The Board is authorized in its discretion to file an application with the Supreme Court of Oklahoma for approval by the Court of any investment certificates to be issued under the provisions of Section 1085.33 of Title 82 of the Oklahoma Statutes, or to file a petition for a judgment determining the validity of any proposed contract or action arising from the exercise of any of the powers, rights, privileges and functions conferred upon the Board, eligible public agencies or public trusts under the provisions of Sections 1085.33 through 1085.39 of the Oklahoma Statutes and Sections 9 and 10 of this act; and exclusive original jurisdiction is hereby conferred upon the Supreme Court to hear and determine each such application or petition. Notice of the hearing on each application and petition shall be given by a notice published in a newspaper of general circulation in the state that on a day named the Board will ask the Court to hear its application and approve the investment certificates, or hear its petition and enter a declaratory judgment. Such notice shall inform property owners, taxpayers, ratepayers, citizens and all persons having or claiming any right, title or interest in such matter or properties or funds to be affected by the issuance of such investment certificates, or proposed contract or action, or affected in any way thereby, that they may file protests against the issuance of the investment certificates, the validity of the contracts or action, or the declaratory judgment, and be present at the hearings 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 is satisfied that the investment certificates described in the application have been properly authorized in accordance with Sections 1085.33 through 1085.37 of Title 82 of the Oklahoma Statutes and that, when issued, they will constitute valid obligations in accordance with their terms, the Court shall render its written opinion approving the investment certificates, and shall, upon application of the Board, also issue an order permanently enjoining all persons described in the aforesaid notice from thereafter instituting any action or proceeding contesting the validity of such investment certificates, or of the rates, fees or charges authorized to be charged for the payment thereof, or the pledge of revenues, monies, securities, contract rights or other personal property to secure such payment, and shall fix the time within which a petition for rehearing may be filed. If the Court is satisfied that a proposed contract or action described in a petition filed pursuant to this section is in accordance with the provisions of Sections 1085.33 through 1085.39 of Title 82 of the Oklahoma Statutes and Sections 9 and 10 of this act, the Court shall enter a judgment approving and declaring such contract or action to be valid, and shall, upon application of the Board, also issue an order permanently enjoining all persons described in the aforesaid notice from thereafter instituting any action or proceeding contesting the validity of such contract or action, and shall fix the time within which the petition for rehearing may be filed. The decision of the Court shall be a judicial determination of the validity of the investment certificates, shall be conclusive as to the Board, its officers and agents, and thereafter the obligations so approved and the revenues, monies, securities, contract rights or other personal property pledged to their payments shall be incontestable in any court in the State of Oklahoma, and any declaratory judgment on any contract or action of the Board, any eligible public agency or any public trust entered pursuant to this section shall have the force and effect of a final judgment or decree.
Added by Laws 1982, c. 306, § 11, emerg. eff. May 28, 1982.