it Commissioners to the building of a
single road, but authorized the laying out of successive roads or
extensions.

(_b_) A Board was created consisting of the Mayor, Comptroller, or
other chief financial officer of the city; the president of the
Chamber of Commerce of the State of New York, by virtue of his office,
and five members named in the Act: William Steinway, Seth Low, John
Claflin, Alexander E. Orr, and John H. Starin, men distinguished for
their business experience, high integrity, and civic pride. Vacancies
in the Board were to be filled by the Board itself, a guaranty of a
continued uniform policy.

(_c_) The Board was to prepare general routes and plans and submit the
question of municipal ownership to the electors of the city.

(_d_) The city was authorized, in the event that the electors decided
for city ownership, to issue bonds not to exceed $50,000,000 for the
construction of the road or roads and $5,000,000 additional, if
necessary, for acquiring property rights for the route. The interest
on the bonds was not to exceed 3-1/2 per cent.

(_e_) The Commissioners were given the broad power to enter into a
contract (in the case of more than one road, successive contracts) on
behalf of the city for the construction of the road with the person,
firm, or corporation which in the opinion of the Board should be best
qualified to carry out the contract, and to determine the amount of
the bond to be given by the contractor to secure its performance. The
essential features of the contract were, however, prescribed by the
Act. The contractor in and by the contract for building the road was
to agree to fully equip it at his own expense, and the equipment was
to include all power houses. He was also to operate the road, as
lessee of the city, for a term not to exceed fifty years, upon terms
to be included in the contract for construction, which might include
provision for renewals of the lease upon such terms as the Board
should from time to time determine. The rental was to be at least
equal to the amount of interest on the bonds which the city might
issue for construction and one per cent. additional. The one per cent.
additional might, in the discretion of the Board, be made contingent
in part for the first ten years of the lease upon the earnings of the
road. The rental was to be applied by the city to the interest on the
bonds and the balance was to be paid into the city's general sinking
fund for paymen