Assembly Bill 2224 - Sonoma Marin Area Rail Transit - Home Page

AB 2224 — 30 —12345678910111213141516171819202122232425262728293031323334353637383940completed by the district. The district may issue revenue bondsunder the Revenue Bond Law of 1941, for any one or more railtransit facilities authorized to be acquired, constructed, orcompleted by the district or, in the alternative, may issue revenuebonds under the Revenue Bond Law of 1941, for the acquisition,construction, and completion of any rail transit facilities. Nothingin this article shall prevent the district from availing itself of, ormaking use of, any procedure provided in this part for the issuanceof bonds of any type or character for any of the rail transit facilitiesauthorized hereunder, and all proceedings may be carried onsimultaneously or, in the alternative, as the board may determine.Article 3.Equipment Trust Certificates105230. The district shall have power to purchase rail transitequipment such as cars or rolling equipment; and may executeagreements, leases, and equipment trust certificates in the formscustomarily used by private corporations engaged in the rail transitbusiness appropriate to effect purchase and leasing of rail transitequipment and may dispose of the equipment trust certificatesupon the terms and conditions the board deems appropriate.Payment for the equipment, or rentals therefor, may be made ininstallments, and the deferred installments may be evidenced byequipment trust certificates payable from any source or sources offunds specified in the certificates that are or will be legallyavailable to the district. Title to the equipment shall not rest in thedistrict until the equipment trust certificates are paid.105231. The agreement to purchase or lease may direct thevendor or lessor to sell and assign or lease the rolling equipmentto a bank or trust company duly authorized to transact business inthe state as trustee, for the benefit and security of the equipmenttrust certificates and may direct the trustee to deliver the rollingequipment to one or more designated officers of the district andmay authorize the district to execute and deliver simultaneouslytherewith an installment purchase agreement or a lease of theequipment to the district.105232. The agreements and leases shall be dulyacknowledged before a person authorized by law to takeacknowledgments of deeds and in the form required foracknowledgment of deeds. The agreements, leases, and equipment93