California Public Utilities Code

§ 102551

PUC § 102551Div. 10 · Part 14 · Ch. 7 · Art. 3

Statute text

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 such trustee to deliver the rolling 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 the equipment to the district.

Legislative history

Added by Stats. 1971, Ch. 1374.