The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-30
fINAlNClALs
p EN- MS YLV ANIA
STATE LOAN.
PROPOSALS FOR A LOAN
OF
S2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THE
COMmONWEALTH.
S23,OOO,OOO.

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 1OheTeaS, 1t is desirable that the same
should be paid, and withdrawn from the market
therefore,
Section l. Be % erdoted by the Senate and House
Of Representatives. OF the Commonwealth Of Penn
Syludnio i'l General assembly met, and Is hereby
enacted bV TIE 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
deem most eXpedient for the interest OF the
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 lst 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-
BILE 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 tine Governor and
State Treasurer, and coun tersigned by the
AuditOr-General, and registered in the books OF
the Auditor-G General, 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
l received on the same, snall DE applied TO the
payment of the bonds and certificates of in
! debtedness of the Comm onwealth.
Section 2. The bids for the said loan shall be
opened in the presence OF the Governor, Audi
tor-General, and State Treasurer, and awarded
\ TO the highest bidder: PToUtded That no certih-
cafe hereby authorized to be issued shall be
II negotiated for less than its par value.
\ Section 3. The bonds Of the State and certin-
Gates of Indebtedness, now overdue, shall be
/ receivable in payment OF the said loan, under
| such regulations as the Governor, Auditor
| General, and 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
| Section T. That all trustees, executors, admin
| istTators, guardians, agents. treasurers. COM
| mittees, or other persons, holding, in hdu-
| 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 5. Any person or persons standing in
| the t1duciary capacity stated in the fourth sec.
money mon in n their hands for 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 o.
this act, all the bonds of this Commonwealth
shall be paid off in the order OF their maturity
Section T. 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 beer
Section s. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pe''ie" JOHN P. GLASS,
Speaker OF the House OF Representatives,
j.. w. HALL,
Speaker of the Senate,
Approved the second day OF February, one
thousand eight hundred and sxty-seven.
In accordance with the provisions of the
above act of Assembly, sealeC proposals will
be received at the Office of the SLpye Treasurer
in the city of Harrisburg, Pennsylvania, until
II o'clock NJ, of the lst day OF April, A. u. 1867
to be endorsed as follows:-"Proposals for Penn
sylvania State Loan" Treasury Department.
Harrisburg, Pennsylvania. United States oi
Bids will be received for t5UUU,OOO, reimburse
BILE in five years and payable in ten years;
S. 600 600, ,reimbursable in ten years. and payable
in fifteen years; and Sl0,000GOO, reinbursable in
fifteen years and payable il twenty-five years
The rate of interest to be eli her 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 foY
| less than par will be considered. The bonds
will be issued in sums of Sj0 and such higher
sums as desired by the loaners, to be free from
| State, local, and municipal taxes.
| The overdue bonds OF the Commonwealth o.
| 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 overdue loans.
JOHN W. GEARY,
| Governor of Pennsylvania.
JOHN f. HARTRANFT,
Auditor General
W. II. KEMBLE,
| State Treasurer.
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