§ 102552 Equipment Trust Certificate Requirements

• •Leases and equipment trust certificates must be acknowledged by an authorized official.
• •The district must approve the agreements through a resolution.
• •The agreements must include terms that ensure payment comes from legally available funds.

A construction company wants to lease a crane and raises money by issuing equipment trust certificates.

The lease and the certificates have to be signed before a legally‑authorized official (like a notary), the district must pass a resolution approving them, and the paperwork must contain clauses that guarantee the crane payments will come from the company’s bank account or other lawful funds.