The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-27
70 e ~ MS Wv a M A
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OO0.
AN ACT
TO CREATE A LOAN FOR THE REDEME T1oN
OF THE OVERDUE 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 tUhereaS, 1t is desirable that the same
should be paid, and Withdrawn from the market
therefore,
Of Representatives. Of the ConlHoHl0edtLt Of Penn.
SyiUoHiu IN General Assembly met, and Is herebU
enacted bV ne authority of tile same, That the
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, twenty-three mllllons OF dollars and
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-
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 counterstgned 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 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
tOr-General, and State Treasurer and awarded
to the highest bidder ProUided, That no certiti-
cate hereby authorized to be issued shall be
negotiated for less than its par value,
Section g. ] he bonds of the State and certin'
Gates OF Indebtedness, now overdue, snail be
receivable in payment OF the said loan, under
such regulations the Governor, Auditor
General, and State Treasurer may prescribe;
10 be issued, shall state in his bid whether the
same is payable in cash or in the bonds, or
certihcates OF Indebtedness OF the Common
Section T. That all trustees executors, admin.
| istrators. guardians agents, treaSurerS, COM
mittees, or other persons, holding, in ddu-
| cary capacity, bonds or certificates of indebt-
edness OF the e., State or mo moneys are hereby
| to be issued, and to surrender the bonds or
certificates Of loan held by them at the time of
| authorized to be issued by this act.
Section s. Any person or persons standing In
the tlduciary 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 rate of premium not exceed
Section &. That from and after the passage OF
this act, all the bonds of this commonwealth
Section Z. That all loans of this Common
! wealth, not yet due shall be exempt from
state, municipal, or local taxation, after the
! eight hundred and sixty-seVen' Shall have been
Section s. That all existing laws, or portions
| thereof, inconsistent herewith, are hereby re-
! pealed ,or,,, , r,r ,.,
| Speaker of the House of Representatives.
| l.. w. HALL,
Speaker of the Senate,
Approved the second day of February, one
thousand eight hundred and md HsNixt4y7seyeSnp Y
In accordance with the provisions of the
! above act of Assembly, sealed proposals will
be received at the Office of the Stu. . Treasurer
| in the city of Harrisburg, Pennsylvania until
! II 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
| America.
Bids will be received for G5OOO,OOO, reimburse
| bic in five years and payable in ten years.
SS0O0 900, REIN mbursable in ten years. and payable
in fifteen years; and Sl0000OO0, reiInbursabe in
| fifteen years and payable in twenty-five years.
The rate of interest to be either five six per
! cent. per annum, which must be explicitly
| stated In the bid, and the bids most adVanta-
| less than par will be considered The bonds
/ will be issued in sums OF $780, and such higher
sums as desired by the loaners, to be free Mom
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 f. HARTRANFT,
Audltor-General
VIII. KEMBLE,
State Treasurer
N.B.-No newspaper publishing the above,
OnlpSS authorized. will receive nav.