090,105 6 3,662,954 7 7,562,151
Non-operating revenues (expenses):
Interest earned on investments 1,740,038 1,038,337 5,174,269 4,495,305
Net increase (decrease) in fair value of investments 452,994 124,119 189,497 678,315
Interest expense on revenue bonds outstanding (6,849,624) (13,646,135) (44,495,597) (53,784,158)
Other 328,038 509,868 1,493,808 2,813,365
Net non-operating expenses (4,328,554) (11,973,811) (37,638,023) (45,797,173)
Change in net assets 13,581,550 8,116,294 2 6,024,931 3 1,764,978
Total net assets, beginning of the quarter 345,472,505 324,912,830 3 33,029,124 301,264,146
Total net assets, end of the quarter $ 359,054,055 $ 333,029,124 $ 3 59,054,055 $ 333,029,124
Other relevant data:
Motor fuel tax received $ 10,405,009 $ 9,413,515 $ 4 0,414,347 $ 4 0,865,918
Reserve maintenance deposits made 9,529,095 7,725,000 3 8,116,391 3 0,887,250
Debt interest deposits (net of interest 10,433,997 12,983,256 4 6,546,329 5 1,559,871
earned on debt service accounts)
Debt principal deposits (net of interest 14,129,981 12,161,239 5 0,898,909 4 8,570,176
earned on debt service accounts)
Required
Coverage Ratio
Current Qtr 2011
Coverage Ratio
Current Qtr 2010
Coverage Ratio
Senior Debt Service Coverage Ratio 120% 212% 215%
Total Debt Service Coverage Ratio 100% 118% 126%
Report to Bondholders - Quarter ending December 31, 2011 - Page 4
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
TOTAL ALL TURNPIKES
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 36,070,669 650,253,983 35,444,732
Three Axle Vehicles 749,930 10,290,114 380,284
Four Axle Vehicles 1,427,398 13,427,114 394,891
Five Axle Vehicles 19,676,319 112,071,998 2,405,747
Six Axles Vehicles 558,108 2,579,046 62,864
Total $ 58,482,424 788,622,255 38,688,518
Concession Revenue 341,740
Total Revenue $ 58,824,164
% Decrease from prior year quarte (0.07%)
Quarter ended December 2010
Two Axle Vehicles $ 36,407,183 665,222,446 35,675,319
Three Axle Vehicles 808,048 11,091,954 411,959
Four Axle Vehicles 1,434,361 13,628,416 399,075
Five Axle Vehicles 19,423,644 111,031,488 2,379,240
Six Axles Vehicles 549,992 2,570,200 63,478
Total $ 58,623,228 803,544,504 38,929,071
Concession Revenue 244,116
Total Revenue $ 58,867,344
TOTAL REVENUE BY MONTH
ALL TURNPIKES
$0
$5,500,000
$11,000,000
$16,500,000
$22,000,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 5
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
TURNER TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 7,054,810 164,969,971 3,457,386
Three Axle Vehicles 181,564 2,643,066 44,269
Four Axle Vehicles 392,521 3,753,642 54,181
Five Axle Vehicles 6,473,015 35,787,761 466,126
Six Axles Vehicles 198,023 921,829 12,056
Total $ 14,299,933 208,076,269 4,034,018
Concession Revenue 71,243
Total Revenue $ 14,371,176
% Increase from prior year quarte 0.37%
Quarter ended December 2010
Two Axle Vehicles $ 7,090,709 168,578,203 3,391,747
Three Axle Vehicles 195,835 2,853,925 49,337
Four Axle Vehicles 390,683 3,803,282 55,400
Five Axle Vehicles 6,377,481 35,544,098 458,884
Six Axles Vehicles 196,220 918,589 12,148
Total $ 14,250,928 211,698,097 3,967,516
Concession Revenue 67,159
Total Revenue $ 14,318,087
