Okla. Stat. tit. 82, § 82-1085.42

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,

Oklahoma Statutes - Title 82. Waters and Water Rights Page 236

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
ates, 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.