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

The director of finance shall cause to be setup in the treasury of the county suitable accounts for the deposit of allrevenue of the undertaking or loan program, and for the payment of all revenuebonds and the interest thereon and for all other payment provided or requiredby this chapter, and for the holding of all reserves created under thischapter.

If deemed necessary or advisable by thedirector of finance, the director may appoint a national or state bank or trustcompany within or without the State to serve as trustee for the holders of therevenue bonds and the director of finance may enter into a trust indenture ortrust agreement or indenture of mortgage with the trustee.  The trustee may beauthorized by the county to receive and receipt for, hold and administer theproceeds of the revenue bonds and to apply the same to the purposes for whichthe bonds are issued, or to receive and receipt for, hold and administer all orpart of the revenue derived by the county from the undertaking and to apply therevenue 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 indentureor trust agreement or indenture of mortgage entered into by the director offinance with the trustee may contain whatever covenants and provisions as maybe authorized by this chapter as may be deemed necessary by the director, andany covenants or provisions so contained need not be included in a resolutionor resolutions adopted under this chapter, but may be incorporated by generalreference thereto in such resolution or resolutions.  Any resolution orresolutions, trust indenture or trust agreement or indenture of mortgageadopted by the governing body or entered into by the director of financepursuant to this chapter may also contain any provisions required for thequalification thereof under the United States Trust Indenture Act of 1939 ordeemed necessary or desirable by the director of finance for the security andprotection of the holders of the revenue bonds or to carry out the purposes ofthis chapter.  The county may pledge and assign to the trustee all or part ofthe revenue of the undertaking or the loan program for the benefit of theholders of the revenue bonds.

(b)  If the director of finance appoints atrustee for the holders of the revenue bonds, then notwithstanding the firstsentence of subsection (a), the director of finance may elect not to serve asfiscal agent for the payment of the principal and interest, and for thepurchase, registration, transfer, exchange and redemption, of the revenuebonds, or may elect to limit the functions the director shall perform as thefiscal agent.  The director of finance may appoint the trustee to serve as thefiscal agent, and may authorize and empower the trustee to perform thefunctions 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 therevenue bonds and coupons which have been paid and the supervision andconducting of the destruction thereof in accordance with law, to appoint thetrustee or others as fiscal agents, paying agents, and registrars for therevenue bonds or to authorize and empower the fiscal agents, paying agents, andregistrars to perform the functions referred to in subsection (a), it being theintent of this subsection to permit, the director of finance, at the director'selection, not to serve as fiscal agent for the revenue bonds or to limit thefunctions the director shall perform as such fiscal agent, as the director maydeem necessary, advisable, or expedient. [L 1989, c 80, pt of §3]