The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1915-08-18


q Wyandette and Detroit
River Railway hrst
consolidated 5sr. dated
| Dccemter 1. isss, due
December i. 1sls, 1890
outstanding 1900. $4,000
g. Detroit and Northwest
ern Railway nrst
mortgage tisf twenty
lated lated May ss'd !. e lsSi.
due May /. isai. out -
T. Detroit and Pontiac
Hallway fves. dated
February I. isIa OUT $500.
.. Detroit and Pontisc
Railway consolidated
&h% dated July I.
1901. due July l. 1894,
outstanding ,..,...,, $4,000
D. Detroit. Rochester. Ro-
meo and Lake orion
FIRST mortgage rves,
dated July J. 1904 ,ssS
amount outstanding. i.i)o.o0o
10. Detroit and Flint Rail-
way hrst consolidated
mortgage nyes, dated
August I. 1901. due
August I. 1921. amount
outstanding .,...... Leo 600
PROPOSED CHARTER AMEND
MENT.
To Replace section n
fa) Whenever a contract 70 pur-
l chase. operate and maintain an ex-
isting street railway may have been
entered into by the President and
Secretary OF the Board of street
Railway Commissioners, acting FOR
the City of Detroit. said contract
shall. upon the approval thereof by
popular vote, as required by law
authorisinG the making OF said con
tract be also approved by the Com
tb) Said Common Council. said
Board OF Street Railway Commits
sioners and any municipal agency
controlling said street railway as
the successor OF said Board. shall
cause to be performed all duties and
obligations Imposed by said contract
on said City or any agency thereon.
And IL shall be the duty OF said
Board TO so conduct and manage
said railway as 10 pay the purchase
price thereof and the cost OF better
ments, extension or additional line
out OF the earnings thereof, and fun
power over all questions OF opera
salaries and rates of fare is hereby
vested In the Board OF street Rail-
way Commissioners Within rea-
sonable time after the acquisition
shall establish a system OF civil SER
vice for the selection and retention
of its employees.
(c) Said Common Council shall
cause TO be issued and sold sufficient
general bonds OF the City OF Detroit
at SUCH time and In such manner as
may be necessary to furnish funds
to satisfy and discharge at maturity
any Indebtedness which under said
the City: Provided, however. That
this autho-itv -'>ril not be exer-
ssd * such indebtedness is entire
ly paid ..e.' a....a.ss or from The
authority hereinafter given. II any
general bonds shall be Issued hereun- |
der the Board Of Street Railway |
shall, until nnal pay
annually. out of the earnings of the
Railway. with the City Treasurer |
an amount SUFFICIENT TO pay the semi /
annual interest on such issue.
Cd The Board Of Street Railway
arsr. other than one Of its members,
who shall be the fscal agent and 1
iisbursinG officer Of said Board and
the custodian of all It's moneys and
liso Of all funds and securities form
ltsd under the provisions Of this
charter. The Treasurer may be re-
moved at the pleasure of the Board
and another appointed
ts) To insure payment of the |
purchase price and the making of |
sions OF the system. there Is hereby |
created . sinking fund out of the /
earnings of the purchased property. |
g be known AZ The Detroit street
Railway Sinking Fund" The man.
sinking Fund. the investment thereof
md the payments from the same
hall vest in the Board OF Street
Railway Commissioners. who shall
SnS sas Board S.r. ss sinking
% Deposits shall be made in the
sinking Fund. both In time aud
AMOUNT ~ specified In said contract
70 purchase, and there shall also be
= In the Judgment OF the Board OF
Street Railway Commissioners Will
with the interest thereon, not only
pay the entire balance OF the pur-
chase price az soon as practicable.
betterments. extensions and addi-
tionai lines Of street railway. to
the end that the entire cost Of the
City's street railway system shall be
eventually paid out OF the earnings
thereof. and the Board Of street
Railway Commissioners. or any other
agency that az It's successor may /
control said street railway system.
shall so conduct and manage tn.
erx as to obtain from the purchased |
property sufficient earnings 10 make. |
and II shall make. said deposits and !
all other deposits and payments |
which by virtue OF this section or by |
said contract to purchase are payable |
out OF earnings.
tg) The Board OF Sinking Fund
Commissioners shall from time TO
time Invest the available funds OF
said sinking fund In purchasing the
outstanding mortgage indebtedness
upon the purchased property or In
United states Dor - or In the sc
curities OF any Michigan municipal
lily deemed advisable by said Corn
mission And all such bonds and
securities and the interest thereon
shall be credited 20 and belong 10
said sinking fund. All moneys be-
longing TO said sinking fund shall
be kept In separate deposit or de-
withdrawable only on checks signed
by the President OF the Board OF
Street Railway Commissioners and
counts rsigned by the said Treasurer.
Said BOARD OF Sinking Fund Commits
sioners shall semi annually and
Council. make report OF their doinss
to the Common Council
fh) The accumulations from such
deposits In the Sinking Fund AZ are
specified In the contract OF purchase
shall. In accordance with the intent
be applied toward the payment OF
the principal OF the purchase price
not personally assumed by the city:
and the accumulatione from the
other deposits IN said Sinking Fund
shall, under the orders OF the hoard
O. s,o,r st tree, Rn,i,wsy Com missioner: s
purpoaHa for which thev wsrs e.