New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-30
THE prpsr RAPID TRANSIT BILL.


SENATOR MooRE's BILL TO PROVIDE FOR RAPID
TRANSIT ROAD THROUGH MANHATTAN IsLAND-A
SYSTEM FOR CREATING PUBLIC FUND FOR THE
PURPOSE.
lFRoM THE REGULAR CORRESPONDENT OF THE TRIBUNE J
ALBANY, Jan. 29-Beyond Mr. Hess's resolution
in the Assembly, requesting the Committee on Ten
eral. Local and special Laws to frame bill pro-
vdinY for rapid transit in NewYork, the subject mas
not been preached in the Legislature until to-day
Senator Moore of New-York this morning intro
duced bill which provides for the creation by the
city of a rapid transit fund for the building of
road. The text of the bill is as follows:
relation laying constructing and operating rapid
trangt road IN be City OF New.YOrk.
SECTION l. Tue Mayor, Aldermen, and Commonslty OF
the City and County of NewYOrk be aud there are
hereby authorized to nominate three Commissioners,
the Mayor TO nominate and the Board OF Aldermen 10
confirm the same to lay out, construct, ana operate
rapid transit road at the expense OF the City and county
of NewYOrk, with the consent or the owners OF one
half in value OF the property bounded on the street or
highway upon which the same shall DC constructed ana
operated, and in case the consent OF snch properly
owners cannot be Obtained, the General Term OF the
Supreme Court in the FIRST Judicial District shall
upon Application to be made appoint Tue ColnmlS-
parties Interested whether such rapid transit ROAD ought
to be constructed operated and their determination
confirmed by the court shall be taken 10 lieu OF inc con
OF the said That said Com mssiOners shall
be appointed respectively for one two and three years
and be removed BY the Mayor OF che CITY OF New
York for And the said Mayor OF the CITY OF new
York shall appoint IN place OF the commissioners, OF
pired term which said Commissioners shall have the
power. And the said Mayor OF the CITY OF New,
York shall upon the expiration of the term OF each OF
the said Commissioners, appoint Commissioner for the
same period as the said Commissioner Was appointed
whose term snail then expire
SEC . TIE Mayor, Aldermen, and Commonalty OF the
City aud County OF NewYOrk be aud are hereby author
lied to a public fund stock to be denOmnated
Rapid Transit Stock for the amount OF - dollars,
which stock shall bear date - day OF 1875, ana
shall interest at and after the rate OF seven per
centum per annum, and DO redeemable on the - day
OF -; the said Mayor, Aldermen, and COmmonaty
hahn hon. ID IN
and County of New-York, and the same IS hereby
specifically pledged for The redemption OF sad STOCK anu
and payable under the provisions OF TINS secton by
tax upon estates. real and personal in the city OF
SEC g. The Controller of the City OF NewYork is
hereby authorized within 80 DAYS after being required
iu writing by SAID Commissioners when duly appointed
aforesaid 30 to do prepare and issue the SAID stock
specified in the preceding secto0 for the fun amount or
dollars and offer the for sale, such offer to be
by advertisement IN not less than three newspapers
published in the City OF NeT-YOrk OF the largest
Circulation continued for not less than 20 more
than the expiration OF which time SAID STOCK
shall be awarded to highest bidder therefor and the
proceeds thereof forthwith deposited with the Chamber
lain of said city of NewYOrk TO the credit or the Rapid
Transit Fund the said Controller shall determine what
shall be the nominal amount VI value OF said STOCK per
st bnt he shall not be authorized TO issue SELL UT DIS
pose OF the l a less rate tnan ts par value.
SEC L. the Chamberlain OF the City OF New-fOrk snail
receive from said Controller above specified tue pro-
ceeds OF said stock. and shall pay the ia such
sums ana such persons as said Commissioners, or
e them shal by their DRAFT or order direct In
SEC g. The Board Of Aldermen OF the City and County
OF NewYork HEREBY authorized to raise by tax IN
addition the ordinary taxes yearly and every year.
sum sufficient pay the interest seni-annuauy upon
the stock provided to be created by the second secoh
this act and for tue payment OF the same al the ma
| turIty tnereOI. , -
SEC G. The stock be created by this act and money
raised theron be applied solely and only 10 the
erection and completion Of the rapid transit road
specified In this act and for the expenses incident
thereto, and for no other purpose whatever
SEC T. The Board OF Aldermen OF said City OF New
York MAY determine the salaries 10 be paid to
SAID Commissioners annun and the same shall Dc
paid said Commissioners by warrant OF the Com
troler of the said City Of Newly drawn upon the
Chamberlain OF SAID city IN favor OF said Comms-
sOners. -,
this arc hereby repealed.