17-290. Designation of fiscal agent and
trustees; monies of the authority; fees


A. The commission shall designate a fiscal agent to receive and administer on
behalf of the commission all monies to be paid into the conservation development fund,
trustees to receive and administer on behalf of the commission all monies to be paid into
the bond proceeds funds, a trustee to receive and administer on behalf of the commission
all monies to be paid into the funds and accounts established by resolutions and a fiscal
agent to receive and administer on behalf of the commission all monies to be paid into
the capital improvement fund.


B. The designations in subsection A shall be made from banks or trust companies
authorized to do business in this state. A single bank or trust company may act in more
than one of the capacities described in this section.


C. Monies derived from the sale of bonds or pledged to the payment of these bonds
shall not be paid into the state treasury but shall be deposited by the commission's
treasurer or other fiscal officer, fiscal agent or trustee designated pursuant to this
section in a separate bank account designated by the commission. All deposits of these
monies shall be secured by obligations of the United States of America, of a market value
equal at all times to the amount of the deposit, and all banks and trust companies may
give such security. The monies shall be held for and on behalf of the commission and the
holders of any bonds. These monies shall be disbursed as directed by the commission and
according to the terms of any agreements with the holder of any bonds. This section
shall not be construed as limiting the power of the commission to agree in connection
with the issuance of any of its bonds as to the custody and disposition of the monies
received from the sale of the bonds or the income and revenue pledged and assigned to or
interest for the benefit of the holder of the bonds.


D. The fees and expenses of the fiscal agent and trustees designated pursuant to
this section shall be paid from the conservation development fund or the bond proceeds
fund as directed by the commission.