The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-28

p z N MS YLV AMI A
STATE LOAN.
PROPOSALS FOR A LOAN
$2S,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THE REDEMPTION
OF THE OVERDUE BONDS OF THK
COMMONWEALTH.


Whereas, The bonds Of the Commonwealth
and certain certificates of Indebtedness,
amounting to TW WENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past:
And WheredS, 1t is desirable that the same
should be paid, and Withdrawn from the market
therefore,
Section l. Be 10 enacted bU the Senate and House
Of RerTeSentdGUeS Of hhe ComntontOedth Of Penn.
Sy(UGHtd in General Assembly met and il Is herebu
enacted 6V re authority Of Hie 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
monwealth, in such amounts and with such
notice mot less than forty days) as they may
deem most expedient for the interest of the
State, twenty-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 IF
teen years; and ten millions of dollars at any
time after fifteen years, and within twenty-iye
State Treasurer, and countersigned 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 and Mechanics National Bank 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 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: Provided That no certih.
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section g. 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
certificates OF Indebtedness OF the Common
wealth.
istrators, guardians, agents, treasurers. com
mittees, or other persons, holding, in fidu-
ciary capacity, bonds or certificates of indebt-
authorized to bid for the loan hereby authorized
to be issued and S 70 6 tS m ahe en bonds
making such bid, and to receive the bonds
authorized to be issued by this act
Section 8. Any person or persons standing In
the fiduciary capacity stated in the fourth sec.
ton of this act, who may desire to invest
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
Section &, That from and after the passage O
| this act, all the bonds OF THIS CommonWealtt
| Section z. That all loans of this Common
| wealth, not yet due, shall be exempt from
state, municipal, or local taxation' aiter I'M
| eight hundred and sixty-seven, Shall have beer
| Section 8. That all existing laws or portions
thereof, inconsistent herewith, are hereby re
| pealed. ro1yDy % cr.ss
Speaker of the House Of Representatives.
l. w. HALL
Speaker of the Senate.
| Approved the second day Of February, one
thousand eight hundred and and slixty,seyyen. eyer
In accordance with the provisions of the
above act of Assembly, sealeC proposals will
| in the city of Harrisburg, Pennsylvania until
u o'clock NJ, of the list day of April, a. d. 1857
to be endorsed as sfollows:-"Proposals for Penn.
| Harrisburg, Pennsylvania. United States o.
Bids win be received for t5,OOO,UOO, reimburse
BILE in five years and payable in ten years
| 5000 OOO reimbursable in ten years. and payable
| in fifteen years; and $l0,0000O0, reimbursabe in
| fifteen years and payable in twenty-five years
The rate of interest to be either five or SIX pei
| cent. per annum, which must be explicitly
stated in the bid and the bids most advanta.
geous to the State ill be accepted No bid fol
| less than par will be considered. The bonds
sums as desired by the loaners, TO be free from
I 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, n. KEMBLE,
State Treasurer.
NB-No newspaper publishing the above
! unless authorized, will receive pay, ~