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HomePublic Utilities CodeDiv. 10Pt. 15Ch. 7Art. 3§ 103552 Equipment Trust Certificate Requirements

§ 103552 Equipment Trust Certificate Requirements

Public Utilities Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 103552 Equipment Trust Certificate Requirements

This law says any agreement, lease, or equipment trust certificate must be officially signed in front of an authorized person, approved by the district, and include rules that make sure the money to pay for it comes from legal sources.

Key Takeaways

  • •Agreements, leases, and equipment trust certificates must be acknowledged by an authorized official (like a notary).
  • •The district must pass a resolution to approve these documents.
  • •The documents must include terms that guarantee payment comes from legal sources specified in the certificate.

Example

A construction company wants to lease a big crane from a lender.

The lease has to be signed in front of a notary or other authorized official, the local district must pass a resolution approving the lease, and the lease must contain clauses that say the crane payments will come from the company's bank account or other legal funds listed in the agreement.

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

Official Source
View on CA.gov

§ 103552 Equipment Trust Certificate Requirements

The agreements and leases shall be duly acknowledged before a person authorized by law to take acknowledgments of deeds and in the form required for acknowledgment of deeds, and such agreements, leases, and equipment trust certificates shall be authorized by resolution of the district and shall contain such covenants, conditions, and provisions which may be deemed necessary or appropriate to insure the payment of the equipment trust certificates from legally available source or sources of funds specified in such certificates. (Added by Stats. 1974, Ch. 502.)

Last verified: January 11, 2026

Key Terms

agreementsleasesequipment trust certificatescovenantslegally available source or sources of funds

Related Statutes

  • § 100462 Vta Equipment Trust Agreements
  • § 100463 Vta Agreement Conflict Prohibition
  • § 102552 Equipment Trust Certificate Requirements
  • § 102553 District Bond Agreement Compliance
  • § 103553 District Bond Agreement Compliance

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 103552.
View Official Source