The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-09

pig N MS YLVANIA
STATE LOAN.
p II O p O S A L S
f OR A L O "a N
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.


Whereas, 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;
lind whereos, II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. BE 10 enacted on Gte Senate and House
OF Representatives Of uie Commonwealth Of PENN
enocteu OH ne duh0TtY Of he same, That the
Governor, Audltor-General, and State Trea-
surer be, and are hereby, authorized and en-
powered TO borrow, on the faith of the Com
monwealth, 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 n
rate not exceeding six per centum per annum
payable semt-annually on the lst of February
and lst of August, in the city of Philadelphia;
winch certificates of loan or bonds shall not be
subject to any taxation whatever, for State
municipal, or local purposes, and shall be paya-
bic 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.
Ieen years; ana ten mllllons 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 of
the Auditor-General, and to be transferable on
the books Of the Commonwealth, at the
Farmers ana Mechanics National Bank of
Philadelphia; the proceeds of the whole OF
which: loan, including premiums, etcetera,
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 Cove nor, Audi
tOr-General, and State Treasurer, and awarded
to the highest bidder: ProUided That no certih.
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section The bonds OF the State and certifi.
Gates of indebtedness, now overdue, shall De
receivable IN payment OF the said loan, under
such regulations as the Governor Auditor
General, and State Treasurer may prescribe;
and every bidder for the loan now authorized
10 be issued, shall state in his bid whether the
same is payable i'll cash or in the bonds, or
certificates of indebtedness OF the Common
wealth.
Section 4. That all trustees, executors, admin
istrators. guardians, agents, treasurers COM
mltteeS, or other persons, holding, in fidu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys, are hereby
TO be issued, and to surrender the bonds or
certificates Of loan held by them at the time OF
making such bid, and to receive the bonds
authorized to be issued by this act.
Section 5. Amy person or persons standing in
the hduciary capacity stated in the fourth Sec
tion of this act, who may desire to invest
money in their hands for the benefit of the
trust, may, without any order of court. invest
the same in the bonds authorized to be issued
by tins act, at a rate of premium not exceed
Ing twenty per cenCum.
Section 6. That from and after the passage or
this act, all the bonds OF this Commonwealth
shall he paid of in the order of their maturity.
Section Z. 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
paid.
Section g. That all existing laws, or portions
thereof, inconsistent herewith, are hereby
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 StXty-SeVen.
JOHN W. GEARY.
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
II O'Clock NJ, OF the lst day of April a. D. 1867,
to be endorsed as sfollows-"Proposals for Penn
sylVania State Loan" Treasury Department.,
harrisburg, Pennsylvania, United States OF
Bids will be received for S5, 100000, reimburse
BILE in five years and payable in ten years;
SS0O0,OOO, reimburSable in ten years, and payable
in fifteen years; and Sl00O0,O00, reimbursable in
fifteen years and payable in twenty-five years.
The rate OF interest to be either hve or six per
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 for
less than par will be considered. The bonds
will be issued in sums OF $50 and such higher
sums desired by the loaners, to be free from
State, local, and municipal taxes.
The overdue bonds oil the Commonwealth of
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 bidders
paying in cash or overdue loans.
JOHN W. GEARY,
Governor of Pennsylvania.
JOHN +. HARTRANFT,
AudltOr-General.
w. II. KEMBLE,
State Treasurer,
n. B.-No newspaper publishing the above,
unless authorized, will receive pay 27