The evening world., 1894-03-16

Of the original term: and II may contain
provisions for the valuation Of the whole
or a part Of the property of the con
the city should the lease not be re
newed. The contract may provide fol
the construction in sections, when II
shall begin and be completed and when
the operation of the road or any sec.
ton shall commence. The contractors
shall give a bond to be a continuing Sc
curity, and shall also. with the execu.
posit With the city 100000 as further
security for the faithful performance Of
obliga lions. The city shall also have
first iien, on the contractors rolling
stock and other property. In case OF
any breach of contract, the lien shall
be foreclosed. The board may. how
ever. by Il concurrent vote. OF all the
members, relieve any of the property
from the lien on receiving additional Sc
curity.
on the completion OF the satisfactory
construction and equipment. ana when
the roads operation has begun. the
million dollar deposit shall be returned
to the contractor, who shall be credited
on his rental for the interest on this
deposit. If the contractor default in
any payment, however, or neglect to OBJ
serve his entire contract faithfully, the
board may take possession OF the road.
and maintain and operate 1t, either as
agent of the contractor or by making
a contract with some other party. In
such a case. any profits over beyond
rentals, &C, shall he paid to the origi-
nal contractors, and should there be
n loss the contractors or their bonds
men shall be Jointly and severally liable
to the city. No contract may be as
signed without the boards written con-
sent.
EXEMPT FROM TAXATION.
The contractors shall be exempt from
taxation on rolling stock and other
equipments. but not on any real property
which may be employed in connection
with the construction or operation. To
provide the necessary means for the
of Estimate and Apportionment, from
time to time. shall direct the Comptrol-
Ter to issue city bonds at a rate of in
terest not exceeding 3 l-2 per cent. Thu
the principal and interest In gold. They
shall not be sold for less than par value,
and the proceeds shall be expended
vouchers certified by Rapid Transit
from all taxation for city and county
purposes and shall be payable At ma
turity out Of the sinking fund for the
payment of the city debt. The amount of
bonds to be issued and sold shall not ex-
coed $5O.00O,O0O. par value, without the
of the Legislature first being
obtained.
MAY CONDEMN REAL ESTATE.
The board may. acquire all necessary
real estate by taking legal proceedings
Ii'hb" hblVai W th' oupItllt 'DuTt.
The road shall remain the absolute
property of the city and shall be a part
OF the public streets Hnd highways of
the city, to be used and enjoyed by the
public upon the payment OF such fares
and tolls, and subject to such reasonable
rules n regulations as may be imposed
and provided for by the Rapid Transit
commissioners.
The bill provides that the present
Rapid Transit commissioners, on the
organization of the new board. shall
and deliver to It all maps,
books. records, plans. &C. Their ex-
shall be paid and they shall be
to receive a ~easonab ompen-
sation. The act Is to take effect i'm
SURELY UNDERGROUND.
While the bill does not provide for an
road specifically, positively
no other form OF transit has been con-
sidered by the special committee which
the bill. Charles Stewart Smith,
who Is named as one of the Commission
srs. has aid that New York has out
every other system and hat the
commission. II formed. would plan an
underground road and nothing else. The
imitation was left out of the bill to
give the committee all the leeway pos
,ihla.