The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-22
FINANCIAL.
BEN YLV ANIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
CoMMONwEALTH
sENNS YLV ANA
STATE LOAN.
$23,OOO,OOO.
AN ACT

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 vhereas, 1t is desirable that the same
should be paid, and withdrawn from the market;
Section l. Be il enacted by the Senate and House
Of Representatives. Of The C01nn1ont0edth Of Penn
sI,lr0Sia in General assembly met, and Is hereby
enGcted bu tte authority Of ute same That the
Governor, Auditor-General, and State Trea-
surer be- and are hereby, authorized and en-
powered TO borrow, on the faith of the Com.
inonwealth, in such amounts and with such
notice (not less than forty days. as they may
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 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 p&ya-
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 General, and registered in the books of
the Auditor-Genera 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
received on the same, shall be applied TO the
payment of the bonds and certificates of in
debtedness of the Common wealth.
Section O. The bids for the said loan shall be
opened in the presence OF the Governor, Audi
to the highest bidder: Provided, That no certif-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section g. The bonds of the State and certih-
Gates of Indebtedness, now overdue, shall he
receivable in payment, OF the said loan, under
such regulations as the Governor Auditor
General, ana 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.
istrators guardians, agents, treasurers. COM
mittees, or other persons, holding, in a tidu-
ciary capacity, bonds or certificates of indebt-
edness of the State 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 bid, and TO receive the bonds
authorized to be issued by this act.
Section 8. Any person or persons standing in
the t1ductary capacity stated in the fourth Sec
money mon y in % their hands for the % benet Of the 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 centum.
this act all the bonds of this commonwealth
shall be paid off in the order OF their maturity.
Section Z. That all loans OF this Common
wealth, not yet due, shall be exempt from
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 RepTesentattyes.
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and M Msixty,seyen.
JOHN w. GEARY.
! above act of Assembly, sealed proposals will
be received at the Office of the State Treasurer
u O'Clock M, of the lst day of April, A. ID. 1857,
| TO be endorsed as follows-"Proposals for Penn
| sylvania State Loan" Treasury Department,
! Harrisburg, Pennsylvania. United States Of
Bids will be received for t5,OOO,OOO, reimburse
! BILE in five years and payable in ten years;
SSOO0O0O, REIN burSable in ten years, and payable
in fifteen years. and Sl0,0O0,OO0, 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 overuue loans.
JOHN w. GEARY,
! Governor of Pennsylvania
| JOHN f. HARTRANFT,
| Auditor General
| W. H. KEMBLE,
| State Treasurer.
| N. B.-No newspaper publishing the above
unless authorized, Will receive pay. 81