§ 102553 District Bond Agreement Compliance

Public Utilities Code·California

AI SummaryVerified

This law says any contracts, leases, or equipment trust papers must not go against the rules of the trust that backs the district's bonds or notes.

Key Takeaways

•Check the district's bond trust agreement before signing any deal.
•All agreements, leases, and equipment trust certificates must match the trust rules.
•The rule protects the money that will be used to pay back the district's bonds.

Example

A city school district signs a lease to rent a new computer lab.

The lease has to follow the same rules as the trust agreement that guarantees payment on the bonds used to buy the computers. If the lease tried to give the computers away or change payment terms, it would break this law.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 102553 District Bond Agreement Compliance

The covenants, conditions, and provisions of the agreements, leases, and equipment trust certificates shall not conflict with any of the provisions of any trust agreement securing the payment of bonds, notes, or certificates of the district. (Added by Stats. 1971, Ch. 1374.)

Last verified: January 11, 2026

Key Terms

covenants conditions provisions agreements leases equipment trust certificates trust agreement bonds notes certificates of the district

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 102553.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References