The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-20
p e NJ ~ s WV AMI
STATE LOAN.
PROPOSALS FOR A LOAN
OF
$23,OO6,O0O.
AN ACT
TO CREATE A LOAN FOR THE REDEMprIOE
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;
AHd tUheyeos, II is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Section l. Be 10 enacted 6y the Senate and House
Of Re1TesentdtiUeS Of ue Commonwealth Of Penn
SylU0fi0 in General assembly met and Is hereby
enacted bV .fe authority Of ule same, That the
Governor, Auditor-General, and State Trea-
surer be- and are hereby, authorized and em-
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
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 snail be paya-
BILE as follows, namely:-tlVe mllllons OF dollars
payable at any time aiter nVe years, ana
within ten years; eight millions of dollars paya-
BILE at any time after ten years, and within If
time after ffteen years, and within twenty five
years. and shall be signed by the Governor and
State Treasurer, and countersgned by the
Auditor General, and registered in the books o
the AuditOr-General, and to be transferable on
the books OF tne Com,mN99ntWieadtIh' CON, N9nti at the
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 certih-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section B. lhe bonds OF the state and certth-
Gates of Indebtedness, now overdue, shall be
receivable in payment OF the said loan, under
such regulations 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
wealth.
istrators, guardians, agents, treaSurers, COM
mittees, or other persons, holding, in hdu-
ciary capacity, bonds or certificates of indebt-
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 8. Any person or persons standing In
the tiduciary 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 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 off In the order OF their maturity
| wealth, not yet 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
| paid. ,-., -,
| thereof, inconsistent herewith, are hereby re-
pe"ie~ JOHN P. GLASS,
Speaker of the House of presentatives
| i. w. HALL,
| Speaker of the Senate.
| Approved the second day of February, one
thousand eight hundred and I6iz sixtyy-seyen. ~ eve
In accordance with the provisions of the
| above act of Assembly, sealed proposals will
| be received at the Office of the State Treasurer
u o'clock M, OF the list day of April A. ID. 1861
| TO be endorsed as sfollows:-"PropoSals for Penn
| sylvanta State Loan" Treasury Department,
| harrisburg, pennsylvania. United States oi
Bids viii be received for s5OOO,OOO, reimbursa-
| BILE in five years and payable In ten years;
SS0C00 600, REIN bursabe in ten years, and payable
in fifteen years; and Sl0000,0O0, 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 adyanta-
| geous to the State will be accepted. NO pld Ior
| less than par will be considered: The bonus
| will be issued In sums of $50, and such hlgner
| sums as desired by the loaners, TO be free rom
! 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 pluuers
| paving in cash or overuue loans'
| John w. GEARY,
Governor of Pennsylvania.
| JOHN f. HARTRANFT,
Audltor-General
| VIII. KEMBLE,
| State Treasurer.
MEMO newspaper publishing the above,
| unless authorized, will receive pay. ~