§516-107  Trustee; designation, duties. 
(a)  The corporation shall designate a trustee for each issue of revenue bonds
secured under the same trust indenture; provided that the trustee shall be
approved by the director of finance.



(b)  The trustee shall be authorized by the corporation
to receive and receipt for, hold, and administer the proceeds of the revenue
bonds, and to apply the proceeds to the purposes for which the bonds are
issued.



(c)  The trustee also shall be authorized by
the corporation to hold and administer the acquisition loan program revenue
bond special fund established pursuant to section 516-111, and to receive and
receipt for, hold, and administer the revenues derived by the corporation from
the benefits of the acquisition loan programs for which the revenue bonds are
issued and to apply these revenues to the payment of the cost of administering,
operating, and maintaining the acquisition loan programs, to pay the principal
of and interest on these bonds, to the establishment of reserves, and to other
purposes as may be authorized in the proceedings providing for the issuance of
the revenue bonds.



(d)  Notwithstanding section 39-68, the
director of finance may appoint the trustee to serve as fiscal agent for:



(1)  The payment of the principal of and interest on
the revenue bonds; and



(2)  The purchase, registration, transfer, exchange,
and redemption of the bonds.



(e)  The trustee shall perform additional
functions with respect to the payment, purchase, registration, transfer, exchange,
and redemption, as the director of finance may deem necessary, advisable, or
expeditious, including the holding of the revenue bonds and coupons which have
been paid and the supervision of the destruction thereof in accordance with the
law.



(f)  Nothing in this part shall limit or be
construed to limit the powers granted to the director of finance in sections
36-3 and 39-13, and the third sentence of section 39-68, to appoint the trustee
or others as fiscal agents, paying agents, and registrars for the revenue bonds
or to authorize and empower those fiscal agents, paying agents, and registrars
to perform the functions referred to in those sections. [L 1983, c 270, pt of
§1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L
2006, c 180, §16]



 



Revision Note



 



  Section "39-68" substituted for "39-65". 
"39-13" substituted for "39-12".