The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-15
p e N " s Wv ANliA
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.

Whereas, The bonds of the Common wealth,
and certain certificates OF indebtedness
amounting to TwENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And whereaS. 1t is desirable that the same
sboulSbe paid, and Withdrawn from the market;
therefore,
Section l. Be IL enacted by The Senate and House
OF Representatives. of Hie Commonwealth Of Penn
SytUonta IN General Assembly met, and Il Is hereby
Governor, Auditor-Genera and State Trea.
surer be, and are hereby, authorized and em-
monwealth, in such amounts and with such
notice mot 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
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-
bic as follows namely:-Five millions OF dollars
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
Auditor. General, and registered in the books of
the Auditor-General, and to be transferable on
Farmers and Mechanics' National Bank of
Phlladelphia; the proceeds OF the whole of
which: loan, including premiums, etcetera
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 Cove 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 Tor less than its par value.
Section The bonds OF the State and certi1-
Gates of indebtedness now overdue, shall he
receivable payment O. the said loan, under
such regulations the Governor, Auditor
General, and State Treasurer may prvscroe;
and every bidder for the loan now authorized
10 be issued, shall state in his bid whether the
same is payable in cash or Sn the bonds, or
certificates of indebtedness of the Common
wealth.
Sections 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 bid, and TO receive the bonds
authorized to be issued by this act.
Section s. Any person or persons standing in
the tiduciary capacity stated in the fourth see-
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 Z. That all loans of this Common
wealth. not yet due, shall be exempt from
state, municipal. or local taxation, after the
interest," que Fepinary ISL, one thousand
eight hundred and sixty-seven, shall have been
paid.
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-seyen.
JOHN W. GEARY.
In accordance with the provisions of the
above act of Assembly, sealed proposals will
in the city OF Harrisburg, Pennsylvania until
IL O'Clock M, of the LIST 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 win be received for S5. .OOO.OOO. reimbursa-
BILE in five years and payable in ten years:
S8,OOO,OOO REIN bursable in ten years. and payable
in fifteen years; and Sl0000,O0O, mbursable in
fifteen years and payable in twenty we years
The rate of interest to be either five or six per
cent. per annum, which must be exnlicitIv
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 nav.
ment OF this loan, but bidders must state
whether they intend to pay in cash or in the
No distinction will be made between bidders
paying in cash or overdue loans.
JOHN w. GEARY,
Governor of Pennsylvania
JOHN f. HARTRANFT,
Audltor-General
w. II. KEMBLE,
State Treasurer
n. B.-No newspaper publishing the above,
nnlpSa will