t of the city's debt or into a sinking fund for the
redemption at maturity of the bonds issued for the construction of the
rapid transit road, or roads. In addition to the security which might
be required by the Board of the contractor for construction and
operation, the Act provided that the city should have a first lien
upon the equipment of the road to be furnished by the contractor, and
at the termination of the lease the city had the privilege of
purchasing such equipment from the contractor.

(_f_) The city was to furnish the right of way to the contractor free
from all claims of abutting property owners. The road was to be the
absolute property of the city and to be deemed a part of the public
streets and highways. The equipment of the road was to be exempt from
taxation.

(_g_) The Board was authorized to include in the contract for
construction provisions in detail for the supervision of the city,
through the Board, over the operation of the road under the lease.

One of the most attractive--and, in fact, indispensable features of
the scheme--was that the work of construction, instead of being
subject to the conflicting control of various departments of the City
Government, with their frequent changes in personnel, was under the
exclusive supervision and control of the Rapid Transit Board, a
conservative and continuous body composed of the two principal
officers of the City Government, and five merchants of the very
highest standing in the community.

Provided capitalists could be found to undertake such an extensive
work under the exacting provisions, the scheme was an admirable one
from the taxpayers' point of view. The road would cost the city
practically nothing and the obligation of the contractor to equip and
operate being combined with the agreement to construct furnished a
safeguard against waste of the public funds and insured the prompt
completion of the road. The interest of the contractor in the
successful operation, after construction, furnished a strong incentive
to see that as the construction progressed the details were consistent
with successful operation and to suggest and consent to such
modifications of the contract plans as might appear necessary from an
operating point of view, from time to time. The rental being based
upon the cost encouraged low bids, and the lien of the city upon the
equipment secured the city against all risk, once the road was in
operation.

Immediately after t