The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-29
p E N MS YLVANI A
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THR
CO6MONwEALTH.
$23,0OO,OO0.
COMMONwEALTH

and certain certificates of Indebtedness |
amounting to TWENTY-TaREE MILLIONS |
OF DOLLARS, have been overdue and unpaid
for some time past;
And WheTeds, II is desirable that the same
should be paid, and withdrawn from the market
therefore,
Section l. Be % enacted by The Senate and House
OF Representatives. Of The Commonwealth of Penn.
SgtUunid in General Assembly met and Is herebU
enacted bV ne authority Of he same That the
Governor, Auditor-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-annually, on the LIST of February
which certificates of loan or bonds shall not be
subject TO any taxation whatever, for State,
municipal, or local purposes, and shall be paya-
payable at any time after five years, and
within ten years; eight millions of dollars paya-
bic 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 countersigned by the
Auditor-General, and registered in the books OF
the uditor-General, and to be transferable on
the books of the Commonwealth at the
Farmers and Mechanics National Bank OF
Philadelphia; the proceeds of the whole of
received on the same, s6a1i be applied 10 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 certf-
cate hereby authorized to be Issued shall be
negotiated for less than its par value.
Section 3. 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
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
Section L. That all trustees, executors, admin.
| istrators, guardians, agents, treasurers. COM
mittees, or other persons, holding, In hdu-
! cary capacity bonds or certificates of indebt-
| edness of the State or moneys are hereby
| authorized to bid for the loan hereby authorized
| 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 1duciary capacity stated in the fourth sec.
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 rate OF premium not exceed
Section 8. 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 Commons
State, municipal, or local taxation. after the
interest due February LIST, one thousand
| elRlI anu blAIy y-SSN0uI oueAA4 hdN0 poSH
Section 8. That all existing laws or portions
| thereof inconsistent herewith, are hereby re-
peAie0' JOHN p. GLASS,
| Speaker of the House OF Representatives.
| l.. w. HALL,
Speaker of the Senate.
| Approved the second day of February, one
l thousand eight hundred and sixty-seven.
| JOHN W. GEARY.
| In accordance with the provisions of the
above act of Assembly, sealed proposals will
I be received at the Office of the Sto,e Treasurer
| Il o'clock M, of the LIST day of April, A. ID. 1867
I to be endorsed as fOllOWS:-"PropOSalS for Penn
| sylvania State Loan" Treasury Department.
harrisburg, Pennsylvania. United States Of
Bids will be received for t5. 900, reimbursa-
l BILE in five years and payable In ten years;
SS 600 000 REIN bursable in ten years and payable
| in fifteen years. and Sl0,000,OO0, reimbursable in
| hfteen 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
| will be issued in sums of $780, and such higher
I sums as desired by the loaners, to be free from
| state, local, and municipal taxes.
| The overdue bonds of the Commonwealth oi
1 ment OF this loan, but bidders must state
l whether they intend to pay in cash or In the
1 overdue loans aforesaid.
! No distinction will be made between bidders
| paying In cash or overoue loans.
Governor of Pennsylvania.
JOHN f. HARTRANFT,
Auditor General
w. H. KEMBLE,
1 State Treasurer.
N. B.-No newspaper publishing the above
! unless authorized, will receive pay. 20