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 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.