§ 100462 Vta Equipment Trust Agreements

• •Leases and agreements must be acknowledged by an authorized official (like a notary).
• •The VTA must approve the lease or agreement through a resolution.
• •The documents must include promises that payment will come from legally allowed funds.

A transit company wants to lease a new train car and issue equipment trust certificates to raise money.

The lease for the train car has to be signed in front of a notary or other authorized official, the VTA must pass a resolution approving the lease, and the lease must contain promises that the company will pay the certificates using money that the law says it can use, like ticket revenue.