The main provisions of the legislation which stood upon the
statute books as the Rapid Transit Act, when the contract was finally
executed, February 21, 1900, may be briefly summarized as follows:
(_a_) The Act was general in terms, applying to all cities in the
State having a population of over one million; it was special in
effect because New York was the only city having such a population. It
did not limit the Rapid Transit 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.
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