(a) The agents of the state for payment of the maturing principal of, and interest on, its direct obligation bonds, irrespective of any other legislation on the subject, shall be for all obligations a bank located in this state, to be designated by the State Board of Finance.

(b) Fees of the paying agents shall be as follows:

(1) For payment of interest, one-fourth of one percent (1/4 of 1%) of the total amount paid; and

(2) For payment of principal of each maturity, the aggregate thereof to be calculated as follows, with each paying agent to receive its respective proportion based upon the amount paid by it: one-tenth of one percent (1/10 of 1%) on the first one hundred thousand dollars ($100,000) paid, one-twentieth of one percent (1/20 of 1%) on the next nine hundred thousand dollars ($900,000) paid, one-thirtieth of one percent (1/30 of 1%) on the next four million dollars ($4,000,000) paid, and one-fortieth of one percent (1/40 of 1%) on all amounts paid in excess of five million dollars ($5,000,000).

(c) In the event any agent so designated shall refuse to accept the paying agency or in the event any agent accepting this designation shall thereafter resign or fail to furnish service satisfactory to the board, the board shall name another commercial bank as successor thereto.

(d) Paying agents shall render monthly statements of account to, and in such form as shall be required by, the Treasurer of State. With those monthly statements, the paying agent shall transmit all paid and cancelled obligations.