TOTAL REVENUE BY MONTH
TURNER TURNPIKE
$0
$1,375,000
$2,750,000
$4,125,000
$5,500,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 6
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
WILL ROGERS TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 4,536,595 118,469,459 2,836,873
Three Axle Vehicles 160,572 2,400,695 44,509
Four Axle Vehicles 385,226 3,949,645 60,964
Five Axle Vehicles 7,399,856 44,604,964 630,459
Six Axles Vehicles 191,127 928,991 13,729
Total $ 12,673,376 170,353,754 3,586,534
Concession Revenue 34,196
Total Revenue $ 12,707,572
% Decrease from prior year quarte (1.25%)
Quarter ended December 2010
Two Axle Vehicles $ 4,645,020 122,638,664 2,866,481
Three Axle Vehicles 168,207 2,513,646 45,683
Four Axle Vehicles 391,207 3,994,188 62,583
Five Axle Vehicles 7,438,385 44,887,874 635,564
Six Axles Vehicles 184,998 915,451 13,814
Total $ 12,827,817 174,949,823 3,624,125
Concession Revenue 40,778
Total Revenue $ 12,868,595
TOTAL REVENUE BY MONTH
WILL ROGERS TURNPIKE
$0
$1,250,000
$2,500,000
$3,750,000
$5,000,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 7
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
H. E. BAILEY TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 4,514,146 87,136,172 4,086,347
Three Axle Vehicles 87,024 1,233,515 50,399
Four Axle Vehicles 147,055 1,425,163 57,725
Five Axle Vehicles 1,128,331 7,314,197 276,918
Six Axles Vehicles 33,618 182,434 7,798
Total $ 5,910,174 97,291,481 4,479,187
Concession Revenue 82,882
Total Revenue $ 5,993,056
% Increase from prior year quarte 0.89%
Quarter ended December 2010
Two Axle Vehicles $ 4,585,929 89,468,432 4,154,870
Three Axle Vehicles 94,849 1,364,960 56,249
Four Axle Vehicles 152,967 1,497,118 62,955
Five Axle Vehicles 1,050,844 6,887,405 262,678
Six Axles Vehicles 30,743 170,677 6,702
Total $ 5,915,332 99,388,592 4,543,454
Concession Revenue 24,939
Total Revenue $ 5,940,271
TOTAL REVENUES BY MONTH
H.E. BAILEY TURNPIKE
$0
$600,000
$1,200,000
$1,800,000
$2,400,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 8
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
MUSKOGEE TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 2,976,341 59,376,740 2,390,960
Three Axle Vehicles 54,112 719,771 29,456
Four Axle Vehicles 81,345 780,744 32,774
Five Axle Vehicles 907,208 5,443,711 213,862
Six Axles Vehicles 19,489 103,847 4,440
Total $ 4,038,495 66,424,813 2,671,492
Concession Revenue 41,786
Total Revenue $ 4,080,281
% Decrease from prior year quarte (2.08%)
Quarter ended December 2010
Two Axle Vehicles $ 3,071,459 61,441,476 2,485,688
Three Axle Vehicles 66,731 882,671 37,188
Four Axle Vehicles 86,811 837,279 35,651
Five Axle Vehicles 916,730 5,467,666 223,009
Six Axles Vehicles 25,133 136,582 5,519
Total $ 4,166,864 68,765,674 2,787,055
Concession Revenue 141
Total Revenue $ 4,167,005
TOTAL REVENUE BY MONTH
MUSKOGEE TURNPIKE
$0
$400,000
$800,000
$1,200,000
$1,600,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 9
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
INDIAN NATION TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 2,015,385 41,616,232 1,281,284
Three Axle Vehicles 55,885 968,364 30,056
Four Axle Vehicles 149,026 1,559,864 49,250
