California Public Utilities Code

§ 125703

PUC § 125703 Effective Jan 1, 2006Div. 11.5 · Ch. 6

Statute text

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.

Legislative history

Amended by Stats. 2005, Ch. 150, Sec. 43. Effective January 1, 2006.