The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-08
FINANCIAL.
= e. N MS YLV A Nj A
STATE LOAN.
PROPOSALS FOR A LOAN
OF
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.
PROPOSALS FOR A LOAN
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
COMMONWEALTH.

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 tChereoS II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
section L. Be u enacted by the Senate and House
Of Representatives. Of the ConlnlonweGm Of Penn
sUlUuiid in General Assembly met, and Is hereby
enacted bV ne authority Of he same, That the
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 q
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 70 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 '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 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 Cover nor, Audi
tor General, and State Treasurer, and awarded
to the highest bidder: Provided That no certih-
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
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 4. That all trustees, executors. admin
istTators, guardians, agents, treasurers COM
mittees, or other persons, holding, in fidu-
ciary capacity, bonds or certificates of indebt-
edpess of the State or moneys, are hereby
authorized to bid for the loan hereby authorized
to 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 g. Any person or persons standing in
the t1duciary capacity stated in the fourth sec
tion of this act, who may desire to invest
money in their hands for the benefit Of the
the same in the bonds authorized to be issued
by this act, at a 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 f Sn m the a 0rGeF OF OF fGsr bs
wealth. not vet 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-
pe@ie~ JOHN P. GLASS,
Speaker of the House Of Representatives
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and sixty,seyen.
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. 1857,
to be endorsed as follows:-"Proposals for Penn
sylvanta State Loan" Treasury Department,
Harrisburg, Pennsylvania. United States of
Bids win be received for t5OOO,OOO, reimburse
BILE in five years and payable in ten years;
as 600 OOO reiinbursable in ten years. and payable
in fifteen years; and $40 900, reimburSable in
fifteen years and payable in twenty-five years.
The rate of interest to be either hye 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 o1
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.
10 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
unless authorized, will receive pay. 81