12-2809.Purchase of equipment; trust certificates; payment; leases.
The authority shall have power to purchase equipment such as cars,
trolley buses and motor buses, and may execute agreements, leases and
equipment trust certificates in the form customarily used in such cases
appropriate to effect such purchase and may dispose of such equipment trust
certificates. All money required to be paid by the authority under the
provisions of such agreements, leases and equipment trust certificates
shall be payable solely from the revenue or income to be derived from the
transportation system and from grants and loans as provided in K.S.A.
12-2811. Payment for such equipment, or rentals therefor, may be made in
installments, and the deferred installments may be evidenced by equipment
trust certificates payable solely from such revenue or income, and title to
such equipment shall not vest in the authority until the equipment trust
certificates are paid.
The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business
in the state of Kansas, as trustee, for the benefit and security of the
equipment trust certificates and may direct the trustee to deliver the
equipment to one or more designated officers of the authority and may
authorize the trustee simultaneously therewith to execute and deliver a
lease of the equipment to the authority.
The agreements and leases shall be duly acknowledged before some 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 vote of the board and shall contain
such covenants, conditions and provisions as may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates from
the revenue or income to be derived from the transportation system.
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 or certificates of the
authority.
An executed copy of each such agreement and lease shall be filed in the
office of the city clerk of the city in which said authority is operating a
transportation system and such filing shall constitute notice to any
subsequent judgment creditor or any subsequent purchaser.
12-2809.Purchase of equipment; trust certificates; payment; leases.
The authority shall have power to purchase equipment such as cars,
trolley buses and motor buses, and may execute agreements, leases and
equipment trust certificates in the form customarily used in such cases
appropriate to effect such purchase and may dispose of such equipment trust
certificates. All money required to be paid by the authority under the
provisions of such agreements, leases and equipment trust certificates
shall be payable solely from the revenue or income to be derived from the
transportation system and from grants and loans as provided in K.S.A.
12-2811. Payment for such equipment, or rentals therefor, may be made in
installments, and the deferred installments may be evidenced by equipment
trust certificates payable solely from such revenue or income, and title to
such equipment shall not vest in the authority until the equipment trust
certificates are paid.
The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business
in the state of Kansas, as trustee, for the benefit and security of the
equipment trust certificates and may direct the trustee to deliver the
equipment to one or more designated officers of the authority and may
authorize the trustee simultaneously therewith to execute and deliver a
lease of the equipment to the authority.
The agreements and leases shall be duly acknowledged before some 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 vote of the board and shall contain
such covenants, conditions and provisions as may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates from
the revenue or income to be derived from the transportation system.
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 or certificates of the
authority.
An executed copy of each such agreement and lease shall be filed in the
office of the city clerk of the city in which said authority is operating a
transportation system and such filing shall constitute notice to any
subsequent judgment creditor or any subsequent purchaser.
12-2809.Purchase of equipment; trust certificates; payment; leases.
The authority shall have power to purchase equipment such as cars,
trolley buses and motor buses, and may execute agreements, leases and
equipment trust certificates in the form customarily used in such cases
appropriate to effect such purchase and may dispose of such equipment trust
certificates. All money required to be paid by the authority under the
provisions of such agreements, leases and equipment trust certificates
shall be payable solely from the revenue or income to be derived from the
transportation system and from grants and loans as provided in K.S.A.
12-2811. Payment for such equipment, or rentals therefor, may be made in
installments, and the deferred installments may be evidenced by equipment
trust certificates payable solely from such revenue or income, and title to
such equipment shall not vest in the authority until the equipment trust
certificates are paid.
The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business
in the state of Kansas, as trustee, for the benefit and security of the
equipment trust certificates and may direct the trustee to deliver the
equipment to one or more designated officers of the authority and may
authorize the trustee simultaneously therewith to execute and deliver a
lease of the equipment to the authority.
The agreements and leases shall be duly acknowledged before some 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 vote of the board and shall contain
such covenants, conditions and provisions as may be deemed necessary or
appropriate to insure the payment of the equipment trust certificates from
the revenue or income to be derived from the transportation system.
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 or certificates of the
authority.
An executed copy of each such agreement and lease shall be filed in the
office of the city clerk of the city in which said authority is operating a
transportation system and such filing shall constitute notice to any
subsequent judgment creditor or any subsequent purchaser.