The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-02
FINANCIAL.
p e N N YLV AMI A
STATE LOAN.
PROPOSALS FOR A LOAN
$2s,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONwEALTH.
PROPOSALS FOR A LOAN
$23,OOO,OOO.

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 tUhereas II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be Il enacted by 1e Senate and House
Of Representatives. Of tte Connnlo'lVedlth Of Penn
suLvantd in General Assembly met, and Is hereby
enacted bv ne authority Of he same. That the
Governor, AuditOT-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, Lwenty-three millions of dollars, and
issue certificates of loan or bonds Of the Com
monweRlth for the same, bearing interest at
rate not exceeding six per centum per annum,
payable semi-annuallyi on the ISL OF FEBRUARY
ana ISL Oh Augnst, IN one cisy g Oi sa s,t Ia
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 counterslgned by the
Auditor General, and registered in the books o I
the Auditor General, and to be transferable on
Farmers and Mechanics National Bank of
Philadelphia; the proceeds OF the whole of
WnlCDs lOuD, 1nCluulDB pT6IuluIus, eJC6leId,
received on the same, shah 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 certid-
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
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
| certihcates of indebtedness OF the Common
Section L. That all trustees, executors, admin
| istTators, guardians, agents, treasurers COM
| mittees, or other persons, holding, in a tidu-
| edness of the State or moneys, are 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 8. Any person or persons standing In
| the tlduciary capacity stated in the fourth Sec
tion 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 thislact. at a rate OF premium not exceed
Section s. That from and after the passage or
| 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, shall be exempt from
| interest due February 1st, 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
Speaker of the House Of Representatives.
| l.. w, HALL,
| Speaker of the Senate.
| Approved the second day of February, one
thousand eight hundred and T@HN sNSxty-seysn ~
| 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 viii be received for So, ,OOO,OOO, reimburse
| BILE in five years and payable in ten years;
5000 900, reimbursable in ten years. and payable
in fifteen years; and $lOOO0,000, 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. n. KEMBLE
State Treasurer.
unless authorized, will receive pay. 81