The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-11

p z " N s WANNA
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.

Whereas, The bonds of the Common wealth
and certain certificates of indebtedpess
amounting to TWENTY THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And WhcTedS, II is desirable that the sama
should be paid, and withdrawn from the marl,at.
therefore,
Section l. Be ii enacted by the Senate and Jyo,,ss
Of Representatives Of thc Commonwealth Of penn
Sytvuntd n, General assembly met and Il K 6ereb,
enacted b1 ne authority OF the same, That Inc
governor, Auditor-General and State Trea-
surer be- and are hereby authorized ana en-
powered TO borrow, on the faith of the Con,
monwealth, in such amounts and with snch
notice mot less than forty days. as they NAV
deem most expedient for the interest Of iSs
state, Iwenty-three millions of dollars and
issue cerllncates 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 FebrlarV
and ist OF AUGUST in the city of Philadelphia;
Wnlch certlncates 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-
pie 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 aud
state Treasurer, and cOuntersigned by the
Auuitor .Generai, and registered in the books o
the or-General, and to be transferable ON
tne DOCKS 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
debteuness OF the Commonwealth.
Section 2. The BIDS for the said loan shall be
opened in the pAesence OF the Cove nor, Audi
tor-General, and State Treasurer, and awarded
to the highest bidder Provided, That no certh-
cafe hereby authorized TO be issued shall be
negotiated for less than its par value.
. u t,.,h Ga.
Gates of Indebtedness, now overdue, shall be
receivable IN payment OF the said loan, under
such regulations as the Governor, Auditor
General, anu 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.
Section4 That all trustees executors, admin
istratorS, guardians agents, treasurers, COM
mittees, or other persons, holding in a fdu-
ciary capacity, bonds or certificates OF indebt-
edness of the State moneys, are hereby
authorized TO bid for the loan hereby authorized
10 be issued, ana to surrender the bonds or
certificates Of loan held by them at the time OF
making such bid, and to receive the bonds
authorized tu be issued by this act.
Section S. Any person or persons standing in
the f1duciary capacity stated in the fourth Sec
ton OF this act, VINO 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 g. That from and after the passage or
this act all the bonds of this Comm on wealth
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 lst, one thousand
eight hundred and siXty-seVen, shall have been
paid.
Section 8. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pealed.
Speaker of the House Of Representatives.
l.. w. HALL,
Speaker of the Senate.
Approved the second day OF February, one
thousand eight hundred and sxty-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
IL O'Clock NJ, of the lst day of April a. D. 1857,
to be endorsed as follows:-"Proposals for Penn
harrisburg, Pennsylvania, United States OF
America.
BIDS will be received for s5, 900, 600, reimburse
BILE in five years and payable in ten years;
SS,OOOOOO REIN bursabe in ten years, and payable
in fifteen years; and Sl00O0,0O0, 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 bio. 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 lOnn. 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,
Audltur-General
w. II. KEMBLE
State Treasurer.
n. B.-No newspaper publishing the above,
unless authorized, will receive pay. 27