The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-15
70 e ~ NJ YLV MIA
STATE LOAN.
PROPOSALS FOR A LOAN
$23,OOO,O00,
AN ACT
TO CREATE A LOAN FOR THg REDEMPTION
OF THE OVERDUE BONDS or THE
COMMONWEALTH
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;
And wheTeus. II is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section l. Be IL enacted by The Senate and House
Of Representatives. Of lie Commonwealth Of Penn
8iuaitiu IN General Assembly met, and 10 IS he5eby
enacted on 'te authority OF the same. That the
Governor Auditor-General, and State Trea-
suier oe' ana are hereby autn2rize9 NOR. @ @ ana e
monwealth, in such amounts and with such
notice (not 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 q
rate not exceeding SIX per centum per annumi
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-
BILE as follows, namely:-Five millions of dollars
payable at any time after five years, and
within ten years; eight millions of dollars paya-
bic 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-five
years: and shall be signed by the Governor and
State Treasurer, and counterSigned by the
Auditor General, and registered in the books o.
the Audi tor 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
WHICH, lOdu luCluuluS pIeluluIuS, GJCeleTat
received on the same, shall be applied to the
payment of the bonds and certificates of in
debtedness of the Commo wealth.
Section 2. The bids for the said loan shall be
opened in the presence OF the Cover nor, Audi
tor-GeneTal, and State Treasurer, and awarded
to the highest bidder: Provided, That no certid-
cafe hereby authorized to be issued shall be
negotiated for less than its par value.
Section g. he bonds of the State and certin-
Gates of indebtedness, now overdue, shall be
receivable in payment OF the said loan, under
General State TrnnSnrpr nrpSCribp
and every bidder for the loan now authorized
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
wealth.
isuators, guardians, agents. treasurerS, COM
mittees, or other persons, holding in hdu-
ciary capacity, bonds or certificates of indebt-
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 8. Any person or persons standing In
the fiduciary capacity stated in the fourth Sec
ton of this act, who may desire to invest
money in their hands for the benefit t Of the the
the same in the bonds authorized to be issued
by this act, at a rate of premium not exceed
Section s. 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
interest due February lst, one thousand
eight hundred and siXty-seven, shall have been
paid,
thereof, inconsistent herewith, are hereby re-
pealed. ,or,,, or.ec
Speaker of the House of Representatives.
l.. w. HALL,
Speaker of the Senate.
Approved the second day of February, one
Thousand eight hundred and sixty-seyen.
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
to be endorsed as follows:-"Proposals for Penn
sylvania State Loan" Treasury Department,
harrisburg, Pennsylvania. United States Of
Bids viii be received for 5,OOO,OOO, reimburse
BILE in five years and payable in ten years;
S. 000 000 REIN bursabe in ten years, and payable
in fifteen years; and Sl000000O, reimbursable in
fifteen years and payable in twenty-five years.
The rate of interest to be either 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 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,
JOHN f. HARTRANFT,
Audltor-General
w. II. KEMBLE,
State Treasurer.
n. B.-No newspaper publishing the above,
unless authorized, will receive pay. 81