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 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 board and may authorize the board to simultaneously therewith execute and deliver an installment purchase agreement or a lease of the equipment to the board.

(Added by Stats. 1983, Ch. 599, Sec. 2.)

Terms Used In California Public Utilities Code 120651

  • board: means a county transit development board created pursuant to Chapter 2 (commencing with Section 120050). See California Public Utilities Code 120001
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17
  • Trustee: A person or institution holding and administering property in trust.
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