Code Section Group

Public Utilities Code - PUC

DIVISION 10. TRANSIT DISTRICTS [24501 - 107025]

  ( Division 10 repealed and added by Stats. 1955, Ch. 1036. )

PART 12. SANTA CLARA VALLEY TRANSPORTATION AUTHORITY [100000 - 100619]

  ( Heading of Part 12 amended by Stats. 1999, Ch. 724, Sec. 5. )

CHAPTER 7. Bonds and Other Evidences of Indebtedness [100400 - 100492]

  ( Chapter 7 added by Stats. 1974, Ch. 1204. )

ARTICLE 3. Equipment Trust Certificates [100460 - 100463]
  ( Article 3 added by Stats. 1974, Ch. 1204. )

100460.
  

The VTA shall have power to purchase transit equipment such as cars, trolley buses, and motor buses, 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 the purchase and leasing of transit equipment and may dispose of the equipment trust certificates upon terms and conditions as the board may deem appropriate. Payment for the 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 certificates that are or will be legally available to the VTA. Title to the equipment shall not rest in the VTA until the equipment trust certificates are paid.

(Amended by Stats. 2016, Ch. 381, Sec. 95. (AB 2196) Effective January 1, 2017.)

100461.
  

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 the trustee to deliver the rolling equipment to one or more designated officers of the VTA and may authorize the VTA to execute and deliver simultaneously therewith an installment purchase agreement or a lease of the equipment to the VTA.

(Amended by Stats. 2016, Ch. 381, Sec. 96. (AB 2196) Effective January 1, 2017.)

100462.
  

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. These agreements, leases, and equipment trust certificates shall be authorized by resolution of the VTA and shall contain covenants, conditions, and provisions that may be deemed necessary or appropriate to ensure the payment of the equipment trust certificates from legally available sources of funds specified in the certificates.

(Amended by Stats. 2016, Ch. 381, Sec. 97. (AB 2196) Effective January 1, 2017.)

100463.
  

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 VTA.

(Amended by Stats. 2016, Ch. 381, Sec. 98. (AB 2196) Effective January 1, 2017.)

PUCPublic Utilities Code - PUC3