§ 160A-648. Equipment trust certificates.
§ 160A‑648. Equipment trust certificates.
In addition to the powers here and before granted, the Authority shallhave continuing power to purchase equipment, and in connection therewithexecute agreements, leases with or without option to purchase, or equipmenttrust certificates. All money required to be paid by the Authority under theprovisions of such agreements, leases with or without option to purchase, andequipment trust certificates shall be payable solely from the fares, fees,rentals, charges, revenues, and earnings of the Authority, monies derived fromthe sale of any surplus property of the Authority and gifts, grants, andcontributions from any source whatever. Payment for such equipment or rentalstherefore, may be made in installments; the deferred installments may beevidenced by equipment trust certificates payable solely from the aforesaidrevenues or receipts, and title to such equipment may or may not vest in theAuthority until the equipment trust certificates are paid. (1997‑393, s. 1.)