The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-06
FINANCIAL.
= EN- Ms Wv AMI a
STATE LOAN.
PROPOSALS FOR A LOAN
S2s,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 tOhereas 1t is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Section /. Be 10 enacted by the Senate and House
of Representatives. Of The C0ntnonWed8hQ Q Fehit-
SylUonia in General Assembly met, and Is here0y
enacted 6V tFe authority Of he same. That the
Governor, Auditor-General, and state Irea-
surer be, and are hereby, autho9rlze9 ana cl EN-
monwealth, in such amounts and with such
notice mot less than forty days. as they may
deem most eXpedent 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 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-
BILE as follows, namely:-Five millions of dollars
payable at any time after nVe 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
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
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 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. 1he bonds OF the State and certth-
| Gates of Indebtedness, now overdue, shall be
s9S N m tho G6S sa6 Loan
| 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
istrators, 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
certificates of loan held by them at the time of
making such b BID i,9d and tt to n receive the bonds
Section 8. Any person or persons standing in
the t1duciary 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
ing twenty per centum.
| Section 6. 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 lSt, one thousand
eight hundred and sixty-seven, shall have been
Section 8. That all existing laws, or portions
| thereof, inconsistent herewith, are hereby re-
pe''''"' 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 and sixty-seven.
JOHN W, GEARY.
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 lst day of April A. ID. 1867,
| TO be endorsed as sfollows:-"Proposals for Penn
| sylvania State Loan" Treasury Department,
| Harrisburg Pennsylvania. United States Of
Bids viii be received for t5,OOO,OOO, reimburse
| BILE in five years and payable In ten years.
IS 0O0 900, reimbursable in ten years. and payable
! in fifteen years. and SlO,OOOO6O, 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
/ 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 overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania.
JOHN F. HARTRANFT,
Audltor-General
VIII. KEMBLE,
State Treasurer.
NB-No newspaper publishing the above,
unless authorized, Will receive pay. ~