[§201H-75]  Trustee; designation, duties. (a)  The corporation may designate a trustee for each issue of bonds securedunder the same trust indenture; provided that the trustee shall be approved bythe director of finance.

(b)  The trustee shall be authorized by thecorporation to receive and receipt for, hold, and administer the proceeds ofthe bonds, and to apply the proceeds to the purposes for which the bonds areissued.

(c)  The trustee shall also be authorized bythe corporation to hold and administer any housing project bond special fundsand housing loan program revenue bond special funds established pursuant tosection 201H-80.  The trustee may receive and receipt for, hold, and administerthe revenues derived by the corporation from any housing project or projects orloan program for which the bonds are issued or the projects or loan programspledged to the payment of the bonds.  The trustee shall apply the revenues tothe payment of the cost of administering, operating, and maintaining the housingproject or projects or loan program; to pay the principal of and the intereston the bonds; to the establishment of reserves; and to other purposes as may beauthorized in the proceedings providing for the issuance of the bonds.

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

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

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

(e)  The trustee shall perform additionalfunctions 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 bonds and coupons, if any,that have been paid and the supervision of their destruction in accordance withlaw.

(f)  Nothing in this part shall limit or beconstrued to limit the powers granted to the director of finance in sections 36‑3,39-13, and 39-68(a), to appoint the trustee or others as fiscal agents, payingagents, and registrars for the bonds or to authorize and empower those fiscalagents, paying agents, and registrars to perform the functions referred to inthose sections. [L 2006, c 180, pt of §4]