The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-12
FlNANclAL. -
p e MN SYLV ANIA.
STATE LOAN.
PROPOSALS FOR A LOAN
s9s,OOO,OoO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE 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 the7eaS, II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
OF Representatives. Cf The Commonwealth Of Penn
sylUuiiu u, General assembly met and Is hereby
Governor, General, and State Trea-
surer be, and are hereby, authorized and en-
powered 10 borrow, on the faith of the Com
monweath, 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 Com
monwealth for the same, bearing interest at
rate not exceeding six per centum per annum,
payable semi-annually, on the LIST of February
ana 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 ofltoliars
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 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 Gen eral, and registered in the books OF
the Auditor-General, and to be transferable on
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: Provided, That no certih
Gale hereby authorized to be issued shall be
negotiated for less than its par value.
Section Ihe bonds Ol the State and certin
Gates of Indebtedness, now overdue, shall ne
receivable IN payment o. the said lOan under
such regulations the Governor Auditor
General, amt 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.
isIators 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
10 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
the hduciary capacity stated in the fourth sec.
tion of this act, who may desire to invest
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 s. That from and after the passage OF
this act ali 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 snail be exempt irom ON
interest due February LIST, one thousand
eight hundred and sixty-seven, shall have been
paid.
thereof, inconsistent herewith, are hereby re-
'0" 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 aPd 6aN SITt%Sseye9, r. ERRy
In accordance with the provisions of the
above act OF Assembly sealed proposals will
he received at the Office of the State Treasurer
IN the city OF Harrisburg, Pennsylvania, until
IL O'Clock NJ, of the lst day of April, a. ID. 1867
to be endorsed as follows:-"Proposals for Penn
sylVania State Loan" Treasury Department
Harrisburg, Pennsylvania. United States of
America.
Bids will be received for 15OOO, 900, reimburse
Dle in five years and payable in ten years;
SS00O 000 REIN bursable in ten years. and payable
in fifteen years. and SiOOOO,OOO, relmbursable 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
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 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 overoue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
| JOHN f. HARTRANFT,
AudltOr-General
W. H. KENIBLE,
State Treasurer.
N.B.-No newspaper publishing the above,
unless authorized, will receive pay. 27