Designation of Trustee Under the Indenture

The indenture pursuant to which the bonds are issued may designate a bank, trust company or other financial institution with trust powers to 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. The indenture may provide for the deposit with such trustee of all revenues securing the bonds, to be held in a separate fund or account in the University Revenue Fund created pursuant to this Chapter. The money in such fund shall be disbursed only as provided in the indenture. The services of a bank, trust company or other financial institution with trust powers, licensed to do business on Guam, shall conform with the Guam Procurement Laws.