Section 125703 Of Chapter 6. Bonds And Other Evidences Of Indebtedness From California Public Utilities Code >> Division 11.5. >> Chapter 6.
125703
. The agreement to purchase or lease transit equipment may
direct the vendor or lessor to sell and assign or lease the transit
equipment to a bank or trust company duly authorized to transact
business in the state as trustee for the benefit and security of the
equipment trust certificates, and may direct the trustee to deliver
the transit 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
that equipment to the district.