New-York tribune., 1921-02-15
transit in New York City arc contained

in new article, which follows:
Article VI4-Additionai sewers sn6
Jurisdiction of transit commission,
Section io5 Definitions.
Section I06~-Commission to prepare
plan of readjastment.
Section 10T--Prccedurs under plar
OF readjustment.
Section ies--Additional powers and
duties of commission.
Section 109--Approval Of local su.
shority necessary to certain contracts
or nominations.
Section 110--~Exemntion from organ.
ization and mortgage taxes.
Section 105 - Definitions - When
used in this article, unless the contexs
clearly indicates that another mean
ing is intended:
THE words rapid transit act
mean Chspter of the laws Of 1891
as amended or supplemented;
2--The word commission means the
state transit commissions;
"a--Tfe word street shall include
streets, avenues, waters, rivers, bridges
viaduets, rarkways and highways;
4~-Ihe words tsity,' such city and
the city shall severally mean a city OF
che state having population Of over
100000 Inhabitants, according to the
last preco ding Federal census or state
enumeration.
"lccai A ithority~ Defined
'5~-The word local authority shall
INC ade The Boa d Of Estimate and Ap-
polt3onment ami any other analogous
lotai authority in such q city having
eontroi of seeets or authority to make
appropriations.
"6-The word contract shall include
contract, grant. franchise. consent GER
tlticate, authorization, authority and
any other form whereby rights are
granted
"1--The words raj Ways and rail
roads shall include rapid transit rail
roads, street surface railroads and
stage and omnibus lines and any rail-
ROAD used for local service. and not
operated as part Of trunk line raj
roat, and che words railroad com
panies' shall rnaan the owners, iessees
or operators thereof.
section LOG 6-Comnlission 70 prepara
plan OF readjustment. The commission.
after making The necessary studies and
saV> stigation, shall prepare q plan Of
reacJustment for the re ief and i'm
provenfent Of transit in such city Such
plan shall contain provision for the ac-
compNshment of the following three
nam purposes:
THE combination, rehabilitation.
Improvement and extension Of existing
ral1roeds, so that service thereon m..y
oe increased and improved to the fui-
lest extent possible.
"2~The receipt by the citv of sua1.
Gent returns from the operation O
the railroads SO that the CORPORA te
Stoch issued by the city tor the con-
5eruction OF rapid transit railroads nav
DC exempted In computing the d.bt-
lncufring power of the city under the
eonstItu5ion of the state, and
q. The readjustment Of the existina
rights and obligations of the raj road
companies, so that the real velues in
CHe railroads may be protected and
securities stabilized.
without limiting the authority and
ciscreelon Of the Commission, it sha
consider the inc orporation in the nan
OF provisions whereby tie titis to such
Tallroads as are not already owned by
the city and whose OWNERSHIP therah
IS deemed by the commission TO be de-
slrabie, may oe vested in tn, citv in
return for lease of such railroads by
me city, and in the event of the incor-
pofation OF such provisions in the
plan the commission shall outline an
arrangement whereby outstanding Sc
pe exchanged fer new securities and
rhe valuation of the railroads, deter
mined as hereinafter provided, amor
tized.
"And may provide that the pa~ment
of interest and dividends may be de,
erred for period to be fixed b. the
con- mission and not to exceed two years
from the delivery of such lease, in or
der to provide funds for the prompt
TonFGpanI1atinn nj II
railroads.
Physical Valuation Provided
sin connection with the preparation
of such pan, the commission sha |
cause a valuation to be made of the
physical property used in the public
service Of the railroads it proposes to
include therein. Such valuation shall
be in such detail and shall include
such elements Of cost of values and
shall be made IN such manner as the
commission may prescribe. Such val
uation IS finally determined by the
allowance ces to the railroad companies
under the plan.
ain connection with the preparation
of the plan of readjustment, the com
mission shall investigate and give con-
side Grafton to the possibility of includ-
ing in the plan provision for railroads
operating between point or points
within the city, and point or points
without the city, and for connecting
railroads whose lines stop at or near
the city line.
"ln the preparation of the plan OF
readjustment the commits ion shall
coneider the incorporation in the con.
tracts to be entered into to carry such
plan into effect of provision for g
board of control to have supervision
and control over the management ane
operation of the railroads included ir
the plan, and in such contracts and
for proper representation thereon OF
the city and of the railroad companies
and of any other interest which the
commission decides should also be rep,
resented thereon.
"Section Procedure under plan o!
readjustment: Upon the completion
such plan, but before finally adopt ne
the same, the commission shall hole
such public hearing thereon as is
provided in the case of contracts BY
Section 81 of the rapid transit act ane
shall at the same time transmit copy
thereof to the local authority of the
city and to each of the railroad com.
panies which owns or operates any oil
the railroads included there with 8
request for the statement of the views
of such local authority and such rail
road y,ipu fharapn