The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-04
FlNANC ClAL.
. e N N 8 YLV AMI A
STATE LOAN.
PROPOSALS FOR A LOAN
OF
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONwEALTH.
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 UheTeaS, 1t 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should be paid, and withdrawn from the market;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
Syludnia in General Assembly met and 10 Is hereby
enacted bU ne authority Of The same, That the
Governor, Auditor-General,a and State Trea-
surer be, and are hereby, authorized and em-
powered to borrow, on the faith OF the Com, Com,
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 cenIuIn per ,annum,
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:-Ftve millions of dollars
payable at any time after five years, and
BILE at any time after ten years, and within hf-
teen years; and ten millions OF dollars at any
years; and shall be signed by the Governor and
State Treasurer, and countersgned by the
Auditor General and registered @ IN the books OF
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
tort 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 8. The bonds of the State and certin-
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
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.
istrators, guardians, agents, treasurers, COM
mittees, or other persons, holding, In q hdu-
ciary capacity, bonds or certificates of tndebt-
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 g. Any person or persons standing In
the flduciary capacity stated in the fourth sec
ton of this act, who may desire TO invest
money in their hands for the benefit of the
trust, may, without any order of court invest
the same in the bonds authorized to be issued
by thisact, at rate of premium not exceed
Section 8. That from and after the passage OF
this act all the bonds OF this commonwealth
Section 7. That all loans of this Common
wealth, not yet due, shall be exempt from
State, municipal, or local taxation, after the
interest due February LIST, 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
J.. w. HALL,
Speaker of the Senate
AnDrOVeO the second QaV OF February
thousand eight hundred and sixty-seven.
JOHN W. GEARY.
In accordance with the provisions of the
be received at the Office of the State Treasurer
in the city of Harrisburg, Pennsylvania, until
IL o'clock NJ, of the LIST day of April A. u. 1867
sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania, United States of
Bids win be received for S5,O ,OOO reimburse
BILE in five years and payable In ten years;
SS000,00O, reimbursable in ten years, and payable
in fifteen years; and $iOOO0,OOO, reimbnrsable in
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 +. HARTRANFT,
Audltor-General
WE. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above
unless authorized, will receive pay. 81