The board may:
(1) enter into agreements or contracts with a bank, trust company, or financial institution, inside or outside the state, as may be necessary, desirable, or convenient, in the opinion of the board, for rendering services in connection with:
(a) the care, custody, or safekeeping of bonds or other investments held or owned by the board pursuant to this part;
(b) the payment or collection of amounts payable as to principal or interest; and
(c) the delivery to the board of bonds or other investments purchased by it or sold by it pursuant to this part;
(2) pay the cost of those services; and
(3) in connection with any of the services to be rendered by a bank, trust company, or financial institution as to the custody and safekeeping of its bonds or investments, require security in the form of collateral bonds, surety agreements, or security agreements in a form and amount as, in the opinion of the board, is necessary or desirable.