Trustee for Board and Holders of Bonds

(a)The authority shall appoint a bank or trust company to act as trustee for the Board and the holders of the bonds issued hereunder, and the Board may authorize the trustee to act on behalf of the holders of the bonds, or any stated percentage thereof, and to exercise and prosecute on behalf of the holders of the bonds such rights and remedies as may be available to the holders.

(b)The indenture shall provide

(i)for the deposit of all revenues with the trustee and for the holding thereof by the trustee in one or more separate funds or accounts in the Guam Economic Development Authority Mortgage Revenue Fund and

(ii)for the transfer to such trustee of such portions of revenues as are provided as security for the bonds and for the holding thereof by such trustee in one or more separate funds or accounts in said Revenue Fund. All money in each such fund or account shall be disbursed only as provided herein and in the indenture.