Serve as Trustees and Loan Servicers to receive, track, account, disburse, collect, and report federal funds on behalf of the Authority in the successful compliance of federal funding agreements and requirements. The borrowers will primarily include commercial or local government entities for qualified projects. • Trustee holds and administers escrow accounts according to the Master Trust Indenture • The Trustee creates and maintains an escrow account for each disbursement of federal funds allocated for a loan involving a qualified project as directed under the Master Trust Indenture. New accounts can be created as the need arises at the direction of the Authority. • Any moneys held as part of any fund or account are held by the Trustee in accordance with governing agreements entered between the Authority, Trustee, and borrowers as applicable [e.g. Master Trust Indenture, Tax Agreements, and any applicable Investment Agreements]. All funds, including earned interest, must be tracked and accounted for properly to be treated as program income under federal requirements. • Daily reporting or access to reporting on cashflow within the above accounts to monitor borrower disbursements. • Monitor that all reserve funds are maintained at appropriate levels. • The Trustee provides online access to account information as well as monthly and annual statements on all funds and accounts. Downloadable reports are required. • The Trustee consults with the Authority, Bond Counsel and the Financial Advisors and will participate cooperatively in audits or inspections of financial accounts under the direction of the Authority. • The bank must be Depository Trust Company (DTC) eligible. • The bank must be a qualified depository of state funds pursuant to Ohio law.
