§ 48:1608 — Equipment trust certificates

The board shall have continuing power to purchase equipment, and in connection therewith execute agreements, leases or equipment trust certificates in the form customarily used and appropriate to effect such purchase. The board may issue equipment trust certificates in a manner similar to that provided for bonds under Section 1607. All money required to be paid by the authority under the provisions of such agreements, leases and equipment trust certificates shall be payable solely from the fares, fees, rentals, charges, revenues and earnings of the authority, monies derived from the sale of any surplus property of the authority and gifts, grants and contributions from any source whatever. Payment for such equipment or rentals therefrom, may be made in installments; the deferred installments may be evidenced by equipment trust certificates payable solely from the aforesaid revenues or receipts, and title to such equipment may or may not vest in the authority until the equipment trust certificates are paid.

Legislative History

Added by Acts 1976, No. 638, §1.