The issuing officer shall, by resolution, direct the State Treasurer to contract, in such manner as the issuing officers shall prescribe, with a banking or other institution to act as: (1) Registration agent for bonds, notes and revenue notes; (2) recording agent to provide a permanent record of all bonds and coupons pertaining thereto, notes and revenue notes which shall have been paid or redeemed; and (3) cancellation agent to cancel all such bonds and coupons pertaining thereto, notes and revenue notes which shall have been paid or redeemed. The State Treasurer may, at the direction of the issuing officers, contract with such institution for related services. Any such contract shall provide that the agent shall be responsible to the State for the faithful and safe conduct of the services to be performed by it as registration agent, recording agent or cancellation agent, or services related thereto, for the fidelity and integrity of the officers and agents of such contracting institution performing the duties of a registration agent, recording agent or cancellation agent, or services related thereto, and for all loss or damage which may result from any failure of such officers or agents to discharge their duties and for any improper or incorrect discharge of those duties, and shall save the State free and harmless from any and all loss or damage occasioned by or incurred in the performance of such services. Such contract may be terminated by the State Treasurer at any time, if so directed by the issuing officers. Any such contract shall be filed in the office of the State Treasurer as a public record.
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