Okla. Stat. tit. 74, § 74-856

(a) The Oklahoma Industrial Finance Authority shall be, and is

hereby, authorized to issue and sell State Industrial Finance Bonds

in such amounts as shall be needed from time to time for the

purposes set forth in this act, provided, however, that the total

volume of such bonds shall not exceed in the aggregate Ninety

Million Dollars ($90,000,000.00) outstanding at any one time. Such

bonds may be issued in one or more series, may bear such date or

dates, may mature at such time or times not exceeding thirty (30)

years from their date, may be in such denomination or denominations,

may be in such form, either coupon or registered, may carry such

registration and conversion privileges, may be executed in such

manner, may be payable in such medium of payment at such place or

places, may be subject to such terms of redemption with or without

premium, and may bear such rate or rates of interest as may be

provided by resolution or resolutions to be adopted by the Authority

within such limits provided by law. Such bonds may be sold in such

manner and at such price or prices, not less than par plus accrued

interest to date of delivery, as may be considered by the Authority

to be advisable. Such bonds shall have all the qualities and

incidents of negotiable paper, and shall not be subject to taxation

by the State of Oklahoma or by any county, municipality or political

subdivision therein. All such bonds issued, or to be issued, by the

Authority under the powers herein granted shall be backed by the

full faith and credit of the State of Oklahoma, and there is hereby

pledged to the payment of principal and interest of such bonds: (1)

The net proceeds from repayment of loans and interest received

thereon; (2) any monies available from other funds of the state not

otherwise obligated; and (3) the proceeds of any tax, other than ad

valorem, to be imposed for such purpose in the event funds available

Oklahoma Statutes - Title 74. State Government Page 578

for use and pledge under (1) and (2) should be insufficient. All

proceeds derived from the sale of such bonds shall be placed in an

"Industrial Development Loan Fund" account in the State Treasury.

(b) The Authority may issue bonds hereunder for the purpose of

refunding any obligations issued under the provisions of this act.

Such bonds may either be sold or delivered in exchange for

outstanding obligations. If sold, the proceeds may be either

applied to the payment of the obligations refunded or deposited in

escrow for the retirement thereof. Nothing herein contained shall

be construed to authorize the refunding of any outstanding

obligations which are not either maturing, callable for redemption

under their terms, or voluntarily surrendered by their holders for

cancellations, unless the Authority covenants that sufficient funds

to pay all remaining interest and principal payments of outstanding

obligations when due will be placed in escrow for such purpose in

the State Treasury at the time of delivery of and payment for the

new bonds issued hereunder. All bonds issued under this section

shall in all respects be authorized, issued and secured in the

manner provided for other bonds issued under this act, and shall

have all the attributes of such bonds. The Authority may provide

that any such refunding bonds shall have the same priority of

payment and be paid from the same revenues in the manner enjoyed by

the obligations refunded thereby.
. All bonds issued under this section

shall in all respects be authorized, issued and secured in the

manner provided for other bonds issued under this act, and shall

have all the attributes of such bonds. The Authority may provide

that any such refunding bonds shall have the same priority of

payment and be paid from the same revenues in the manner enjoyed by

the obligations refunded thereby.

(c) The Authority is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

any series of 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 such applications and any

protests which may be filed thereto 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 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 act and Section 33A, Article X of

the Constitution 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 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

Oklahoma Statutes - Title 74. State Government Page 579

validity of the bonds, shall be conclusive as to the State of

Oklahoma, its officers, agents and instrumentalities, and thereafter

the bonds so approved and the revenues pledged to their payment

shall be incontestable in any court in the State of Oklahoma.

(d) It shall be the duty of the Attorney General to examine

into and pass upon the validity of all bonds issued by the

Authority. When examined and approved by the Attorney General and

declared by his certificate to be a lawful and valid obligation, the

bonds so issued shall be incontestable in any court in the State of

Oklahoma unless suit thereon shall be brought in a court having

jurisdiction of the same within thirty (30) days from the date of

the approval of the Attorney General.
all bonds issued by the

Authority. When examined and approved by the Attorney General and

declared by his certificate to be a lawful and valid obligation, the

bonds so issued shall be incontestable in any court in the State of

Oklahoma unless suit thereon shall be brought in a court having

jurisdiction of the same within thirty (30) days from the date of

the approval of the Attorney General.

(e) At the option of the Authority, and in lieu of submitting

an issuance of bonds to the Attorney General which will be sold in

their entirety at one time, the Authority may submit to the Attorney

General a proposed issuance of bonds which it intends to sell in

more than one subseries. If each subseries of the bond issuance has

identical terms, conditions and attributes, other than the rate of

interest and final maturity date, the Authority may ask that the

Attorney General review and approve the proposed issuance and make

the certificate referred to in subsection (d) of this section. All

proceedings of this issuance leading up to this submission to the

Attorney General, shall be incontestable in any court in the State

of Oklahoma unless suit thereon shall be brought in a court having

jurisdiction of the same within thirty (30) days from the date of

the approval of the Attorney General. The separate issuance of each

subseries shall also be submitted to the Attorney General for his

review and approval and when declared by his certificate to be valid

and lawful obligations, shall be incontestable in any court in the

State of Oklahoma unless suit thereon shall be brought in a court

having jurisdiction of the same within five (5) days from the date

of his approval.