[§304A-2686] Fiscal agents.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

[§304A-2686] Fiscal agents. The director of finance of the State, when requested by the board, shall render full and complete assistance to the board in the preparation and sale of revenue bonds issued pursuant to this subpart. The director of finance shall be the fiscal agent of the board for the payment of all principal and interest, and for the transfer, of revenue bonds. Sections 36‑3 and 39‑12 shall apply to this subpart. The director of finance shall set up in the treasury of the State suitable accounts for:

(1)Deposit of all revenues of university projects, university systems, or networks and for the payment of all revenue bonds and the interest thereon;

(2)Deposit of all other payments provided or required by this subpart, or any resolution or resolutions of the board; and

(3)Holding of all reserves created under this subpart, or pursuant to any resolution of the board. [L 2007, c 161, pt of §1]