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Acquisition of equipment - 74 Pa. Cons. Stat. § 1747

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     § 1747.  Acquisition of equipment.
        (a)  General rule.--The authority shall have power to
     purchase or otherwise acquire the ownership or use of or access
     to equipment, such as cars, trolley buses, street cars, buses,
     monorails, railroad motive power, trains, railroad passenger
     cars and equipment, subway passenger cars and equipment,
     elevated passenger or passenger and rail rolling stock, self-
     propelled and gallery cars, locomotives, rails, lines, poles and
     wires, as well as any equipment necessary for the improvement of
     or overhaul of any of the foregoing, and any other equipment
     which, in the judgment of the authority, may be useful in the
     operation of a transportation system. The authority shall have
     the power to execute agreements, leases and equipment trust
     certificates in a form satisfactory to the authority to effect
     the purchase or acquisition and may dispose of such equipment
     trust certificates, provided that the certificates shall be
     offered for sale in a manner similar to that provided for the
     sale of bonds in this chapter. All money required to be paid by
     the authority under the provisions of the agreements, leases and
     equipment trust certificates shall be payable solely from the
     revenue or income to be derived from the transportation system
     and from grants and loans as provided elsewhere in this chapter.
     Payment for the equipment or rentals therefor may be made in
     installments and the deferred installments may be evidenced by
     equipment trust certificates payable solely from such revenue,
     income, grants or loans and title to the equipment shall not
     vest in the authority until the equipment trust certificates are
     paid.
        (b)  Trustee.--The agreement to purchase may direct the
     vendor to sell and assign the equipment to a bank, bank and
     trust company or trust company duly authorized to transact
     business in this Commonwealth as trustee for the benefit and
     security of the equipment trust certificates and may direct the
     trustee to deliver the equipment to one or more designated
     officers of the authority and may authorize the trustee
     simultaneously therewith to execute and deliver a lease of the
     equipment to the authority.
        (c)  Authorization and acknowledgment.--The agreements and
     leases shall be duly acknowledged before some person authorized
     by law to take acknowledgments of deeds and in the form required
     for acknowledgments of deeds, and such agreements, leases and
     equipment trust certificates shall be authorized by resolution
     of the board and shall contain such covenants, conditions and
     provisions as may be deemed necessary or appropriate to insure
     the payment of the equipment trust certificates from the revenue
     or income to be derived from the transportation system.
        (d)  Provisions of agreements.--The covenants, conditions and
     provisions of the agreements, leases and equipment trust
     certificates shall not conflict with any of the provisions of
     any trust indenture securing the payment of bonds of the
     authority.
        (e)  Filing.--An executed copy of each agreement and lease
     shall be filed in the Office of the Secretary of the
     Commonwealth who shall be entitled to receive $1 for each copy
     filed. This filing shall constitute notice to any subsequent
     judgment creditor or any subsequent purchaser. Each vehicle so
     purchased and leased shall have the name of the owner and lessor
     plainly marked upon both sides thereof, followed by the words
     "Owner and Lessor."

Last modified: November 27, 2007