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


consolidated 5qs, dAted
December /, 1888, sSS
onsstsndins -, $4,000
9. Detroit and Northwest-
ern Railway frrt
mortgage tis% twenty
years soid bond
lated May !, iSu,
sue May !, 1871, cut
7. Detroit and Pontiac
Railway nves dated
February |. 1891 due
February l. isa1. out 800,
8. Detroit and Pontiac
Railway consolidated
sis% dated July 1.
1891. due July !. is2e.
outstanding ......., SVO.OuV
B. Detroit. Rochester,, Ro-
meo and Lake orion
first mortgage hVes.
dated July l. 1909.
due July !. 1920.
amount outstanding l.l)O.OOO
10. Detroit and Flint Rail-
way FIRST consolidated
mortgage nves, dated
August I. 1891. due
August l. 1871. amount
outstanding 49,. l,tOO oVO
PROPOSED CHARTER AMEND
MENT.
To Replace Section "a
ta) Whenever a contract 20 pur-
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 Tor
the city Of Detroit, said contrast
| shall. upon the approval thereof by
popular vote, as required by law
authorizing the making OF said con-
tract be also approved by the Com
mon Council OF the city OF Detroit
tb) Said Common Council, said
Board OF Street Railway Commi--
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 an agency thereof.
And IL shall be the duty OF said
Board to 50 conduct and manage
said railway as TO 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 :
ton and management and wages and
salaries and rates of fare is hereby
vested in the Board OF Street Rail-
way Commissioners Within rea-
sonable time after the acquisition
of street railway system the Board
shall establish a system OF civil SER
vice for the selection and retention
OF it's employees.
tel 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
contract Is "A personal obligation or
the City: Provided however That
SD II such indebtedness is entire
ly paid ..D.- ..l.ss or from the
proceeds OF bonds payable out OF
earnings issued and sold under the
authority hereinafter given. IL any
general bonds shall be Issued hereun-
der the Board OF Street Railway
Commissioners shall. until final pay
ment OF such bonds. deposit semi
annually. out of the earnings OF the
an amount sufficient to pay the semi
annual interest on such issue.
Id The Board of Street Railway
shall appoint a Treas
who shall be the fiscal agent and
disbursinF officer Of said Board and
the custodian of all its moneys and
also Of all funds and securities form
ated under the provisions Of this
charter. The Treasurer may be re-
moved at the pleasure of the Board
and another appointed
(e) To insure payment of the
purchase price and the making OF
necessary Improvement. and extern
created q sinking fund out OF the
earnings OF the purchased property.
to be known as The Detroit Street
Railway Sinking Fund" The man.
Sinking Fund. the Investment thereof
and the payments from the same
shall vest In the Board of Street
Railway Commissioners. who shall
constitute the Board OF Sinking
xtv1iS Tor hDr
D Deposits shall be made In the
Sinking Fund. both In time and
amount. a. specified In said contract
to purchase, and there shall also be
Deposited therein such further sums
as in the Judgment of the Board OF
Street Railway Commissioners Will
with the interest thereon. not only
pay the entire balance of the pur-
but also provide funds for necessary
betterments. extensions and addi-
tional 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 ms It's successor may
control said street railway system.
shall so conduct and manage tn.
railway. and so exercise their pow
ers rs To obtain from the purchased
property sufficient earnings 10 make.
and IL 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.
.g) The Board OF Sinking Fund
Commissioners shall from time to
time Invest the available funds OF
said sinking fund In purchasing the
outstanding mortgage indie btedness
upon the purchased property or in
United states bor e or In the Sc
curities of any Michigan municipal
lily deemed advisable by said Com
mission And all such bonds and
securities and the interest thereon
shall be credited to and belong to
said sinking fund All moneys be-
longing 10 said sinking fund shall
be kept In a separate deposit or de-
posits In banks or trust companies.
withdrawable only on checks signed
by the President Of the Board OF
Street Railway Commissioners and
said Board OF Sinking Fund Commits
sioners shall semi-annually and
whenever requested BY the Common
Council. make report OF their doinzs
to the Common Council
CD The accumulations from such
deposits In the Sinking Fund as are
specified In the contract OF purchase
shall. In accordance with the intent
Of such contract. on January /. ia32.
be applied toward the payment 81
the principal OF the purchase price
not personally assumed by the city.
and the Accommodations from The
other deposits IN sald Sinking Fund
shall under the orders ~ the Hoard
OF Street Railway Commissioners
from time to time, be applied for the
purposes for which they were ac-
cumulated.
~ Should tho amount OF these
latter named accumulations prove at
any time Insufficient to pay. at ma.
turfty. and tnstallment OF the pur-
chase 0rtrs or In furrish fund.-. o..