Five Axle Vehicles 1,262,963 7,753,038 231,626
Six Axles Vehicles 27,263 141,032 4,097
Total $ 3,510,522 52,038,530 1,596,313
Concession Revenue 54,416
Total Revenue $ 3,564,938
% Decrease from prior year quarte (0.95%)
Quarter ended December 2010
Two Axle Vehicles $ 2,058,787 42,428,791 1,305,727
Three Axle Vehicles 60,869 1,052,868 32,551
Four Axle Vehicles 150,685 1,569,293 49,584
Five Axle Vehicles 1,247,053 7,642,703 229,479
Six Axles Vehicles 27,936 143,496 4,348
Total $ 3,545,330 52,837,151 1,621,689
Concession Revenue 53,940
Total Revenue $ 3,599,270
TOTAL REVENUE BY MONTH
$0
$400,000
$800,000
$1,200,000
$1,600,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
INDIAN NATION TURNPIKE
Report to Bondholders - Quarter ending December 31, 2011 - Page 10
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
CIMARRON TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 1,557,509 32,539,300 1,554,433
Three Axle Vehicles 41,937 648,480 28,950
Four Axle Vehicles 80,597 773,650 32,009
Five Axle Vehicles 960,059 5,201,393 194,313
Six Axles Vehicles 22,480 102,396 4,146
Total $ 2,662,582 39,265,219 1,813,851
Concession Revenue 37,044
Total Revenue $ 2,699,626
% Increase from prior year quarte 2.98%
Quarter ended December 2010
Two Axle Vehicles $ 1,569,017 32,815,207 1,570,462
Three Axle Vehicles 40,756 633,614 27,079
Four Axle Vehicles 80,017 772,426 31,468
Five Axle Vehicles 877,090 4,750,910 178,212
Six Axles Vehicles 17,669 79,891 3,374
Total $ 2,584,549 39,052,048 1,810,595
Concession Revenue 37,044
Total Revenue $ 2,621,593
TOTAL REVENUE BY MONTH
CIMARRON TURNPIKE
$0
$250,000
$500,000
$750,000
$1,000,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 11
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
JOHN KILPATRICK TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 6,483,332 62,588,153 9,480,403
Three Axle Vehicles 52,890 403,617 45,641
Four Axle Vehicles 74,714 408,479 46,030
Five Axle Vehicles 488,167 1,666,498 119,445
Six Axles Vehicles 35,022 93,426 8,415
Total $ 7,134,125 65,160,173 9,699,934
Concession Revenue 0
Total Revenue $ 7,134,125
% Increase from prior year quarte 4.98%
Quarter ended December 2010
Two Axle Vehicles $ 6,233,794 61,621,428 9,206,742
Three Axle Vehicles 53,027 412,439 47,049
Four Axle Vehicles 71,643 402,407 42,811
Five Axle Vehicles 408,272 1,406,031 104,965
Six Axles Vehicles 29,237 77,799 6,940
Total $ 6,795,973 63,920,104 9,408,507
Concession Revenue 0
Total Revenue $ 6,795,973
TOTAL REVENUE BY MONTH
JOHN KILPATRICK TURNPIKE
$0
$625,000
$1,250,000
$1,875,000
$2,500,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 12
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
CHEROKEE TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 1,218,093 17,588,491 873,046
Three Axle Vehicles 29,165 282,028 13,576
Four Axle Vehicles 46,629 308,009 10,977
Five Axle Vehicles 563,423 2,253,761 75,953
Six Axles Vehicles 8,940 29,491 1,156
Total $ 1,866,250 20,461,780 974,708
Concession Revenue 20,173
Total Revenue $ 1,886,423
% Decrease from prior year quarte (4.95%)
Quarter ended December 2010
Two Axle Vehicles $ 1,283,907 17,865,458 947,428
Three Axle Vehicles 34,200 323,624 17,021
