The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-16
FINANCIAL.
= e "a MS YLV A MIA
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONwEALTH.
CORIMONwEALTH.

Whereds The bonds OF the Commonwealth
and certain certificates of Indebtedness
amounting to TWENTY THREE MILLIONS
OF DOLLARS have been overdue and unpaid
for some time past;
And IOheredS, 1t is desirable that the same
should be paid, and Withdrawn from the market
therefore,
Section l. Be IL enacted by Die Senate and House
Of Representatives. Of The Commonwealth Of Penn
enacted bD ne authority Of The same, That the
Governor, Auditor-General, and State Trea-
surer be, and are hereby, authorized and em-
powered to borrow, on the faith of the Com
moDwealth, in such amounts and with such
notice mot less than forty days) as they may
deem most expedient for the interest of the
State, Jwenty-three millions of dollars, and
issue certificates of loan or bonds of the Com
monwealth for the same, bearing interest at
rate not exceeding six per centum per annum
payable semi-annually, on the LIST OF February
and lst of August in the city of Philadelphia;
which certificates of loan or bonds shall not be
subject to any taxation whatever, for State,
municipal, or local purposes, and shall be paya-
BILE as follows, namely:--Five millions of dollars
payable at any time after five years, and
within ten years; eight millions of dollars paya-
BILE at any time after ten years, and within if-
teen years. and ten millions of dollars at any
time after fifteen years, and within twenty-five
years; and shall be signed by the Governor and
State Treasurer, and countersigned by the
Auditor General, and registered in the books o
the Audit tor-General, and TO be transferable on
the books of the Commonwealth, at the
Farmers and Mechanics National Bank of
Philadelphia the proceeds of the whole of
received on the same, shall be applied to the
payment of the bonds and certificates OF in
debtedness of the Commonwealth.
Section 2. The bids for the said loan shall be
opened in the presence OF the Governor, Audi
tOr-General, and State Treasurer. and awarded
to the highest bidder Provided, That no certih-
cate hereby authorized TO be issued shall be
negotiated for less than its par value.
Section 3. he bonds OF the State and certin-
Gates of Indebtedness, now overdue, shall be
such regulations as the Governor, Auditor
General Treasurer nrpSCriba.
and every bidder for the loan now authorized
TO be issued, shall state in his bid whether the
same is payable in cash or in the bonds, or
certificates of Indebtedness of the Common
wealth.
istrators, guardians, agents, treaSurerS, COM
mittees, or other persons, holding, in 1du-
ciary capacity, bonds or certificates OF 1ndebt-
edness of the State or moneys, are hereby
authorized to bid for the loan hereby authorized
to be issued and TO surrender IN tae o0nas or o,
making such bid, and TO receive the bonds
authorized to be issued by this act
Section 8. Any person or persons standing In
the fiuuciary capacity stated in the fourth sec.
on Of II this act WhS r m@y aeS1ge beee a. OF n
trust, may, without any order of court, invest
the same in the bonds authorized to be issued
by this act at a rate OF premium not exceed
ing twenty per centum.
Section &. That from and after the passage OF
this act all the bonds of this Commonwealth
shall be paid off in the order OF their maturity.
Section Y. That all loans of this Common
wealth, not yet due, shall be exempt from
State, municipal, or local taxation, after the
Interest due February LIST, one thousand
eight hundred and sixty-seVen, shall have been
Section s. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pe'"'" JOHN p. GLASS,
Speaker of the House of Representatives.
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and IGg si1ty;seHyen. % eye
In accordance with the provisions of the
! above act OF Assembly, sealed proposals will
be received at the Office of the State Treasurer
! in the city OF Harrisburg, Pennsylvania until
| u O'Clock M. OF the LIST day of April a. ID. 1867
TO be endorsed as fOllowS:-"Proposals for Penn
! sylvania State Loan" Treasury Department.
harrisburg pennsylvania. United States o.
! Bids will be received for s5,OOOOO reimburse
BILE in five years and payable in ten years
IS 900 00O REIN burSable in ten years and payable
in fifteen years; and $4,000 600 reimbursable in
fifteen years and payable in twenty-five years
! The rate of interest to be either five or six pen
cent. per annum, which must be explicitly
stated in the bid and the bids most advanta
geous to the state Will be accepted. No bid fol
less than par will be considered. The bonds
! will be issued in sums of $50, and such higher
| sums as desired by the loaners to be free from
! State local and municipal taxes.
The overdue bonds of the Commonwealth o
! Pennsylvania will be received at par in pay
! ment of this loan, but bidders must STATE
| whether they intend to pay in cash or in the
| overdue loans aforesaid.
! No distinction will be made between bidder
paying in cash or overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania
JOHN f. HARTRANFT,
Audltor-General
W. II. KEMBLE,
| State Treasurer
N.B,-No newspaper publishing the above
unless authorized, Will receive pay ~