(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 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.

(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 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.

(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.

Amended by Laws 1987, c. 9, § 2, emerg. eff. March 31, 1987; Laws 1989, c. 200, § 4, emerg. eff. May 8, 1989.