Four Axle Vehicles 48,901 313,856 12,764
Five Axle Vehicles 589,198 2,257,037 86,146
Six Axles Vehicles 8,365 27,832 1,264
Total $ 1,964,571 20,787,807 1,064,623
Concession Revenue 20,115
Total Revenue $ 1,984,686
TOTAL REVENUE BY MONTH
CHEROKEE TURNPIKE
$0
$200,000
$400,000
$600,000
$800,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 13
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
CHICKASAW TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 102,458 3,037,765 177,751
Three Axle Vehicles 22,221 476,264 27,868
Four Axle Vehicles 4,281 45,972 2,690
Five Axle Vehicles 33,144 295,521 17,292
Six Axles Vehicles 1,127 9,519 557
Total $ 163,231 3,865,041 226,158
Concession Revenue 0
Total Revenue $ 163,231
% Decrease from prior year quarte (0.78%)
Quarter ended December 2010
Two Axle Vehicles $ 103,741 3,093,819 181,031
Three Axle Vehicles 20,233 427,506 25,015
Four Axle Vehicles 5,054 56,141 3,285
Five Axle Vehicles 34,483 306,697 17,946
Six Axles Vehicles 1,010 8,528 499
Total $ 164,521 3,892,691 227,776
Concession Revenue 0
Total Revenue $ 164,521
TOTAL REVENUE BY MONTH
CHICKASAW TURNPIKE
$0
$17,500
$35,000
$52,500
$70,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders - Quarter ending December 31, 2011 - Page 14
STATEMENT OF REVENUES
CURRENT QUARTER AND SAME QUARTER PRIOR YEAR
CREEK TURNPIKE
Vehicle Number
Miles of
Class of Vehicle Revenue Traveled Transactions
Quarter ended December 2011
Two Axle Vehicles $ 5,612,000 62,931,700 9,306,249
Three Axle Vehicles 64,560 514,314 65,560
Four Axle Vehicles 66,004 421,946 48,291
Five Axle Vehicles 460,153 1,751,154 179,753
Six Axles Vehicles 21,019 66,081 6,470
Total $ 6,223,736 65,685,195 9,606,323
Concession Revenue 0
Total Revenue $ 6,223,736
% Decrease from prior year quarte (2.87%)
Quarter ended December 2010
Two Axle Vehicles $ 5,764,820 65,270,968 9,565,143
Three Axle Vehicles 73,341 626,701 74,787
Four Axle Vehicles 56,393 382,426 42,574
Five Axle Vehicles 484,108 1,881,067 182,357
Six Axles Vehicles 28,681 91,355 8,870
Total $ 6,407,343 68,252,517 9,873,731
Concession Revenue 0
Total Revenue $ 6,407,343
TOTAL REVENUE BY MONTH
CREEK TURNPIKE
$0
$600,000
$1,200,000
$1,800,000
$2,400,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
2011
Report to Bondholders-Quarter ending December 31, 2011 - Page 15
Oklahoma Turnpike Authority
Schedule of Cash, Cash Equivalents and Investments
as of December 31, 2011
Interest Purchase Maturity Fair
Description Rate Date Date Cost Value
Unrestricted:
General Fund:
Invesco AIM TST Prem-Inst 0.130 % 12/30/2011 Demand $ 2,934,881 $ 2,934,881
FHLB 1.700 3/26/2010 3/26/2014 997,750 1,003,740
FHLB 4.500 8/6/2009 8/6/2019 1,000,000 1,022,460
FHLB 1.250 12/27/2011 12/27/2019 2,000,000 2,001,660
FHLMC 1.500 12/28/2011 12/28/2018 1,995,500 2,003,020
U.S. Treasury Notes 4.125 7/28/2008 8/31/2012 3,100,664 3,079,590
U.S. Treasury Notes 0.375 6/24/2011 8/31/2012 4,006,875 4,007,680
U.S. Treasury Notes 3.875 Various 10/31/2012 10,536,359 10,309,400
U.S. Treasury Notes 1.375 12/31/2010 5/15/2013 10,133,984 10,160,200
U.S. Treasury Notes 2.250 Various 5/31/2014 10,270,898 10,463,300
