Oklahoma § 69-1718 - Judicial determination of validity of bonds

§ 69-1718. Judicial determination of validity of bonds

The Authority is authorized in its discretion to file an

application with the Supreme Court of Oklahoma 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

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries

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

published in a newspaper of general circulation in the 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 this article 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 the State of Oklahoma.

Added by Laws 1968, c. 415, § 1718, operative July 1, 1968.