The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-13
FINANCIAL.
r z N MS YLV ANIA
STATE LOAN. ro
PROPOSALS FOR A LOAN
$23,OOO,OOO.
AN ACT
TO CREATE A LOAN FOR THR REDEMrI1oN
OF THE OVERDUE BONDS OF THR
COMMoNwEALTH

VOmMONWEALTH
Whereas, The bonds of the Commonwealth
and certain certificates of indebtednaaa
amounting 10 TWENTY THREE MTIT,ToNJs,
OF DOLLARS, have been overdue and unnaid
for some time past
And WhereoS, 1t is desirable that tho sor,a
should be paid, and Withdrawn from the market.
therefore, .o.,
Section /. Be il enacted by the Seoo,. ,,,, r,o,,.,
of Representatives. Of The CoDl1aon,0e1b ~ 5OeSe B
S9lUunid in General Assembly met n,d I, y bSLs
enoctea o" t'e Ittg 9IHshoTHg Of the same, That the
surer be, and are hereby, authorized and aTn-
powered TO borrow on the faith of the Com
notice (not less than forty daysl- as thew mot
deem most expedient for the interest of lie
State, Jwenty-three millions of doiiars anJ
issue certificates of loan bonds of the co.,
monwealth for the same, bearing Interest al q
rate not exceeding SIX per eentum per annum
payable seml-annually, on the LIST Of FebruarY
and LIST of August, in the city of Philadeinbis
which certificates of loan or bonds shall not he
subject to any taxation whatever, for state,
municipal, or local purposes, and shall he nstya
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 AZ
teen years; and ten millions Of dollars at onI III
time after fifteen years, and within tWenty.five
years; and shall be signed by the Governor and
State Treasurer, and countersigned by the
the Auditor-G General and to be transferable on
the books of the Commonwealth at the
nf
Philadelphia; the proceeds of the whole of
which: loan, including premiums, etcetera
receiver on tne ne same, snail be applied to the
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 certlh.
cate hereby authorized to be issued shall be
negotiated for less than its par value.
Section 3. The bonds of the State and certin
Gates Of Indebtedness, now overdue, shall be
hn said loan n6n
such regulations as the Governor, Auditor
General, and State Treasurer may prescribe;
TO 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
istrators, guardians, agents, treasurers, COM
mittees, or other persons, holding, in tidu-
ciary capacity, bonds or certificates Of tndebt-
edness of the State or moneys, 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 ..f.-..I. r
Section 6. Any person or persons standing in
the tduciary capacity stated in the fourth sec.
money in their hands for the benefit of the
the same in the bonds Authorized to be issued
by this act, at rate of premium not exceed
Section 8. 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 due February LIST, one thousand
eight hundred and sixty-seven, Shall have been
Section s. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
pealed. o,r,, =, ~ ,r-
Speaker of the House of Representatives
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
thousand eight hundred and sixty1seyen. % Ef
IN ocoordonco with the JoaM aTovyso5a WI GEAFT II Eie
above act of Assembly, sealed proposals will
be received at the Office of the State Treasurer
in the city OF Harrisburg, Pennsylvania, until
IL o'clock M. of the lst day of April, A. ID. 1867,
TO be endorsed as follows:-"Proposals for Penn
sylvania State Loan" Treasury Department,
Harrisburg, Pennsylvania. United States of
Bids win be received for 5000 100, reimburse
BILE in five years and payable In ten years;
SS.000,00O, reimbursable In ten years, and payable
in fifteen years; and Sl0,000000, reimbursable in
fifteen years and payable in twenty-five years.
The rate of interest to be either i've 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 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 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 overuue loans. ...
JOHN w. GEARY,
Governor of Pennsylvania
. E. JOHN +, HARTRANFT,
. .. Audltor-Genera
.H .. VIII. KEMBLE,
.... State Treasurer.
N.B.-No newspaper publishing the above
unless authorized, will receive pay. ~