The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-26
- e ~ rs Wv A d I A
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF TIE OVERDUE BONDS OF THE
COMMONWEALTH.
COMMONWEALTH.


and certain certificates of Indebtedness,
amounting to TwENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And WheTedS, 1t is desirable that the same
should be paid, and withdrawn from the market
Section /. Be 1t enacted By the Senate and House
Of Representatives Of the Commonwealth of Penn.
sylUd5ita in General Assembly met, and Is herebU
enacted bV tie authority Of The same, That the
Governor, AudltOr-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, 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 semt-annually, on the lst of February
which certificates of loan or bonds shall not be
subject to any taxation whatever, for State
% h%uniclPa4 OF local purposes ana snaii pe p9ya
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 hf-
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,a and registered in the books If
the Auditor 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
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 3. The bonds of the State and certih-
Gates of Indebtedness, now overdue, shall be
receivable in payment OF the said loan, under
such regulations as the Governor, Auditor
oV1A tofn TVaa act11rar tNrac fnas
and every bidder for the loan now authorized
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
wealth.
istrators, guardians, agents, treasurers, COM
mittees or other persons, holding, in tidu-
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys, hereby
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
the d1cSry caypacity stated in the % fourth seq
ton OF this act, VINO may desire 70 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 5. 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, shal! be exempt from
state, municipal, or local Ua&aJlOu, aIJer Lne
interest due February lst one thousand
eight hundred and sixty-seven. shall have been
paid.
thereof, inconsistent herewith, are hereby re-
pealed. ,- . x -
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.
In accordance with the provisions of the
above act of Assembly, sealed proposals will
be received at the Office of the StaJe Treasurer
in the city of Harrisburg, Pennsylvania, until
II O'Clock NJ of the lst day of April, A. ID. 1867,
to be endorsed as sfollows:-"Proposalsf for Penn
sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania, United States OF
Bids will be received for $4,000 200, reimbursa-
BILE in five years and payable in ten years;
S. 600 600, reimbursable in ten years, and payable
IN ntteen years. ana SiO,OOOOOO reimbursable in
fifteen years and payable in twenty live 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
No distinction will be made between bidders
paying in cash or overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN +. HARLLsANFT,
Audltor-GenerN
w. n. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above
unless authorized, will receive pay, ~