Director of Administration as Trustee for Board and Holders of Bonds

(a)The Director of Administration or any agent designated by him shall act as trustee for the Board and the holders of 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 Board may provide in an indenture:

(1)for the deposit of all revenues with the Treasurer and for the holding thereof by the Treasurer in one or more separate funds or accounts in the Guam Power Authority Revenue Fund created by § 8237; and

(2)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.