California Public Utilities Code 102432 – Whenever the district acquires existing facilities from a publicly or …
Whenever the district acquires existing facilities from a publicly or privately owned public utility, either in proceedings in eminent domain or otherwise, that has a pension plan in operation, members and beneficiaries of such pension plan shall continue to have the rights, privileges, benefits, obligations, and status with respect to such established system.
Whenever any such facilities are acquired by the district, the board shall consider and take into account the outstanding obligations and liabilities of the publicly or privately owned public utility by reason of such pension plan, and shall negotiate an allowance in the purchase price of such utility for the assumption of such obligations and liabilities when acquiring the facilities.
Terms Used In California Public Utilities Code 102432
- District: means the Sacramento Regional Transit District, including all operations and extensions of its transportation system, regardless of modality or vehicle type, and excluding all temporary bus lines. See California Public Utilities Code 102398
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(Added by Stats. 1971, Ch. 1374.)