U.S. Treasury Notes 2.250 12/31/2010 1/31/2015 10,246,876 10,564,900
U.S. Treasury SLGS 0.000 11/30/1990 2/21/2021 27,300 27,300
57,251,087 57,578,131
Revenue Fund:
Invesco AIM TST Prem-Inst 0.130 12/30/2011 Demand 11,226,072 11,226,072
11,226,072 11,226,072
Total unrestricted cash equivalents & investments $ 68,477,159 $ 68,804,203
Report to Bondholders-Quarter ending December 31, 2011 - Page 16
Oklahoma Turnpike Authority
Schedule of Cash, Cash Equivalents and Investments
as of December 31, 2011
Interest Purchase Maturity Fair
Description Rate Date Date Cost Value
Restricted:
Reserve Maintenance Fund:
Invesco AIM TST Prem 0.130 % 12/30/2011 Demand $ 3,561,925 $ 3,561,925
FHLB 0.250 3/26/2010 3/28/2013 5,000,000 5,000,000
FHLB 0.300 8/6/2009 6/28/2013 1,000,000 999,490
FHLB 0.250 8/6/2009 9/29/2014 2,500,000 2,499,425
FHLB 0.400 7/28/2008 9/29/2014 2,500,000 2,497,625
FHLMC 0.670 6/24/2011 9/30/2014 1,000,000 999,300
U.S. Treasury Notes 1.125 11/25/2009 1/15/2012 3,020,352 3,001,530
U.S. Treasury Notes 0.375 12/31/2010 8/31/2012 15,013,594 15,028,800
U.S. Treasury Notes 0.375 12/29/2011 9/30/2012 2,003,984 2,004,140
U.S. Treasury Notes 0.500 4/4/2011 11/30/2012 2,991,797 3,010,080
U.S. Treasury Notes 1.125 12/31/2010 12/15/2012 3,029,062 3,028,140
U.S. Treasury Notes 0.625 12/29/2011 2/28/2013 2,010,313 2,010,700
U.S. Treasury Notes 1.375 12/31/2010 3/15/2013 3,039,492 3,043,260
U.S. Treasury Notes 1.125 12/31/2010 6/15/2013 2,015,234 2,026,640
U.S. Treasury Notes 0.750 12/31/2010 9/15/2013 1,992,266 2,017,420
50,678,019 50,728,475
Revenue Bond Reserve Accounts:
Invesco AIM TST Prem-Inst 0.130 12/30/2011 Demand 3,503,939 3,503,939
Compass Bank CD 0.125 12/1/2011 2/28/2012 27,490,000 27,490,000
FHLB 1.700 3/26/2010 3/26/2014 498,875 501,870
FHLB 2.000 9/13/2011 12/13/2019 499,500 501,120
FHLB 2.000 9/9/2011 9/9/2021 300,000 300,342
FHLB 2.250 9/23/2011 9/23/2021 499,250 501,020
FHLB 1.500 12/27/2011 12/27/2021 997,250 1,004,940
FHLB 1.500 12/29/2011 12/29/2021 1,000,000 1,000,010
FHLB 3.000 8/24/2011 8/24/2023 996,250 1,003,550
FHLB 2.500 9/29/2011 9/29/2023 500,000 501,000
FHLB 3.250 10/28/2010 10/28/2025 499,000 500,695
FNMA 3.000 11/18/2010 11/18/2025 498,750 501,245
JP Morgan Chase Repo 5.991 5/23/2002 1/1/2022 50,936,450 50,936,450
U.S. Treasury Notes 0.375 6/24/2011 8/31/2012 2,504,297 2,504,800
U.S. Treasury Notes 0.375 12/29/2011 9/30/2012 2,003,984 2,004,140
U.S. Treasury Notes 0.625 12/29/2011 2/28/2013 2,010,312 2,010,700
U.S. Treasury Notes 0.375 12/29/2011 6/30/2013 2,004,297 2,005,080
U.S. Treasury Notes 1.750 Various 3/31/2014 763,330 774,668
U.S. Treasury Notes 1.375 Various 5/15/2013 759,932 762,015
98,265,416 98,307,584
2006 Fixed Rate Debt Service Accounts:
Cavanal Hill U.S. Treasury 0.000 12/30/2011 Demand 22,978,940 22,978,940
22,978,940 22,978,940
2006 Variable Rate Debt Service Accounts:
Cavanal Hill U.S. Treasury 0.000 12/30/2011 Demand 1,092,457 1,092,457
1,092,457 1,092,457
2007 Bond Service Accounts:
Cavanal Hill U.S. Treasury 0.000 12/30/2011 Demand 1,120,946 1,120,946
1,120,946 1,120,946
2011 Bond Service Accounts:
Cavanal Hill U.S. Treasury 0.000 12/30/2011 Demand 7,093,749 7,093,749
7,093,749 7,093,749
2011B Construction Fund:
