The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-23
= z N MS YLV ANIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE 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 ,Ohereas, It is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section /. Be Il enacted by the Senate and House
Of Representatives Of me Commonwealth Of Penn
SytUdnia in General assembly met and Is hereby
enacted on 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.
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, twenty-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 LIST 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-
! bic as follows, namely:-Elve 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; 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-G General, and to be transferable
Farmers and Mechanics' National Bank Of
! Philadelphia; the proceeds of the whole of
loan on The lRsang en- era
payment of the bonds and certificates Of in
| debtedness of the Common wealth.
Section Q. The bids Tor the said loan shall be
| opened in the presence OF the Govel nor, Audi
| tor General and State Treasurer, and awarded
| cate hereby authorized to be issued shall be
| negotiated for less than its par value.
| Section The bonds Ol the State and certih-
| Gates of Indebtedness, now overdue, shall he
| receivable ia payment OF the said loan, under
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 A. That all trustees executors admin.
| istTators, guardians agents, treaSurers, COM
mittees, or other persons, holding, in tidu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys are hereby
authorized to bid for the loan hereby authorized
to be issued and to surrender m % IL the e. bonds ads, OF 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 1ducary capacity stated in the fourth sec.
ton 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 thisact, at rate OF premium not exceed
| ing twenty per centum.
Section 8. 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 T. That all loans of this Common
Wealth not yet due ,1 shall be @ exempt from ON
interest due February LIST, one thousand
| eight hundred and sixty y-seVen, shall have been
paid,
Section g. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
peale&.
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 sixty-seyen.
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
IL o'clock NJ of the lst day of April, a. u. 1867,
to be endorsed as sfollows--"Proposals for Penn
| sylVania State Loan" Treasury Department,
harrisburg, Pennsylvania, United States OF
| America.
Bids will be received for S5,O 100000, reimburse
BILE in five years and payable in ten years;
SS 0O0, 600, reimburSable in ten years. and payable
in fifteen years. and $l0,00O,0O0, 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
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 of the Commonwealth OF
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-General
| VIII. KEMBLE,
State Treasurer.
N.B.-No newspaper publishing the above
unless authorized, will receive pay ~