The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-21
= e N NJ 8 Wv AMI A.
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMr CIoN
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;
And UheredS, II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be IL enacted by tbe Senate and House
Of Representatives. Of The Commonwealth Of Penn
enacted bV the authority of he same That the
Governor, Auditor-General, and State Trea-
surer be, and are hereby, authorized and em-
monwealth, in such amounts and with such
notice (not 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-
payable at any time after five years, and
within ten years; eight millions of dollars paya-
ble 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 of
the Auditor General, and to be transferable on
the books of the Commonwealth, at the
Farmers and Mechanics National Bank of
PhiiadeIphia; 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 Common wealth.
Section 2. The bids Tor 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: Provided, That no certih
cate Hereby authorized to be issued shall be
negotiated for less than its par value.
Section 3 The bonds uI the State and certifi
Gates of Indebtedness now overdue, shall be
such regulations as the Governor, Auditor
| General, amt State Treasurer may prescribe;
10 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
Section 4. That alhtrustees, executors, admin.
istralors, guardians, agents, treasurers, COM
! mittces, or other persons, holding, in a tidu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys, are hereby
authorized to bid for the loan hereby auth orzed
to be issued, and to surrender the bonds or
certificates Of loan oar held by them at the time Of
authorized to be issued by this act.
| Section s. Any person or persons standing in
the t1duciaEy 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
| by thisa at a rate of premium not exceed
ing twenty per centum.
| this act, all the bonds of this Common wealth
shall be paid off In the order of their maturity.
wealth. not yet due, shall be exempt from
| State, municipal or local taxation, after the
|
| eight hundred and siXty-seven, shall have been
Section g. That all existing laws, or portions
| thereof, inconsistent herewith, are hereby re-
JOHN P. GLASS,
Speaker of the House of Represen tatives.
! l.. w. HALL,
| Speaker of the Senate,
Approved the second day of February, one
| thousand eight hundred and sixty-seven.
| JOHN W. GEARY.
| In accordance with the provisions of the
| sealed will
! be received at the Office of the State Treasurer
| in the city of Harrisburg, Pennsylvania, until
II o'clock M, of the lst day of April, a. D. 1867,
to be endorsed as sfolloWs;-."Proposas for Penn
Harrisburg, Pennsylvania, United States OF
| America.
Bids will be received for $5, 100000, reimburse
BILE in five years and payable in ten years;
| SS,OOO,OOO reimbursabe in ten years, and payable
| In fifteen years; and $l000O000, reimbursa8le in
| fifteen years and payable ip twenty-five years.
The rate of interest to be either five 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 as desired by the loaners, to be free from
| State, local, and municipal taxes.
| The overdue bonds of 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 F. HARTRANFT,
| Audltor-G General
| w. H. KEMBLE
| State Treasurer.
| N. B.-No newspaper PUBLISHING the above
| unless authorized, will receive pay. 81