The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-18
= z N MS YLV VANIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDENp T1OH
OF TIE OVERDUE BONDS OF THE
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 tOhereos, 1t is desirable that the same
should be paid and withdrawn from the market;
therefore,
of Rer)TeSeatdtUeS of the Commonwealth Of Penn
SylUoaia IN General Assembly met and Is hereby
eScTd on ' aSd Sf ate That ras the
surer be, andTare hereby, authorized and en-
powered TO borrow, on the faith of the Com
monWealth, in such amounts and with such
notice (not 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 Conn
monwealth for the same, bearing interest at
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 hve, years, and
within ten years; eight millions of dollars paya-
bic 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 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
u
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 certih
Gale hereby authorized to be issued shall be
negotiated for less than its par value.
Section 3. he bonds OF the State and certih-
Gates of Indebtedness, now overdue, shall be
, receivable able, IN Pane9t OF the said Loan under
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 4. That all trustees, executors, admin
istTators, guardians, agents, treasurers, COM
mittees, or other persons, holding, in tidu-
ciary capacity, bonds or certificates of indebt-
edness 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 s. Any person or persons standing In
the 1duciary 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 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 7. That all loans of this Common
wealth. not yet due, shall be exempt from
State municipal or local taxation, after the
interest due February 1st, one thousand
eight hundred and sixty-seven shall have been
paid.
thereof, inconsistent herewith, are hereby re-
pealed. orr>, - ,oc
Speaker of the House OF Representattyes.
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
in the city OF Harrisburg, Pennsylvania, until
II o'clock NJ, of the LIST day of April A. ID. 1867,
to be endorsed as follows:-"Proposals for Penn
harrisburg, pennsylvania. United States Of
Bids will be received for s5,OOO,OOO, reimburse
BILE in five years and payable in ten years.;
S. 600 600 REIN bursabe in ten years and payable
in fifteen years; and Sl00OO,O00, reimbursable in
fifteen 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
less than par will be considered. The bonds
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 overuue loans.
JOHN W. GEARY,
Governor of Pennsylvania.
JOHN f. HARTRANFT,
Auditor-General
w. II. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above,
unless authorized, will receive pay. ~