§49-17  Duties of the director of finance. 
(a)  The director of finance shall be the fiscal agent for the payment of all
principal and interest, and for the transfer of revenue bonds.  The director of
finance may appoint other fiscal agents and transfer agents.



The director of finance shall cause to be set
up in the treasury of the county suitable accounts for the deposit of all
revenue of the undertaking or loan program, and for the payment of all revenue
bonds and the interest thereon and for all other payment provided or required
by this chapter, and for the holding of all reserves created under this
chapter.



If deemed necessary or advisable by the
director of finance, the director may appoint a national or state bank or trust
company within or without the State to serve as trustee for the holders of the
revenue bonds and the director of finance may enter into a trust indenture or
trust agreement or indenture of mortgage with the trustee.  The trustee may be
authorized by the county to receive and receipt for, hold and administer the
proceeds of the revenue bonds and to apply the same to the purposes for which
the bonds are issued, or to receive and receipt for, hold and administer all or
part of the revenue derived by the county from the undertaking and to apply the
revenue to the payment of the principal of and interest on the revenue bonds,
or both.  In the event that the trustee shall be appointed, any trust indenture
or trust agreement or indenture of mortgage entered into by the director of
finance with the trustee may contain whatever covenants and provisions as may
be authorized by this chapter as may be deemed necessary by the director, and
any covenants or provisions so contained need not be included in a resolution
or resolutions adopted under this chapter, but may be incorporated by general
reference thereto in such resolution or resolutions.  Any resolution or
resolutions, trust indenture or trust agreement or indenture of mortgage
adopted by the governing body or entered into by the director of finance
pursuant to this chapter may also contain any provisions required for the
qualification thereof under the United States Trust Indenture Act of 1939 or
deemed necessary or desirable by the director of finance for the security and
protection of the holders of the revenue bonds or to carry out the purposes of
this chapter.  The county may pledge and assign to the trustee all or part of
the revenue of the undertaking or the loan program for the benefit of the
holders of the revenue bonds.



(b)  If the director of finance appoints a
trustee for the holders of the revenue bonds, then notwithstanding the first
sentence of subsection (a), the director of finance may elect not to serve as
fiscal agent for the payment of the principal and interest, and for the
purchase, registration, transfer, exchange and redemption, of the revenue
bonds, or may elect to limit the functions the director shall perform as the
fiscal agent.  The director of finance may appoint the trustee to serve as the
fiscal agent, and may authorize and empower the trustee to perform the
functions with respect to the payment, purchase, registration, transfer,
exchange and redemption, as the director of finance may deem necessary,
advisable, or expedient, including without limitation the holding of the
revenue bonds and coupons which have been paid and the supervision and
conducting of the destruction thereof in accordance with law, to appoint the
trustee or others as fiscal agents, paying agents, and registrars for the
revenue bonds or to authorize and empower the fiscal agents, paying agents, and
registrars to perform the functions referred to in subsection (a), it being the
intent of this subsection to permit, the director of finance, at the director's
election, not to serve as fiscal agent for the revenue bonds or to limit the
functions the director shall perform as such fiscal agent, as the director may
deem necessary, advisable, or expedient. [L 1989, c 80, pt of §3]