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MARVIN MANDEL, Governor 551
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FACILITIES OR EQUIPMENT, OR RENTALS THEREOF, MAY BE MADE
IN INSTALLMENTS, AND THE DEFERRED INSTALLMENTS MAY BE
EVIDENCED BY EQUIPMENT TRUST CERTIFICATES AS AFORESAID,
AND TITLE TO SUCH FACILITIES OR EQUIPMENT MAY NOT VEST IN
THE AUTHORITY UNTIL THE EQUIPMENT TRUST CERTIFICATES ARE
PAID.
48. PROCEDURE.
THE AGREEMENT TO PURCHASE FACILITIES OR EQUIPMENT BY
THE BOARD MAY DIRECT THE VENDOR TO SELL AND ASSIGN THE
EQUIPMENT TO A SANK OR TRUST COMPANY, DULY AUTHORIZED TO
TRANSACT BUSINESS IN ANY OF THE SIGNATORY STATES, OR TO
THE HOUSING AND HOME FINANCE ADMINISTRATOR, AS TRUSTEE,
LESSOR OR VENDOR, FOR THE BENEFIT AND SECURITY OF THE
EQUIPMENT TRUST CERTIFICATES AND MAY DIRECT THE TRUSTEE
TO DELIVER THE FACILITIES AND EQUIPMENT TO ONE OR MORE
DESIGNATED OFFICERS OF THE BOARD AND MAY AUTHORIZE THE
TRUSTEE SIMULTANEOUSLY THEREWITH TO EXECUTE AND DELIVER A
LEASE OF THE FACILITIES OR EQUIPMENT TO THE BOARD.
49. AGREEMENTS AND LEASES.
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
ACKNOWLEDGMENT 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 REVENUES TO BE DERIVED FROM THE
OPERATION OF THE TRANSIT SYSTEM AND OTHER FUNDS.
THE COVENANTS, CONDITIONS AND PROVISIONS OF THE
AGREEMENTS, LEASES AND EQUIPMENT TRUST CERTIFICATES SHALL
NOT CONFLICT WITH ANY OF THE PROVISIONS OF ANY RESOLUTION
OR TRUST AGREEMENT SECURING THE PAYMENT OF BONDS OR OTHER
OBLIGATIONS OF THE AUTHORITY THEN OUTSTANDING OR CONFLICT
WITH OR BE IN DEROGATION OF THE RIGHTS OF THE HOLDERS OF
ANY SUCH BONDS OR OTHER OBLIGATIONS.
50. LAW GOVERNING.
THE EQUIPMENT TRUST CERTIFICATES ISSUED HEREUNDER
SHALL BE GOVERNED BY LAWS OF THE DISTRICT OF COLUMBIA AND
FOR THIS PURPOSE THE CHIEF PLACE OF BUSINESS OF THE
AUTHORITY SHALL BE CONSIDERED TO BE THE DISTRICT OF
COLUMBIA. THE FILING OF ANY DOCUMENTS REQUIRED OR
PERMITTED TO BE FILED SHALL BE GOVERNED BY THE LAWS OF
THE DISTRICT OF COLUMBIA.
ARTICLE XI
OPERATION OF FACILITIES
51. OPERATION BY CONTRACT OR LEASE.
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