§ 25847 Transit Equipment Trust Agreements

• •Any agreements or leases must be officially signed in front of someone who can legally witness signatures, like a notary.
• •The district must approve these agreements or leases through a formal decision.
• •The agreements must include rules to make sure money from the transit system is used to pay back any loans or certificates.

A city wants to lease new buses for its public transit system.

The city must have the lease agreement signed in front of a notary, and the city council must officially approve it. The lease must also include rules to ensure that the money earned from bus fares is used to pay back any loans taken for the buses.