Oklahoma § 74-9079 - Application to Oklahoma Supreme Court for approval of

§ 74-9079. Application to Oklahoma Supreme Court for approval of

ratepayer-backed bonds.

The Oklahoma Development Finance Authority shall file an

application with the Supreme Court of Oklahoma for the approval of

ratepayer-backed bonds issued under this act, and exclusive original

Oklahoma Statutes - Title 74. State Government

jurisdiction is hereby conferred upon the Court to hear and

determine each application. The Court shall give such an

application precedence over the other business of the Court and

consider and pass upon the application and any protests which may be

filed against such application as speedily as possible. Notice of

the hearing on each application shall be given by notice published

in a newspaper of general circulation in the state that on a day

named by the Authority will ask the Oklahoma Supreme Court to hear

its application and approve the bonds. The 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. The 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 at the discretion of the Court.

If the Court shall be satisfied that the bonds or any portions

thereof have been properly authorized in accordance with this act

and the Constitution of the State of Oklahoma, and that when issued

they will constitute valid obligations in accordance with their

terms, the Court shall render its written opinion approving the

ratepayer-backed 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, the state, its officers,

agents and instrumentalities, and all other persons, 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 2021, c. 204, § 10, emerg. eff. April 23, 2021.