Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-08-17

An,. ''AnkEr STREET LINE
,ion .ecessary reconstruc,lo, or o,,.--
line a, 'us structure Of the Marie, s,s.s,
FrarL,or, e points Of branch-off os ,hs
the noin,. % le and the Darby line ana n,
sav,. poIn,s where II may be cr,ss", anu at
ue.nery loop and the Rroaa $50. oy tne
,s s necessary station cbengos .n ,m.; IN
n,,, oy .ne city; and whenever ,ha %h' .e
oth.r a. Hne shall be constructed or
it,es o. ansements made for terminal facIi-
or Das, vi tne rerouting Of the Frontford
.,,o,. INES or both of the said lInas
lina ut.ner changes in the Market stree,
noo.. oe made by the city as shall no
public "es' serVlce TO the
no alteration. reconstruction or chanys
COM IN , re mentioned shall be made ex.
~, "''nher approved by the board
ti,,, ~ OF any alteration. reconstruc.
III III 'r enange made a. fereinbefore nro-
N,uea AMI any damage resulting tborotpoU,
t~arsi, facilities N''' vi ''e c'ty
COST OF TRANSIT FACILITIES
In computing the cost Of a traps,, ,,s,,...
none ether: "'''"ueu' ana
"a, Actual and necessary net cos, in
Lo"sF oI the purchase or construct,on %
the transit facility. ''''o" OF
,,o,.,. '"ai ana necessary net cost In
nnrin; ;o,'1. administration. engineering. su.
pei In.sildence, legal services, Insurance. ara
ushases properly chargeable as an eynensa
VI ,'Niu'hg ire transit facility
'D' lakes, assessments and other go,-
,i r, 'hiTses on account of the tran
i"rI"'y pald or accrued before the no.
shliiihS OF Its operation, and such nssaos.
,,r lor tenthts to the facility during
hoard , .'on as are In the opinion of the
u, ph,r IL
revenue asallst gross
~, In case the transit facility ,s nro-
'ueo oy the company. interest and sink.
ns lunu charges paid or accrued during tho
Iou prior to the use of the facility In
opera,lon' upon money used or seouri,ios
si, Ssueu 10 pay for the facility In case tho
ana Is provided by the city, interest
unor e ,. iund charges paid or accrued
upon money used or securities issued 10 ,a
lor the transit facility during the nerind
Vi construction and for one year after Tho
.,cnpIetioh OF the work for which tho in
oeotedness shall have been incurred
e' All expenses incurred in procuring the
money necessary to pay for the transit foc,-
NY, including the cost of engraving and
pini'"s securities advertising, taxes ex.
pehses or selling securities and trustees,
expenses incurred in connection win tho
original issue of securities '''
W expenditures for repairs replaca.
ments or renewals of a transit facility made
uuring construction or after II shall have
oeen used In operation which. in the opinion
OF the board. shall have been necessitated by
faulty construction or design
III any increase or profit (other tba, In.
crease or profit resulting from operation)
from whatever source derived including in.
terest on deposits of construction funds
snail accrue In any manner out Of or in con.
hection with any transit facility the amount
of any such increase or profit shall be ap
pied to reduce the cost of the said transit
facility.
RECORDS OF COST
The city shall provide vouchers to cover
all items OF the cost of the city's transit
facilities. and these vouchers shall be acces
sible for inspection and audit by represen
tatives Of the company and of the board
and Shall be matters of public record
The company shall provide vouchers Il
cover all items of the cost of the transi
facilities to be furnished by the compan,
for the city. The original vouchers and can
vases of bids for said transit facilities shal
be accessible for the inspection and audi
of the board and of the City Controller. an,
shall be matters Of public record.
PAYMENTS OF INTEREST
The city shall furnish and expend from
time to time the funds required to meet tn
cost of the cty's transit facilities and tn
total amount of such funds expended befor
any given date as certified by the boar
shall be considered the cost of the city
transit facilities as of that date.
The company shall pay TO the city iron
the gross revenue as specified under Articl
X%I1 paragraph ], item l. the interes
and sinking fund charges cumulative a
and when earned under the terms of th
contract, on such bonds as may be issued b.
thn off fnr ha nf hn N al
facilities as certified by the board, befor'
paying any dividend or dividends to III
stockholders from the gross revenue, a
specified under Article XXI, paragraph
item 8 provided, however, that interest ant
sinking fund payments on the bonds ISSUED
by the city to pay for the cost of the city'
transit facilities constituting each indivdua
operating section of the citys system re
spectively. shall not be chargeable agains
or paid out of the gross revenue until aftel
the expiration of one year from the dat'
of the beginning of the operation by th'
company Of such section
CAPITAL REQUIREMENTS
The company undertakes to obtain from
time to time sufficient new capital to NEE
it's requirements for additions. betterment'
and extensions to its own system Tor re
funding and other capital expenditures. ant
for the transit facilities to be furnished b!
the company for the city.
The method of procuring the said capital
shall be approved by Councils as provided
in Section 8 Of the 1907 contract.
For the purpose of amortlzing the new
canital furnished by the company during
the term of this contract, there shall be
set aside as a sinking fund for the amor
tization of each issue of new capital, out
~ the gross revenue Of each year, an
amount equal to one percentum t%) OF
the mar value of the securities and capital
stock of the company issued and outstand-
inc for such new capital as the same shall
have been approved by Councils under
section 2 of the 1907 contract provided
boweyer that the sinking fund on each
issue of new securities and new capital
stock shall not begin until five years atter
the date of issue thereof
SINKING FUND PAYMENTS
Sinking fund payments on account OF
shares of new capital stock OF the com
many issued in addition to the thirty NIL
lion dollars $3.50, ,OOO0OO) now authorized
and outstanding, shall be made 10 ,he
sinking Fund Commission. Sinking fuhd
payments on account of bonds, notes or
otber securities shall be made to the trustee
for the issuance of such bonds. notes q
securities. The said trustee shall from
time TO time invest the amount OF inc sald