State Codes and Statutes

Statutes > California > Puc > 102550-102554

PUBLIC UTILITIES CODE
SECTION 102550-102554



102550.  The district shall have power to purchase transit equipment
such as cars, trolley buses and motorbuses, or rolling equipment,
and may execute agreements, leases, and equipment trust certificates
in the forms customarily used by private corporations engaged in the
transit business appropriate to effect such purchase and leasing of
transit equipment, and may dispose of such equipment trust
certificates upon such terms and conditions as the board may deem
appropriate. Payment for such equipment, or rentals therefor, may be
made in installments, and the deferred installments may be evidenced
by equipment trust certificates payable from any source or sources of
funds specified in such certificates that are or will be legally
available to the district; and title to such equipment shall not rest
in the district until the equipment trust certificates are paid.



102551.  The agreement to purchase or lease may direct the vendor or
lessor to sell and assign or lease the rolling equipment to a bank
or trust company duly authorized to transact business in the State of
California as trustee, for the benefit and security of the equipment
trust certificates and may direct such trustee to deliver the
rolling equipment to one or more designated officers of the district
and may authorize the district to simultaneously therewith execute
and deliver an installment purchase agreement or a lease of the
equipment to the district.



102552.  The agreements and leases shall be duly acknowledged before
a person authorized by law to take acknowledgments of deeds and in
the form required for acknowledgment of deeds, and such agreements,
leases, and equipment trust certificates shall be authorized by
resolution of the district and shall contain such covenants,
conditions, and provisions which may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates
from legally available sources or sources of funds specified in such
certificates.


102553.  The covenants, conditions, and provisions of the
agreements, leases, and equipment trust certificates shall not
conflict with any of the provisions of any trust agreement securing
the payment of bonds, notes, or certificates of the district.




102554.  An executed copy of each such agreement and lease shall be
filed in the office of the Secretary of State, who will be entitled
to receive one dollar ($1) for each such copy filed with him and
which filing shall constitute notice to any subsequent judgment
creditor or any subsequent purchaser. Each vehicle so purchased or
leased shall have the name of the owner or lessor plainly marked on
both sides thereof followed by the appropriate words "Owner and
Lessor" or "Owner and Vendor," as the case may be.


State Codes and Statutes

Statutes > California > Puc > 102550-102554

PUBLIC UTILITIES CODE
SECTION 102550-102554



102550.  The district shall have power to purchase transit equipment
such as cars, trolley buses and motorbuses, or rolling equipment,
and may execute agreements, leases, and equipment trust certificates
in the forms customarily used by private corporations engaged in the
transit business appropriate to effect such purchase and leasing of
transit equipment, and may dispose of such equipment trust
certificates upon such terms and conditions as the board may deem
appropriate. Payment for such equipment, or rentals therefor, may be
made in installments, and the deferred installments may be evidenced
by equipment trust certificates payable from any source or sources of
funds specified in such certificates that are or will be legally
available to the district; and title to such equipment shall not rest
in the district until the equipment trust certificates are paid.



102551.  The agreement to purchase or lease may direct the vendor or
lessor to sell and assign or lease the rolling equipment to a bank
or trust company duly authorized to transact business in the State of
California as trustee, for the benefit and security of the equipment
trust certificates and may direct such trustee to deliver the
rolling equipment to one or more designated officers of the district
and may authorize the district to simultaneously therewith execute
and deliver an installment purchase agreement or a lease of the
equipment to the district.



102552.  The agreements and leases shall be duly acknowledged before
a person authorized by law to take acknowledgments of deeds and in
the form required for acknowledgment of deeds, and such agreements,
leases, and equipment trust certificates shall be authorized by
resolution of the district and shall contain such covenants,
conditions, and provisions which may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates
from legally available sources or sources of funds specified in such
certificates.


102553.  The covenants, conditions, and provisions of the
agreements, leases, and equipment trust certificates shall not
conflict with any of the provisions of any trust agreement securing
the payment of bonds, notes, or certificates of the district.




102554.  An executed copy of each such agreement and lease shall be
filed in the office of the Secretary of State, who will be entitled
to receive one dollar ($1) for each such copy filed with him and
which filing shall constitute notice to any subsequent judgment
creditor or any subsequent purchaser. Each vehicle so purchased or
leased shall have the name of the owner or lessor plainly marked on
both sides thereof followed by the appropriate words "Owner and
Lessor" or "Owner and Vendor," as the case may be.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Puc > 102550-102554

PUBLIC UTILITIES CODE
SECTION 102550-102554



102550.  The district shall have power to purchase transit equipment
such as cars, trolley buses and motorbuses, or rolling equipment,
and may execute agreements, leases, and equipment trust certificates
in the forms customarily used by private corporations engaged in the
transit business appropriate to effect such purchase and leasing of
transit equipment, and may dispose of such equipment trust
certificates upon such terms and conditions as the board may deem
appropriate. Payment for such equipment, or rentals therefor, may be
made in installments, and the deferred installments may be evidenced
by equipment trust certificates payable from any source or sources of
funds specified in such certificates that are or will be legally
available to the district; and title to such equipment shall not rest
in the district until the equipment trust certificates are paid.



102551.  The agreement to purchase or lease may direct the vendor or
lessor to sell and assign or lease the rolling equipment to a bank
or trust company duly authorized to transact business in the State of
California as trustee, for the benefit and security of the equipment
trust certificates and may direct such trustee to deliver the
rolling equipment to one or more designated officers of the district
and may authorize the district to simultaneously therewith execute
and deliver an installment purchase agreement or a lease of the
equipment to the district.



102552.  The agreements and leases shall be duly acknowledged before
a person authorized by law to take acknowledgments of deeds and in
the form required for acknowledgment of deeds, and such agreements,
leases, and equipment trust certificates shall be authorized by
resolution of the district and shall contain such covenants,
conditions, and provisions which may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates
from legally available sources or sources of funds specified in such
certificates.


102553.  The covenants, conditions, and provisions of the
agreements, leases, and equipment trust certificates shall not
conflict with any of the provisions of any trust agreement securing
the payment of bonds, notes, or certificates of the district.




102554.  An executed copy of each such agreement and lease shall be
filed in the office of the Secretary of State, who will be entitled
to receive one dollar ($1) for each such copy filed with him and
which filing shall constitute notice to any subsequent judgment
creditor or any subsequent purchaser. Each vehicle so purchased or
leased shall have the name of the owner or lessor plainly marked on
both sides thereof followed by the appropriate words "Owner and
Lessor" or "Owner and Vendor," as the case may be.