(a) The authority shall have the power to purchase equipment such as cars, trolley buses, motor buses, railroad equipment and all types of transportation equipment and may execute agreements, leases and equipment trust certificates, in the form customarily used in such cases, appropriate to effect such purchase and may dispose of such equipment trust certificates. All money required to be paid by the authority under the provisions of such 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. Payment for such equipment or rental therefor may be made in installments and the deferred installments may be evidenced by equipment trust certificates payable solely from such revenue or income and title to such equipment shall not vest in the authority until the equipment trust certificates are paid.

(b) The agreement to purchase may direct the vendor to sell and assign the equipment to a bank or trust company duly authorized to transact business in the Commonwealth as trustee for the benefit and security of the equipment trust certificates and may direct the trustee to deliver the equipment to the authority and may authorize the trustee, simultaneously therewith, to execute and deliver a lease of the equipment to the authority. Such 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. The covenants, conditions and provisions of the agreements, leases and equipment trust certificates shall not conflict with any of the provisions of any trust agreement securing the payment of bonds of the authority.