The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-20
p e N N s YLV ANJA
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 aohereoS, 1t is desirable that the same
should be paid, and Withdrawn from the market;
therefore
Section 1. Be Il enacted on The Senate and Ho,.ss
Of Representatives. of The Commonwealth Of Penn
SylvaniG in General Assembly met and Is he1ebv
enacted on he authority OF Me same That the
Governor, Auditor-GeneraI, and State Trea.
surer be, and are hereby, authorized and en-
powered TO borrow, on the faith of the Com
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 q
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-
BILE as follows, namely:-Five millions of dollars
payable at any time after five years, and
ble 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
State Treasurer, and countersiened 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 ana MeCna0lcS' National Bank OF
Philadelphia the proceeds OF the whole 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 q The bids for the said loan shall be
opened in the presence, OF the Governor, Audi;
to the highest bidder: Provided, That no certih.
cate hereby authorized TO be issued shall be
negotiated for less than its par Value. Is.
Section 3. J he bonds OF the State and certln
Gates of indebtedness, now overdue, shall be
receivable IN payment o. 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
wealth.
Section T. That alLtrustees executors, admin
istTators, guardians, agents, treRsurers, com.
mittees, or other persons, holding, in a fidu-l
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 boadS 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 t1duciary capacity stated in the fourth sec
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 rate OF premium not exceed
ing twenty per centnm.
Section g. That from and after the passage of
this act all the bonds of this commonwealth
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
paid.
thereof, inconsistent herewith, are hereby re-
pealeS
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-seyen.
In accordance with the provisions of the
above act Of Assembly, sealed proposals will
be received at the Office of the State Treasurer
II o'clock NJ, OF the lst day of April, a. ID. 1867
to be endorsed as sfollows;--"Proposals for Penn
sylvania state Loan" Treasury Department,
harrisburg, Pennsylvania, United States Of
America. -i.'.'.-
Bids will be received for S5.O0OOOO reimburse
BILE in five years and payable in ten years;
SS.0O0OO0, reimbursable in ten years, and payable
in fifteen years; and $4,000 000 relmbursable in
fifteen years and payable in twenty-five years.
The rate OF interest TO be either tive 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, AID such higher
sums as desired by the lSaners, 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 70 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
Auditor General
w. II. KEMBLE, aH
af State Treasurer.
NB.-No newspaper publishing the above,
unless authorized, will receive pay. 81