[§163D-14]  Trustee; designation, duties. (a)  The corporation shall designate a trustee for each issue of revenue bondssecured under the same trust indenture.

(b)  The trustee shall be authorized by thecorporation to hold and administer the project facility revenue bond specialfund established pursuant to section [163D-13], to receive and receipt for,hold, and administer the revenues derived by the corporation from the projectfacility for which the revenue bonds were issued, and to apply these revenuesto the payment of the cost:

(1)  Of undertaking the project facility;

(2)  Of administering and operating the proceedingsproviding for the issuance of the revenue bonds;

(3)  To pay the principal or interest on these bonds;

(4)  To the establishment of reserves; and

(5)  To other purposes as may be authorized in theproceedings providing for the issuance of the revenue bonds.

(c)  Notwithstanding section 39-68 to thecontrary, the director of finance may appoint the trustee to serve as fiscalagent for:

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

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

(d)  The trustee shall perform additionalfunctions with respect to the payment, purchase, registration, transfer,exchange, and redemption of the bonds, as the director of finance may deemnecessary, advisable, or expeditious, including the holding of the revenuebonds and coupons that have been paid and the supervision of the destructionthereof in accordance with applicable law.

(e)  Nothing in this chapter shall limit or beconstrued to limit the powers granted to the director of finance in sections36-3, 39-13, and 39-68(a), to appoint the trustee or others as fiscal agents,paying agents, and registrars for the revenue bonds or to authorize and empowerthose fiscal agents, paying agents, and registrars to perform the functionsreferred to in those sections. [L 1994, c 264, pt of §1]