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| Re: June 1950 - Proposed Second Avenue Trunk Line map (1313870) | |||
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Re: June 1950 - Proposed Second Avenue Trunk Line map |
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Posted by Lou From Middletown NY on Thu Sep 18 19:53:57 2014, in response to Re: June 1950 - Proposed Second Avenue Trunk Line map, posted by r17-6599 on Thu Sep 18 16:50:20 2014. 'Recapturing' was a term used in the Dual Contracts. In less than 500 words, neither the city or the private companies could afford by themselves the massive amount of money needed for the project, so the city put up about half the monies through issuing bonds. This was the primary financing of segments like the Upper Lex and 7th Ave IRT lines, as well as the Fourth Ave BMT. Since the city had paid for them, the contracts allowed the city to 'recapture' them for token fees rom the private companies.Once Unification came about, the term was redundant, as the city owned it all. |
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