The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-07
= z NJ N S Wv AMI A
STATE LOAN.
PROPOSALS FOR A LOAN
$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-THREEM MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And tOhereaS, 1t is desirable that the same
should be paid, and withdrawn from the market;
therefore
Section l. Be Il enacted 6y the Senate and House
Of Representatives. of The Commonwealth Of Penn
SytUaTi0 in General Assembly met, and IS hereby
Governor, Audltor-General, and State Trea-
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,
payable semi-annualy, 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:-Flve 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 t1f-
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 o t
the Auditor-General, and to be transferable on
ne eGSks sn9 or fnS at the
Philadelphia; the proceeds OF the whole of
which: loan, including premiums, etcetera,
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: Provided, That no certif-
negotiated for less than its par value.
Section 8 The bonds OF the State and certi1-
Gates of Indebtedness, now overdue, shall he
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
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-
authorized to bid for the loan hereby authorized
to be issued, and to surrender the bonds or
making such bid and to receive the bonds
authorized to be issued by this act.
SECTION Any person or persons t standtng In
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 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 Z. That all loans of this Common
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-seven, shall have been
Section 8. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pealed. ,orrD, N or.se
Speaker of the House OF Representatives.
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and l. sixtYy;seSyen. Il Y
In accordance with the provisions OF the
above act OF Assembly, sealed proposals will
be received at the Office of the state Treasurer
IL o'clock M of the lst day of April, A. ID. 1867,
To be endorsed as sfollows:-"Proposals for Penn
sylvania State Loan," Treasury Department.
Harrisburg, Pennsylvania. United States OF
Bids win be received for Is, 100000, reimburse
| BILE in five years and payable In ten years;
| 600 OOO reimbursable in ten years, and payable
In fifteen years; and $l0000,000, reimbursable in
fifteen years and payable in twenty-five years
The rate of interest to be either five or six pei
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 fol
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 o
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 overuue loans.
Governor of Pennsylvania.
JOHN f. HARTRANFT,
| Audltor-General
w. II. KEMBLE,
State Treasurer.
| nnlpSS authorized will receive ~