The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-23
g. e a ~ 8 YLV VANIA
STATE LOAN.
PROPOSALS FOR A LOAN
S2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMrTIOE
OF THE OVERDUE BONDS OF THK
COMMONwEALTH.
PROPOSALS FOR A LOAN
S23,OOO,OOO.
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 iUhereas, 1t is desirable that the same
should be paid, and withdrawn from the market
therefore,
Section /. BE IL enacted by the Senate and Ho,Gss
Of Representatives. Of ute Commonwealth Of Penn
SylUdnio in General Assemble met and IA Is heTeb
enacted bV TIE 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 Conn
monwealth, in such amounts and with such
notice mot less than forty days. 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 a
rate not exceeding six per centum per annum
payable semi-annually, on the LIST of February
and lst Of August In the city of Philadelphis.
| which certificates of loan or bonds shall not be
| supJect 10 any taxation whatever, for State.
munlclpal or local purposes, and shall be paya-
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
Audttor-General, and registered in the books o I
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
mhASuH lONuy luCluulIB DIeIulullS, 6UC6Lefa,
received on the same, sha1l 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
General Traoel1rar
and every bidder for the loan now authorized
10 be Issued, shall state in bis bid whether the
same is payable in cash or in the bonds, or
certihcates OF Indebtedness of the Common
wealth. -T~T
istTators, guardians, agents, treasurers. COM
mittees, or other persons, holding, in fidu-
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
making such bid, and to receive the bonds
authorized to be issued by this act
the fiduciary capacity stated in the fourth sec. m
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 inyest
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
Section 7. That all loans of this Commons
wealth, not yet, due, shall be exempt from
lolale, Inunlclpal, or lOCal ldGablOn, after the
interest due February LIST, one thousand
eight hundred and sixty-seven, shall have been
paid.
thereof, inconsistent herewith are hereby re-
JOHN P. GLASS,
Speaker OF the House of Representatives,
l.. w. HALL,
Speaker of the Sonata
Approved the second day of February, one
thousand eight hundred and sixty-seyeD.
In accordance with the provisions of the
above act of Assembly, sealed proposals will
pc received at the Office of the State Treasurer
in the city of Harrisburg, Pennsylvania until
II O'Clock NJ of the LIST day of April A. D. 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 S5,OOO,OOO reimburse
BILE in five years and payable in ten years.
SS,OOOOOO, ,reimbursable in ten years, and payable
in fifteen years; and SlO,0O0,000, rembursable in
ntteen years and payable in twenty-five years.
The rate of interest to be either five or six per
cent. per annum, which must be expIicitly
stated in the bid. and the bids most adyants.
geouS TO the state Will be accepted. No bid for
less than par Will be considered. The bonds
VIII be issued in sums of $50, and such higher
sums as desired by the loaners to be free nom
state, local and municipal taxes.
The overdue bonds of the Common wealth nj
Pennsy ylyania Will be received at par in paw
ment OF this loan, but bidders must state
whether whether they intend to pay in cash or in the
No distinction will be made between bidders
paying in cash or overuue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN +. HARTRANFT %
AudltOr-GeneraI
W. II. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above,
unless authorized, will receive pay, AZ
ana AhIAuFa - s-ruB@aH Ar--