The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-21
FINANCIAL.
p z N N 8 Wv ANIA
\ STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO
AN ACT
TO CREATE A LOAN FOR THE REDEMpTIOE
OF THE OVERDUE BONDS OF THE
COMM0NWEALTH.

Whereas, The bonds OF the Common wealth
and certain cerJihCates of Indebtedness,
amounting to Tw ENTY-THREE MILLIONS
or DOLLARS, have been overdue and unpaid
fOr some time past;
ana UhereuS II is desirable that the same
should be paid, and withdrawn from the market;
theI efore
section l. be u eytucted 6y t,e Senate and House
% Representatives Of the commonwealth Of PENN
ygtIdUlU General assembly met, and Il Is hereby
c2'Ucttd bU ne authority Of ne same, That the
Governor, Auditor-General, and Slate Trea-
Surer he. and are hereby, authorized and em-
powered 10 borrow, on the faith of the Com.
mOnwealth, III such amounts and with such
notice (uot less than forty days) as they may
De. m most eXpedlent for the interest of the
STATE, Iwenty-three millions of dollars and
issue certificates OF loan OF bonds of the Com
mOnwealth for the same, bearing interest at
rate not exceeding six per centum per annum
payable semi-annualy, on the LIST OF February
and LIST 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-
payable at any time after five years, and
within ten years; eight millions of dollars paya-
ble 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-five
! years; and shall be signed by the Governor and
| State Treasurer and countersigned by Inc
| Auditor General and registered in the books i
| the AuditOr-Gene1al, and TO be transferable
| the books OF the Commonwealth, at the
| Farmers and Mechanics National Bank OF
| Phadelphia the proceeds OF the whole OF
| "blClls lOdu, luCluulnB premiums, elCeleTa,
received on the same, shall be applied to the
| payment of the bonds and certificates OF in
| debtedness OF the Commonwealth.
| Section2. The bids ior the said loan shall be
| opened in the presence OF the Governor Audi
| ton. General, and State Treasurer, and awarded
| TO he highest bidder I7OCided, That no certih-
| ca e hereby authorized to be issued shall he
negotiated for less than its par value.
section Z be bonds of the State and Certln-
| Gates OF Indebtedness, now overdue, shall ng
such regulations as the Governor, AUDITOR
| q
| 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.
isDaiors, guardians, agents, treaSurers, com
mittees, or other persons, holding, in Il tidu-
ciaIy capacity, bonds or certificates of indebt-
edness of the State or moneys, are hereby
authorized TO bid for the loan hereby authorized
10 be issued, and to surrender the bonds OF
certificates of loan held by them at the time oi
making such bid, and to receive the bonds
authorized TO be issued by this act.
Section 5. Any person or persons standing ir
the tduciary 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 a rate of premium not exceed
Section s. That from and after the passage OF
this act, all the bonds OF this Commonwealth
shall he paid off In the order Of their maturity.
Section T. That all loans of this Common
wealth, not yet due, shall be exempt from
| State, municipal, or local Ia8aJlon, hlJeI IDe
| interest due February lst, one thousand
eight hundred and sixty-seven, shall have been
paid. . 49, -
thereof inconsistent herewith, are hereby re-
Pe'le~' JOHN P. GLASS,
Speaker Of the House of Representatiyes
Speaker OF the Senate.
Approved the second day of February, on
thousand eight hundred and l sIxty,seVeNn. gy&N pv
In accordance with the provisions OF tn
above act of Assembly, sealed proposals vii
be received at the Office of the State Treasurer
in the city of Harrisburg, Pennsylvania, unit
l2 o'clock NJ, of the LIST day of April, A. ID; lS6
to be endorsed as follows-"Proposals for Penn
sylvania State Loan" Treasury Department
harrisburg, Pennsylvania. United States
Bids win be received for 95.OOO,OOO reimburse
BILE in five years and payable In ten year
IS OCO 600 REIN bursable in ten years, and payabl
in fifteen years; and $lO,O0O,OOO reimbursable /
fifteen years and payable In twenty-five year
The rate of interest to be either five or six pt
cent. per annum, which must be explicit
stated in the bid, and the bids most advantS
geous TO the State will be accepted. No bid fC
less than par will be considered. The bono
will be issued in sums of 500, and such hight
sums desired by the loaners, to be free frol
State, local, and municipal taxes.
The overdue bonds of the Commonwealth
ment of this loan, but bidders must sta
whether they intend to pay in cash or in ii
overdue loans aforesaid.
No distinction Will be made between bidder
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 abov
unless authorized, will receive pay. 81