Oklahoma § 3-538 - Application to Supreme Court for approval of bonds —

§ 3-538. Application to Supreme Court for approval of bonds —

Jurisdiction — Notice of hearing — Protest — Determination of

validity.

The Oklahoma Space Industry Development Authority is authorized

in its discretion to file an application with the Supreme Court for

the approval of any bonds to be issued hereunder, and exclusive

original jurisdiction is hereby conferred upon the Supreme Court to

hear and determine each such application. It shall be the duty of

the Court to give such applications precedence over the other

business of the Court and to consider and pass upon the applications

and any protests which may be filed thereto as speedily as possible.

Notice of the hearing on each application shall be given by a notice

Oklahoma Statutes - Title 3. Aircraft and Airports

published in a newspaper of general circulation in this state that

on a day named, the Authority will ask the Court to hear its

application and approve the bonds. Such notice shall inform all

persons interested that they may file protests against the issuance

of the bonds and be present at the hearing and contest the legality

thereof. Such notice shall be published one time not less than ten

(10) days prior to the date named for the hearing and the hearing

may be adjourned from time to time in the discretion of the Court.

If the Court shall be satisfied that the bonds have been properly

authorized in accordance with the Oklahoma Space Industry

Development Act and that when issued, they will constitute valid

obligations in accordance with their terms, the Court shall render

its written opinion approving the bonds and shall fix the time

within which a petition for rehearing may be filed. The decision of

the Court shall be a judicial determination of the validity of the

bonds, shall be conclusive as to the Authority, its officers and

agents, and thereafter the bonds so approved and the revenues

pledged to their payment shall be incontestable in any court in this

state.

Added by Laws 1999, c. 164, § 28, eff. July 1, 1999. Amended by

Laws 2025, c. 274, § 13, eff. July 1, 2025. Renumbered from § 5228

of Title 74 by Laws 2025, c. 274, § 45, eff. July 1, 2025.