Sec. 16. The IFA or the NWIRDA may enter into agreements or contracts with any financial institution as may be necessary, desirable, or convenient in the opinion of the IFA or the NWIRDA for rendering services in connection with:

(1) the care, custody, or safekeeping of securities or other investments held or owned by the IFA or the NWIRDA;

(2) the payment or collection of amounts payable as to principal or interest; and

(3) the delivery to the IFA or the NWIRDA of securities or other investments purchased or sold by it.

The IFA or the NWIRDA may also, in connection with any of the services rendered by a financial institution as to custody and safekeeping of its securities or investments, require security in the form of collateral bonds, surety agreements, or security agreements as, in the opinion of the IFA or the NWIRDA, is necessary or desirable.

As added by P.L.189-2018, SEC.26.