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HomePublic Utilities CodeDiv. 10Pt. 16Ch. 6Art. 3§ 105232 Equipment Trust Certificate Requirements

§ 105232 Equipment Trust Certificate Requirements

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

§ 105232 Equipment Trust Certificate Requirements

This law says any agreement, lease, or equipment trust certificate must be officially signed in front of an authorized person and approved by the district, with terms that guarantee payment from legally allowed funds.

Key Takeaways

  • •Leases and agreements need a formal acknowledgment by an authorized official.
  • •The district (e.g., city council) must approve the lease or certificate with a resolution.
  • •The document must contain terms that guarantee payment from legally allowed funds.

Example

A city wants to lease a new garbage truck to a private company.

The lease has to be signed in front of a notary or other authorized official, and the city council must pass a resolution approving the lease. The lease must also include rules that make sure the city will pay the equipment trust certificates using money that the law says it can use.

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

Official Source
View on CA.gov

§ 105232 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. The agreements, leases, and equipment trust certificates shall be authorized by resolution of the district and shall contain the covenants, conditions, and provisions deemed necessary or appropriate to insure the payment of the equipment trust certificates from legally available sources of funds specified in the certificates. (Added by Stats. 2002, Ch. 341, Sec. 4. Effective January 1, 2003.)

Last verified: January 11, 2026

Key Terms

agreementsleasesequipment trust certificatescovenantslegally available sources of funds

Related Statutes

  • § 105233 Lease Agreement Compliance Rules
  • § 100462 Vta Equipment Trust Agreements
  • § 120652 Equipment Trust Certificate Requirements
  • § 120653 Lease Agreement Conflict Rules
  • § 25847 Transit Equipment Trust Agreements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 105232.
View Official Source