Section 103550 Of Article 3. Equipment Trust Certificates From California Public Utilities Code >> Division 10. >> Part 15. >> Chapter 7. >> Article 3.
103550
. 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.