§206E-158  Trustee; designation, duties. (a)  The authority shall designate a trustee for each issue of revenue bondssecured under the same trust indenture; provided that the trustee shall beapproved by the director of finance.

(b)  The trustee shall be authorized by theauthority to receive and receipt for, hold, and administer the proceeds of therevenue bonds, and to apply the proceeds to the purposes for which the bondsare issued.

(c)  The trustee shall also be authorized bythe authority to hold and administer the public facility revenue bond specialfund established pursuant to section 206E-157, and to receive and receipt for,hold, and administer the revenues derived by the authority from the publicfacility for which the revenue bonds are issued and to apply these revenues tothe payment of the cost:

(1)  Of undertaking the public 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.

(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 revenue 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 revenue bonds andcoupons which have been paid and the supervision of the destruction thereof inaccordance with law.

(f)  Nothing in this part shall limit or beconstrued to limit the powers granted to the director of finance in sections36-3 and 39-13, and the third sentence of section 39-68, to appoint the trusteeor others as fiscal agents, paying agents, and registrars for the revenue bondsor to authorize and empower those fiscal agents, paying agents, and registrarsto perform the functions referred to in those sections. [L 1985, c 268, pt of§1]

 

Revision Note

 

  Section"206E-157" substituted for "206E-156".  Section"39-68" substituted for "39-65".  Section "39-13"substituted for "39-12".