The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-16

p e " NJ 8 Wv AMIA
Nl
STATE LOAN.
PROPOSALS FOR A LOAN
OF
s2S,OOO,OOO.
AN ACT
10 CREATE A LOAN FOR THE REDEmPGIOH
OF THE OVERDUE BONDS OF THE
COMMONWEALTH
PROPOSALS FOR A LOAN

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 Whereos. II Is desirable that the same
should be paid, and Withdrawn from the market;
therefore,
Section l. Be enacted by 1te Senate and House
OF Representatives. Of ule Commonwealth of Penn
Sylvonta IN General assembly met and Il Is hereby
enacted bU Lhe authority Of the same. That the
Governor, Audltor-General, and State Trea-
surer be, and are hereby, authorized and en-
monwealth, in such amounts and with such
notice (not less than forty days. as they may
State, twenty-ihree millions OF dollars, and
issue certificates of loan or bonds OF the Com
monwealth for the same, bearing interest at q
rate not exceeding SIX per centum per annum,
payable semi-annually, on the LIST Of February
and LIST of August, in the city of Philadelphis
which certificates of loan or bonds shall not be
subject TO any taxation whatever, for State,
municipal, or local purposes. and shall be paya-
payable at any time after five years, and
within ten years; eight millions Of dollars paya-
teen years; and ten millions Of dollars at any
time after fifteen years, and within twenty-five
State Treasurer, and counterslgned 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
BnlluuelDnl0.
which: loan, Including premiums, etceiera,
received on the same, shall be applied TO the
payment Of the bonds aud certificates OF in
debtedness of the commonwealth.
Section 2. The bids for the said loan shall be
opened in the presence OF the Cove nor, Audi
tor-G General, aud State Treasurer, and awarded
to the highest bidder: Pr0Uided, That no certif-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section o he bonds OF the State and certid-
Gates of Indebtedness, now overdue, shall be
receivable in payment o. the said loan, under
such regulations as the Governor, Auditor
General, ami state Treasurer may prescriOe
and every bidder for the loan now authorized
10 be issued, shall state in his bid whether the
certificates OF Indebtedness OF the Common
wealth.
Section 4. That all trustees, executors, admin
istfators' guardians, agents. treasurers COM
ciary capacity, bonds or certificates of iudebt-
edness OF the state or moneys. are hereby
authorized TO bid for the loan hereby authorized
TO be issued, and 10 surrender the bonds or
certificates Of loan hold by them at the time Of
authorized 10 be issued by this act.
Section 8. Any person or persons standing in
the fiduciary capacity stated in the fourth SEQ
ton 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
by this act, at ratio OF premium not exceed
ing twenty per oentHm.
Section 9. That from and after the passage Of
this act, all the bonds OF this Commonwealth
shall be paid OF In the order of their maturity.
Section 7. That all loans of this Common
State, municipal. or local taxation, after the
interest due February LIST, one thousand
eight hundred and sixty-seven, shall have been
Section 8. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
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 LIST day of April a. ID. 1867
20 be endorsed as follows:-"PFoposas for Penn
sylvania State Loan" Treasury Department
harrisburg. Pennsylvania. United States OF
Bids will be received for s5OOOOOO. reimburaa-
BILE in five years and payable In ten years;
SS,0OO.000 reimbursable in ten years and payable
in fifteen years; and sl0OO0O0O, reimbursable ia
fifteen years aud payable In twenty-five years
The rate OF interest to be either ave 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 viii be considered. The bonds
will be Issued In sums OF $50. aad such higher
sums as desired by the loaners, TO be free from
The overdue bonds of the Common wealth 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 VIII be made between bidders
paying IN cash or overdue loans.
JOHN w. GEARY,
Governor OF Pennsylvania
JOHN r. HARTRANFT.
Auditor General
W. II. KEMBLE
State Treasurer.
n. B.-No newspaper publishing the above,
unless authorized, will receive pay, 2T