At the discretion of the State Treasurer, bonds issued under ORS 367.615 may be secured by a trust indenture. A trust indenture established under this section is subject to the following:

1. (1) The trust indenture shall be by and between the state and a trustee.
2. (2) The trustee may be any trust company or bank having the powers of a trust company whether inside or outside the state.
3. (3) The trustee may act as custodian as provided for by indenture under ORS 367.640.
4. (4) The trustee must be jointly appointed by the director and the State Treasurer.
5. (5) The trustee shall be vested with such powers and duties as provided for by indenture under ORS 367.640.

[1985 c.551 §9]