The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-25
p z N NJ 8 YLN ANIA
STATE LOAN.
PROPOSALS FOR A LOAN
... OF
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH,
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT


Whereas, The bonds of the Commonwealth
and certain certificates of Indebtedness
amounting to TwENTY-THREE MIIIIoNs
OF DOLLARS, have been overdue and unpaid
for some time past;
And WhereoS, 1t is desirable that the sane
should be paid, and withdrawn from the market
therefore,
Section l. Be u enacted by the Senate and House
Of Representatives. Of The Commonwealth Of Penl.
SgUanta IN General Assembly met, and Il Is herebv
endcted 0V ne aitthortty Of ale same That the
Governor, Auditor-General, and State Urea.
surer be, and are hereby, authorized and em-
powered to borrow, on the faith of the Com
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 twenty-three millions of dollars, and
issue certificates of loan or bonds of the Com
monwealth for the same, bearing interest at a
rate not exceeding six per centum per annum
payable semi-annQaly, on the lst of February
and lst of August,1n the city of Philadelphia;
Whlch cert1ncateS OF loan or bonds shall not be
subject to any taxation whatever, for State
municipal, or local purposes, and shall be paya-
ble 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 fif-
Teen years; ana 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
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 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 8. The bonds of the State and certin-
Gates of Indebtedness, now overdue shall be
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
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
Section 4. That all trustees, executors, admin
istrators, guardians, agents, treasurers. COM
mittees, or other persons, holding, in fidu-
ciary capacity, bonds or certificates of indebt-
authorized to bid for the loan hereby authorized
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 g. Any person or persons standing in
the tduciary capacity stated in the fourth Sec
tion of this act, who may desire to invest
trust, may, without any order of court, invest
the same in the bonds authorized to be issued
by this act, at rate of premium not exceed
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 7. That all loans of this Common
wealth, not yet due, shall be exempt from
State, municipal, or local taxation, after the
interest due February lst one thousand
eight hundred and sixty-seven, Shall have been
paid.
thereof, inconsistent herewith, are hereby re-
pe''ieO'' JOHN P. GLASS,
Speaker of the House OF Representatives.
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and sixty-seyen.
| 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 LIST day of April, A. u. 1867,
| to be endorsed as follOWs:-"PropOsals for Penn
| sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania. United States Of
Bids will be received for s5OOO,OOO, reimburse
| BILE in five years and payable in ten years;
IS 600 000 REIN buISable in ten years. and payable
in Fifteen years; and $10000000, reimbursable in
| fifteen years and payable IN 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 overoue 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, AZ