The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-12
p e ~ NJ sly YLVANlA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMM0NwEALTH.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.

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 WheredS. 1t is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. BE 10 enacted by the Senate and House
Of Representatives. Of The Commonwealth Of Penn
SyIUontd in General Assembly met. and Is hereby
enacted bU the authority Of Me same, That the
Governor, Auditor-GeneTal, and State Trea-
surer be, and are hereby, authorized and em-
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 Conn
monwealth for the same, bearing interest at a
rate not exceeding six per centum per annum,
payable semi-annually, 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-
bic 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 hf-
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 countersgned by the
Auditor General, and registered in the books o f
the Auditor-General and to be transferable ON
the books OF the Commonwealth, 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: Provided, That no oertia-
| cate hereby authorized to be issued shall be
| negotiated for less than its par value.
Section 3. The bonds OF the State and certiH-
| Gates of Indebtedness, now overdue, shall he
receivable IN payment o. the said loan, under
! General, ana State Treasurer may prescribe;
| and every bidder for the loan now authorized
TO be issued, shall state in his bid whether the
I same is payable in cash or in the bonds.
| certificates of indebtedness OF the Common
| wealth.
| Section A. That all trustees, executors, admin
| istrators, guardians, agents, Jreasurers, COM
| mittees, or other persons, holding, in a fidu-
| ciary capacity, bonds or certificates of indebt-
edDess of the State or moneys, are hereby
authorized to bid for the loan hereby authorized
| to be issued, and to surrender the bonds
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 nduciary capacity stated in the fourth SEQ
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
Ing twenty per centuln.
Section 0. 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
| interest due February LIST, one thousand
! eight hundred and siXty-seven, shall have been
Section g. That all existing laws, or portions
| thereof, inconsistent herewith are hereby re-
| pealed.
Speaker of the House Of Representatives.
| l.. w. HALn
| Of fha
Approved the second day OF February, one
Thousand eight hundred and sixty seven.
JOHN W. GEARY.
In accordance with the provisions of the
| above act of Assembly, sealed proposals will
be received at the Office of the State Treasurer
in the city OF Harrisburg, Pennsylvania until
II o'clock NJ. of the lst day of April, A. u. 1867.
| to be endorsed as follows:-"Proposals for Penn
sylvania State Loan" Treasury Department,
harrisburg. Pennsylvania, United States OF
Bids will be received for $5, OOO,C ,COO reimburse
BILE in five years and payable in ten years;
100000, reimbursable in ten years, and payable
in fifteen years; and Sl0,0OO0O0, 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
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 Com monwealth 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 overdue loans.
| JOHN w. GEARY,
| Governor of Pennsylvania.
| JOHN +. HARTRANFT,
| Audtor-General
| w. H. KEMBLE,
| State Treasurer.
| n. B.-No newspaper publishing the above,
unless authorized, will receive pay. 81