Invesco TST Prem-Inst 0.130 12/30/2011 Demand 162,586,596 162,586,596
162,586,596 162,586,596
Report to Bondholders-Quarter ending December 31, 2011 - Page 17
Oklahoma Turnpike Authority
Schedule of Cash, Cash Equivalents and Investments
as of December 31, 2011
Interest Purchase Maturity Fair
Description Rate Date Date Cost Value
Turnpike Trust Fund:
Cavanal Hill U.S. Treasury 0.010 % 6/30/2003 Demand $ 449,206 $ 449,206
U.S. Treasury Notes 1.125 7/17/2009 1/15/2012 7,008,359 7,003,570
U.S. Treasury Notes 0.875 3/18/2010 2/29/2012 4,996,094 5,007,450
U.S. Treasury Notes 4.125 7/28/2008 8/31/2012 2,067,109 2,053,060
U.S. Treasury Notes 0.375 6/24/2011 8/31/2012 1,202,063 1,202,304
U.S. Treasury Notes 0.375 12/29/2011 9/30/2012 2,003,984 2,004,140
U.S. Treasury Notes 1.375 3/18/2010 10/15/2012 5,017,383 5,049,450
U.S. Treasury Notes 0.500 4/4/2011 11/30/2012 2,992,617 3,010,080
U.S. Treasury Notes 0.625 12/29/2011 2/28/2013 2,010,313 2,010,700
U.S. Treasury Notes 1.375 Various 3/15/2013 6,082,500 6,086,520
U.S. Treasury Notes 0.375 12/29/2011 6/30/2013 2,004,297 2,005,080
U.S. Treasury Notes 1.875 Various 4/30/2014 5,100,625 5,182,050
U.S. Treasury Notes 2.250 2/16/2011 5/31/2014 3,071,602 3,138,990
44,006,152 44,202,600
Prepaid PIKEPASS Fund:
BOK Short-Term Cash Fund I 0.020 12/30/2011 Demand 329,058 329,058
FHLB 1.700 3/26/2010 3/26/2014 498,875 501,870
FHLB 4.500 8/6/2009 8/6/2019 1,000,000 1,022,460
FHLB 2.000 9/13/2011 12/13/2019 99,900 100,224
FHLB 2.000 9/9/2011 9/9/2021 100,000 100,114
FHLB 3.000 8/24/2011 8/24/2023 383,556 386,367
FHLB 3.250 10/28/2010 10/28/2025 499,000 500,695
FHLB 2.000 9/16/2011 9/16/2026 98,950 99,782
FHLMC 2.000 8/1/2011 7/29/2021 199,500 202,878
FHLMC 3.000 12/21/2011 12/21/2026 996,000 1,002,370
FNMA 3.000 11/18/2010 11/18/2025 498,750 501,245
FNMA 3.000 9/23/2011 8/24/2026 698,740 702,058
FNMA 1.250 9/21/2011 9/21/2026 100,000 100,113
FNMA 2.000 9/30/2011 9/30/2026 798,800 800,680
FNMA 1.750 10/12/2011 10/9/2026 699,300 699,412
FNMA 2.000 12/28/2011 12/28/2026 1,000,000 1,001,210
U.S. Treasury Notes 4.875 2/10/2006 2/15/2012 1,009,248 1,005,820
U.S. Treasury Notes 4.125 7/28/2008 8/31/2012 775,166 769,897
U.S. Treasury Notes 0.375 6/24/2011 8/31/2012 500,859 500,960
U.S. Treasury Notes 1.125 12/31/2010 12/15/2012 201,938 201,876
U.S. Treasury Notes 1.125 12/31/2010 6/15/2013 704,988 709,324
U.S. Treasury Notes 1.750 12/31/2010 3/31/2014 509,434 516,445
Vanguard 500 Index Trust (open-end mutual fund) - Various Demand 4,016,421 4,070,692
Ishares MSCI Emerging Mkts (closed-end equity fund) - 12/31/2010 6/15/2013 149,904 128,996
Ishares Morgan Stanley Capitol International 0 0
Europe Asia Far East Index (closed-end equity fund) - 12/31/2010 3/31/2014 559,810 520,065
Ishares RSSLL MIDCAP Index (closed-end equity fund) - Various Demand 193,462 172,235
Ishares Russell 2000 Index (closed-end equity fund) - 9/29/2010 Demand 181,357 221,250
Ishares S&P MIDCAP 400 (closed-end equity fund) - Various Demand 270,420 262,830
Ishares S&P Smallcap 600 (closed-end equity fund) - 10/22/2007 Demand 288,310 375,650
S&P 500 Depository Receipts (closed-end equity fund) - Various Demand 1,674,804 1,757,000
