The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-19
FINANCIAL.
p z N N 9 YLV AMI
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OO0,OOO.
AN ACT
TO CREATE LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.
$23,OO0,OOO.
AN ACT

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 tOherenS, II 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should be paid, and Withdrawn from the market;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 The Commonwealth Of Penn
SDIUdTid in General Assembly met, and is hereby
enacted bV '1e authority Of tte 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, Jwenty-three millions of dollars, and
issue certificates of loan or bonds of the Conn
monwealth for the same, bearing interest at q
rate not exceeding six per centum per annum
payable semt-annually, on the lst of February
and lst 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-
BILE 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 IF
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 II
the tor-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 Cover nor, Audi
tOr-General, and State Treasurer, and awarded
to the highest bidder: Provided, That no certiti-
cafe 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
hi thn
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
wealth.
Section A. That all trustees executors, admin
ist1ators, guardians, agents, treasurers, COM
mitteeg, or other persons, holding, in a fidu-
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
Section g. Any person or persons standing In
the t1duciary capacity stated in the fourth secs
ton OF TINS Act Wdo may defre 10 IN 59Vgss t
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 s. That from and after the passage OF
this act all the bonds OF this commonwealth
Section T. That all loans of this Common
wealth, not yet due shall be exempt from ON
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-
pealed. ,ou>y or.ss
Speaker of the House of Representatiyes
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 State Treasurer
in the city of Harrisburg, Pennsylvania, until
II o'clock M. OF the LIST day of April, A. d. 1867,
to be endorsed as foIlows:-"Proposai for Penn
sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania, United States OF
Bids win be received for 45,OOO,OOO, reimburse
BILE in five years and payable in ten years;
s6,0O0,0O0 reimbursable In ten years, and payable
In fifteen years; and $lO,OOOOOO, 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 overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN f. HARTRANFT,
Audltor-General
w. H. KEMBLE,
State Treasurer.
N.B.-No newspaper publishing the above,
unless authorized, will receive pay. ~