The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-13

p EN sYL VANIA
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

WNt'NNcf AhO bOuOh VI JLo OOInkuCuWeatJns
and certain certificates of Indebtedness
amounting to TWENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And WhereGS, 1t is desirable that the. same
should be paid, and withdrawn from the market;
therefore,
Section l. Be IL elacted bu tte Senate and Eyou,e
OF Representatives. Of the Commonwealth of PENN
SytUonta IN General Assembly met and q Is heye6g
Governor, Auditor-General, and State Trea-
surer be- and are hereby, authorized and en-
powered to borrow, on the faith of the Conn
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 a
rate not exceeding six per centum per annumA
payable semi-annually, on the LIST of February
which certificates ofloan or bonds shall not be
subject to any taxation whatever, for State;
BILE as follows, namely:-Five millions of dollars
payable at any time after five years, and 4
within ten years; eight millions of dollars paya.~
teen years; and ten millions of dollars at any
time after htteen years. and within twenty-five
years; and shall be signed by the Governor and
State Treasurer, and counterslgned by the
Auditor. General and registered in the books O Z
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 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: PToUtded, That no certh-
Gale hereby authorized to be issued shall be
negotiated for less than its par value.
Section 3. The bonds of the State and certih-
cafes of Indebtedness, now overdue, shall be
receivable In 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.
Section A. That all trustees executors, admin
istratorS, guardians, agents, treasurers, COM
ciary capacity, bonds certificates of indebt-
edneSS of the State or moneys. are hereby
authorized to bid for the loan hereby authorized
10 be Issued, and TO surrender the bonds or
certificates Of loan hold by them at the time OF
making such bid, and to receive the bonds
authorized To be issued by this act.
Section s. Any person or persons standing In
the 1duciary capacity staSed 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 this act, at rate of premium not exceed-
ing twenty per centum.
Section 0. That from and after the passage or
this act, all the bonds of this Common wealth
shall be paid offin the order of their maturity.
10 NJ
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 y-seven, shall have been
paid.
Section 8. That all existing laws, or portions
thereof Inconsistent herewith, are hereby re-
pealed.
JOHN p GLASS,
Speaker of the House of Representative.
Il. 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
above act of Assembly sealed prunosals will
be received at the Office of the State Treasurer
in the city of Harrisburg Pennsylvania until
no'clock M, Of the fst day of April. A. D. 1861,
sylvania State Loan" Treasury DepartI nent
harrisburg, Pennsylvania, United Stai es OF
America. .U
Bids will be received for s5 OO0,OeO. rejmI ,ursa
bic in five years and payable In ten wears.
100000, reimbursabe in ten years. and pi tyable
in fifteen years. and Sl0000O00, reimburs lble in
fifteen years and payable in twenty-five wears,
The rate OF interest TO be either 1--WE or six per
cent. per annum, which must be ex plieitiy
stated In the bid, and the bids most a. iyanta-
geous to the State will be accepted. Nc bid FOR
lesg than par will be considered. Tho bonds
VIII be Issued in sums of $50, and sueIl higher
sums as desired by the loaners to be fr ee from
state, local, and municipal taxes.
Inc overdue bonds OF the CommonN wealth OF
ment OF this loan. but bidders mast state
whether they intend to pay in cash or in the
overdue leans aforesaid.
No distinction will be made betwee n bidsiers
paying IN cash or overdue loans.
JOHN w. GEARY
Governor of Pennsylvania.
JOHN r. HARTR.ANFT
AuditoT-GenaFal
VIII. KEMBLE,
State Treasurer.
N. B.--No newspaper publishing tho above
1nIess a9Lnorlzed, win receive pay. az