Union Natl Elgin IL CD 1.700 6/8/2010 6/8/2012 100,000 100,000
The First Na ME CD 2.700 2/23/2010 2/23/2015 99,000 99,000
19,235,550 19,462,576
Total restricted cash equivalents & investments 407,057,825 407,573,923
Cash balance (unrestricted & restricted) - 32,215,704
Total Cash, Cash Equivalents and Investments $ 475,534,984 $ 508,593,830
OKLAHOMA TURNPIKE AUTHORITY
SCHEDULE OF INDEBTEDNESS ISSUED, RETIRED, DEFEASED AND OUTSTANDING
AS OF DECEMBER 31, 2011
Quarter Quarter
Beginning Ending
Date of Amount of Range of Range of Balance Additional Retired or Balance
Issuance Issuance Maturities Interest Rates Outstanding Issues Defeased Outstanding
Refunding 2nd Senior Revenue Bonds - Series 2002A 5/23/02 314,065,000 1/1/07 to 1/1/22 4.00% to 5.50% 188,285,000 - (173,225,000) 15,060,000
Refunding 2nd Senior Revenue Bonds - Series 2002B 5/23/02 255,575,000 1/1/07 to 1/1/22 4.00% to 5.375% 159,830,000 - (147,780,000) 12,050,000
Refunding 2nd Senior Revenue Bonds - Series 2006A 8/24/06 104,790,000 1/1/10 to 1/1/14 3.50% to 4.00% 61,825,000 - - 61,825,000
Refunding 2nd Senior Revenue Bonds - Series 2006B 8/24/06 106,160,000 1/1/15 to 1/1/28 * 106,160,000 - - 106,160,000
Refunding 2nd Senior Revenue Bonds - Series 2006C 8/24/06 106,160,000 1/1/15 to 1/1/28 * 106,160,000 - (106,160,000) -
Refunding 2nd Senior Revenue Bonds - Series 2006D 8/24/06 106,160,000 1/1/15 to 1/1/28 * 106,160,000 - (106,160,000) -
Refunding 2nd Senior Revenue Bonds - Series 2006E 8/24/06 106,160,000 1/1/15 to 1/1/28 * 106,160,000 - - 106,160,000
Refunding 2nd Senior Revenue Bonds - Series 2006F 8/24/06 106,160,000 1/1/15 to 1/1/28 * 106,160,000 - - 106,160,000
Refunding 2nd Senior Revenue Bonds - Series 2007A 6/6/07 45,680,000 1/1/09 to 1/1/22 4.00% to 4.25% 45,140,000 - - 45,140,000
BBVA Compass Credit Facility** 12/1/09 35,000,000 12/1/11 to 12/1/20 90-day LIBOR + 0.80% 33,490,000 - (6,000,000) 27,490,000
Refunding 2nd Senior Revenue Bonds - Series 2011A 10/5/11 524,010,000 1/1/12 to 1/1/28 0.20% to 5.00% - 524,010,000 - 524,010,000
Construction 2nd Senior Revenue Bonds - Series 2011B 12/7/11 159,650,000 1/1/14 to 1/1/31 3.00% to 5.00% - 159,650,000 - 159,650,000
Totals $1,019,370,000 $683,660,000 ($539,325,000) $1,163,705,000
OKLAHOMA TURNPIKE AUTHORITY
PROCEEDS FROM SALE OF SURPLUS PROPERTY
FOR THE QUARTER ENDED DECEMBER 31, 2011
DATE DESCRIPTION PROCEEDS
4TH QTR 12/31/11 Total Sale of Surplus Property $53,947
& Insurance Proceeds
Total $53,947
* The Series 2006B, E & F Bonds are variable rate bonds. The Series 2006B bears interest at a rate reset on a weekly basis, and the Series 2006E & F bear interest at a rate reset on a daily basis.
** The proceeds of this credit facility were invested in certificates of deposit with BBVA Compass to fund the balance of the revenue bond requirement previously solely provided by surety bonds
from Financial Guaranty Insurance Company. The maximum annual debt service requirements have decreased such that only $27,490,000 is currently necessary to satisfy reserve requirements.
Accordingly, the credit facility was recast to $27,490,000 with the above noted terms.
Report to Bondholders - Quarter ending December 31, 2011 - Page 18