Any municipality issuing bonds or other obligations pursuant to this chapter shall, so long as any such bonds or other obligations remain outstanding and unpaid, by resolution or resolutions duly adopted, authorize and appoint a trustee, satisfactory to the purchaser or purchasers of any bonds or other obligations issued pursuant to this chapter, or any successor thereto, with the following powers and duties:
Such trustee so appointed, or any successor thereto, shall receive and receipt for all money paid or to be paid to it in accordance with Section 59-15-3, constituting the net revenues derived from the operation of the improvements and facilities authorized by this chapter;
Such trustee so appointed, or any successor thereto, shall deposit all money received or to be received, in a special account or accounts in a bank or banks which are members of the Federal Reserve System, with such provisions for security therefor as may be incorporated in any agreement or agreements entered into between any such municipality and the purchaser or purchasers of any such bonds or other obligations;
Such trustee so appointed, or any successor thereto, shall use and apply all such money so received to the payment of principal of and interest on any bonds or other obligations issued by any municipality pursuant to this chapter, as the same become due, and shall use and apply any surplus remaining after such payment or payments for the prior redemption, with or without premium, of bonds or other obligations issued by any municipality pursuant to this chapter, or in accordance with the provisions of any agreement or agreements as may be made between any municipality issuing bonds or other obligations pursuant to this chapter and the purchaser or purchasers of such bonds or other obligations;
Such trustee so appointed, or any successor thereto, shall have and be vested with all rights, powers and duties, in addition to the foregoing, as may be provided for in any agreement or agreements between any municipality issuing bonds or other obligations pursuant to this chapter and the purchaser or purchasers of such bonds or other obligations;
Such trustee so appointed, or any successor thereto, shall by an instrument in writing, accept such trust and shall file such written acceptance of such trust with the clerk of the municipality so appointing such trustee;
If such trustee so appointed, or any successor thereto, shall die, fail, neglect or refuse to perform any of the duties herein imposed or that may be imposed by reason of any of the provisions of any agreement or agreements as aforesaid, such trustee, or any successor thereto, shall, on the written request of the holder or holders of twenty per centum or more in aggregate principal amount of bonds or other obligations issued pursuant to this chapter then outstanding and unpaid, be removed, by resolution duly adopted by the municipality by which such trustee, or any successor thereto, was appointed; and in such event, it shall be the duty of any such trustee so removed to effectuate a valid transfer of all money then in the possession or under the control of such trustee so removed to a duly appointed successor, and a failure on the part of such trustee so removed to do so shall constitute an embezzlement of such money and shall be punishable accordingly;
In the event any such trustee so appointed, or any successor thereto, shall die or be removed as hereinabove provided, it shall be the duty of any such municipality immediately by resolution duly adopted to appoint a trustee, as successor thereto, who is satisfactory to said holder or holders of twenty per centum or more in aggregate principal amount of bonds or other obligations issued pursuant to this chapter then outstanding and unpaid.