The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-26
FINANCIAL.
= 6 N ~ s YLV AMI A
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.

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 whereaS 1t is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Section l. Be Il enacted by he Senate and House
Of Representatives Of The Commonwealth Of Penn
SyUd1itd in General Assembly met and Is hereby
enacted bO ne authority Of The 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 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 semi-annualy, on the LIST of February
and LIST OF August, in the city of Philadelphlai
which certificates of loan or bonds shall not be
subject to any taxation whatever, for State,
municipal, or local purposes, and shall be paya-
BILE as follows, namely:-Ftve millions of dollars
payable at any time after five years. and
within ten years; eight millions of dollars paya-
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 o f
the Auditor General and to be transferable on
Farmers and Mechanics National Bank of
Philadelphia; the proceeds of the whole of
received on the same, shall be applied to the
payment of the bonds and certificates of in
debtedness of the Commonwealth.
Section q 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 OI the State and certih-
Gates of Indebtedness, now overdue, shall be
receivable ia payment ol 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 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 moneys are hereby
authorized to bid for the loan hereby authorized
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. Any person or persons standing in
| the hdutiary capacity stated in the fourth Sec
Sn f in hiI be or ms the SG Of e
! trust, may, without any order of court, invest
| the same in the bonds authorized to be issued
! by thisiact, 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
| State, municipal, or local taxation, after the
| interest due February lst, one thousand
eight hundred and sixty-seven, shall have been
Section 8. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
| pealeS . - -
| Speaker of the House of Representatives.
| l.. w. HALL,
| Speaker of the Senate.
| Approved the second day of February, one
thousand eight hundred aRd 6H STtX1seGySen ~ GSRRv
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 M, of the lst day of April A. ID. 1867,
| to be endorsed as follows-"Proposals for Penn
| sylvania State Loan" Treasury Department,
| harrisburg, Pennsylvania, United States OF
America.
Bids will be received for S5,OOO,OOO reimburse
| BILE in five years and payable in ten years;
IS 900 000 REIN bursable in ten years, and payable
| fifteen years and payable in twenty-five years.
| The rate of interest TO be either five 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 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,
AudltUr-General
w. H. KEMBLE,
| State Treasurer.
| N. B.-No newspaper publishing the above,
| unless authorlzed will receive pay. ~