The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-11
= e N SYLV MIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR The REDEMPTION
OF THE OVERDUE BONDS OF THE
C0MMONWEALTH.

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 tVhereas, 1t is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Of Representatives Of ule Commonwealth Of Penn
SytUu7td 9t General Assembly met and is he7ebU
enacted bD = te atatorty Of the same, That the
Governor, Auditor-General, and State Trea-
surer be- and are hereby, authorized and en-
powered 10 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-annually, on the LIST 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 fif-
teen years; and ten millions of dollars at any
time after fifteen years, and within twenty.hve
years; and shall be signed by the Governor and
State Treasurer, and countersigned by the
Auditor:General and registered in the books OF
the Audltor-General, and to be transferable on
the books of the Commonwealth, at the
Farmers and 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 or the Cover nor, Audi
tor-Geheral, and State Treasurer, and awarded
to the highest bidder Provided That no certih-
cafe hereby authorized to be issued shaLl be
negotiated for less than its par value.
Section he bonds OF the State and certin-
Gates of Indebtedness, now overdue, shall he
receivable IN payment o the said loan, under
Iat nc a A AIrflff
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
ciary capacity, bonds or certificates of indebt-
edness of the State or moneys are hereby
authorized to bid for the loan hereby authorized
70 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 5. Any person or persons standing In
the 1ductary 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 this act at rate OF premium not exceed
Section g. That from and after the passage OF
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
interest due February LIST, one thousand
eight hundred and sixty seven, Shall have been
Section g. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pealed. . r. -
Speaker of the House of fRepresentatiyes.
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and sixty-seven.
JOHN ". 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 sfollows:-"Proposals for Penn
Harrisburg, Pennsylvania. United States Of
America.
BILE in five years and payable in ten years.
SS,00O,000, ,reimbursable in ten years. and payable
in fifteen years; and $lOOOO,0OO, reimbursabe In
fifteen years and payable in twenty-five years.
The rate of interest to be either hve 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 overoue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN +. HARTRANFT,
Audltor-General
W. H. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above,
unless authorized, will receive pay. ~