§206E-107  Trustee; designation, duties. 
(a)  The authority 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
authority 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 shall also be authorized by
the authority to hold and administer the reserved housing loan program revenue
bond special fund established pursuant to section 206E-109, and to receive and
receipt for, hold, and administer the revenues derived by the authority from
the benefits of the reserved housing loan program for which the revenue bonds
are issued and to apply these revenues to the payment of the cost of
administering, operating, and maintaining the reserved housing 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 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 and registrars to perform the
functions referred to in those sections. [L 1982, c 228, pt of §8]



 



Revision Note



 



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