The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-14
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STATE LOAN.
PROPOSALS FOR A LOAN
OF
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMMONWEALTH.
PROPOSALS FOR A LOAN
AN ACT

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;
ATd WheredS, II is desirable that the same
should be paid, and Withdrawn from the market.
therefore.
Section l. Be Il enacted on te Senate and House
Of Representatives. Of the Commonwealth Of Penn
SytUonta IN General Assembly met and Il Is heTebv
Governor, Auditor-General, and State Trea-
surer be, and are hereby authorized and EN-
powered to borrow, on the faith of the Com
monwealth, in such amounts and with such
notice mot less than forty days) as they NAV
deem most expedient for the interest of the
state, Lwenty-three millions of dollars and
issue certificates of loan or bonds OF the Conn
monwealth for the same, bearing interest at a
rate not exceeding six per centum per annum
payable semi-annually, on the lst OF February
and lSt OF August in the city OF Phiadelphia.
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 five years, and
within ten years; eight millions of dollars pava-
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 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 ana 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 q The bids for the said loan shall be
opened in the presence OF the Governor, Audi
to the highest bidder: Provided, That no certifi-
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section 8. The bonds OF the State and certih-
naf nf ind my clNo hn
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 boads. or
certificates OF indebtedness Of the Common
wealth.
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
certincates 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 5. Any person or persons standing in
the hduciary 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
the same In the bonds authorized to be issued
by This act, at 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
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.
JOHN P. GLASS,
Speaker of the House of Representatives.
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
be received at the Office of the State Treasurer
in the city OF Harrisburg, Pennsylvania. until
II O'Clock M, Of the 1st day of April a. b. 1857.
sylvania State Loan" Treasury Department.
harrisburg, Pennsylvania, United States OF
Bids will be received for S5OOO,OOO. reimbprsa-
Bile in hve years and payable In ten years.
S8,OOO 900, reimbursable IN ten years. and payable
In fifteen years; and Sl0,000000, reimbursable i'm
fifteen years and payable in TWENTY-FIVE veara
The rate of interest to be either i've or six per
stated In the bid. and the bids most advanta
geous TO the State Will be accepted, No hid for
less than par will be considered. The bonds
will be issued in sums of $50, and such highar
sums as desired by the loaners, to be free rom
state, local, and municipal taxes.
1H0 ONSTuue DOnub OF JnG COIn InmOnWealLh Of
Pennsylvania will be received at par in nav
ment of this loan, but bidders must ataya
whether they intend to pay in cash or In the
overdue loans aforesaid. -0
No distinction will be made between bidders
paying in cash or overdue loans.
JOHN w. GEARY
Governor of Pennsylvania.
JOHN f. HARTRANFT
AudIbor-General
W. II. KEMBLE,
State Treasurer.
N. B.-No newspaper publishing the above.
unless auLhorlzed, VIII receive pay. az