The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-04-10
TO BUY SURFACE ROADS.
A BILL DRAWN FOR INTRODUCTION
IN THE LEGISLdTURE.

II Authorizes tho City TO Raise Funds TO Pur-
chase the sixth ana EiEhth Avenue lanes
and Anerwnrd Sell the Right TO Operate
Them nt Public Auction-Rnpid Transit BILLS
ALBANY, April 9.-wheh the Committee on
Franchises OF the City Club wrote to Mayor
Strong urging to- have a bill introduced to
authorize tho city Of New York to raise funds
for tho purchase OF the Sixth avenue and Eighth
avenue street surface roads, it probably was not
aware that such n bill had already been drawn
and had been for several days in the hands of
Senator Raines, Chairman OF the Senate Rail-
| road Committee. The bill has not yet been in
troduced. and Senator Raines refuses to give
any Information concerning IL. The text is as
follows:
SECTION l; For the purpose OF providing for the
OF the city of New York OF two certain street surface
railroads In said city. under and by virtue of the
ments dated the 9th day OF September. 1881, one Of
rme san Hsreements psnE between thS Mayor vo MlaS en-
the one part, and James s. Libby and Others OF the
SetweenP u said Msyo o1n AId or sara aSd com%o alt
OF the city of New York of the one part. and John
were eonnrmed by syV an act Of the IesisiatSre Of this
state. known as chapter Iio of the Laws Of 1894, the
from time to time and L as TIE same shall be g necessary,
and upon the rcanisi,ion Of the Mayor and Board Of
shall direct the Comptroller of said clty, and It shall
bonds Of said city al such " rate Of interest," not eI:
ceedlng per ,centum per annum. az said Board OF
Estimate and Apportionment may prescribe.
SEC. 2.-Said bonds shall provide for the payment
OF principal ana interes 81 in gold coin, Of the United
States OF America, and shall not be sold for less than
par value thereof. and the proceeds OF the same shall
be paid out and expended for the purpose of purchss-
ing and acquiring said railroads.
Said bonds shall be free from all taxation for city
and county purposes, and shall he a yable at maturity
out OF tho sinking fund for the payment OF the city
debt, and if there be no portion OF such sinking fund
applicable thereto, out of a sinking fund to be estab-
lished and created out OF the annual rentals or revo-
nues derive by said city from said railroads: but the
provisions that the said bonds shall he payable out OF
such sinking fund shall not diminish or AFFECT the OBJ
legation OF such city as n debtor upon said bonds. or
any right or remedy OF any holder or owner OF any OF
such bonds TO collect the principal or interest thereon:
The amount OF bonds authorized to be issued and
sold under the provisions OF this net shall not exceed
the cost OF said railroads to the city under the terms
OF said agreement.
SEC. 3. Upon the surrender, conveyance, and trans.
fer OF said railroads to said city, said city shall forth.
with sell. under the provisions OF section % Of the
Railroad law. az public auction. to the highest bidder
therefor. being n railroad corporation Incorporated
under the laws Of this state. to operate q street sur.
face railroad in the city OF New York. the right.
privilege, franchise Of operating said railroad for q
period not exceeding twenty-five years, with tho
right upon . fair readjustment of the rental thereof.
for a renewal for q term or terms not exceeding in
the aggregate twenty-five years.
SEC. 4. This act shall take effect Immediately.