(_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 payment 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.
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