Okla. Stat. tit. 82, § 82-647

Conservancy districts may borrow money in any amount, which,

exclusive of interest, does not exceed the assessments then levied

but not collected, for any purpose incident to its powers and

functions and for any purpose provided by law, and may evidence such

debt by contract, agreement, notes or warrants payable within any

term not to exceed forty (40) years, and to bear interest at not to

exceed the market prime rate per year, provided that the interest

rate not exceed twelve and one-half percent (12 1/2%) per year. To

secure such loan or loans, the directors may pledge any assessment

then levied but not collected by the district and may agree to such

other terms and conditions, not incompatible with the provisions of

this title. Before any such loan is entered into by the district,

the board of directors shall make application to the district court

having jurisdiction of said district for approval of such loan. The

application shall set forth, the amount of the loan, the interest

rate, the purpose for which the loan is needed and a plan of

repayment. The application shall be set for hearing by the court

and notice by publication given to all owners of land upon which

assessment has been made by the district, without naming such owners

individually. Upon said hearing, if the owners of land in the

district upon which a majority of assessment has been made have not

filed written protests before the date of the hearing, and if the

Oklahoma Statutes - Title 82. Waters and Water Rights Page 118

court finds that such loan is necessary and in the best interests of

the district, the court shall approve the application.