The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-18

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 WheredS, 1t is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be il enacted by the Senate and House
Of Representatives. Of The Commonwealth of Pe,ln-
Syivoatd IN General Assembly met and IL Is hereby
enacted by the authority of the same, That the
Governor, Auditor-General, and state Urea
surer be, and are hereby authorized and en-
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 Com
monwealth for the same, bearing interest at a
rate not exceeding six per centum per annum,
payaIoie Io S seinl-annuaily on the Isl OF February
which certificates of loan or bonds shall not be
subject to any taxation whatever, for State,
munlclpal, 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.dye
years; and shall be signed by the Governor and
State Treasurer, and countersigned by the
Auditor. General, and registered in the books of
the Auditor General, and to be transferable on
the books of the Commonwealth, at the
Farmers end Mechanics National Bank 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
| or-Gereral 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 7 he bonds of the State and certih-
Gates of Indebtedness, now overdue shall be
receivable ia 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
certificates Of indebtedness of the Common
wealth.
Section 4. That all trustees, executors, admin
istrators, guardians, agents. treasurers, COM
mittees or other persons, holding, in a fidu-
ciary capacity, bonds or certificates of indebt-
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 hduciary capacity stated in the fourth Sec
| tion 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 this act, at q rate of premium not exceed.
| ing twenty per centum.
Section 6. That from and after the passage OF
| this act, all the bonds of this Commonwealth
snail De Palu on IN Jhe order OF their maturity.
| Section Z. That all loans of this Commons
wealth, not yet due, shall be exempt from
state, municipal, or local taxation. after the
I interest due February 1st, one thousand
eight hundred and sixty-seven, shall have been
| paid
| thereof, inconsistent herewith, are hereby re-
| pealed.
JOHN p. GLASS,
Speaker of the House of Representatives
| l.. 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 proposals will
be received at the Office of the State Treasurer
in the city OF Harrisburg, Pennsylvania, until
II o'clock NJ, OF the lst day of April, a. ID. 1857,
| TO be endorsed as stollows:-"Proposals for Penn
| sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania, United States OF
Bids will be received for s5,OOO,OOO, reimburse
| BILE in i've years and payable in ten years;
1 SS,OOOOO ,relmOurSaDle IN ten years and PAYABLE
| in fifteen years. and Sl0,0OO,000, reimbursable in
| fifteen years and payable IN twenty-five years.
The rate of interest 10 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
\ 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
FennsylVanla 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
No distinction will be made between bidders
paying In cash or overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania
JOHN F. HARTRANFT,
AudItor-General
VIII. KEMBLE,
State Treasurer,
N. B.-No newspaper publishing the above,
unless authorized, Will receive pay ~