[§356D-23]  Trustee; designation, duties. (a)  The authority 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 theauthority to receive and receipt for, hold, and administer the proceeds of thebonds, and to apply the proceeds to the purposes for which the bonds areissued.

(c)  The trustee shall also be authorized bythe authority to hold and administer any housing project bond special fundsestablished pursuant to section 356D-28, and to receive and receipt for, hold,and administer the revenues derived by the authority from any public housingproject or projects for which the bonds are issued or the projects pledged tothe payment of the bonds, and to apply the revenues to the payment of the costof administering, operating, and maintaining the public housing project orprojects, to pay the principal of and the interest on the bonds, to theestablishment of reserves, and to other purposes as may be authorized in theproceedings 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, ifany, that have been paid and the supervision of their destruction in accordancewith law.

(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 fiscal agents,paying agents, and registrars to perform the functions referred to in thosesections. [L 2006, c 180, pt of §2]