The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-14
p z N N S Wv AMI A
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 rt
COmMoNWEALTH.


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;
A7ld tOhereas, II is desirable that the same
should be paid, and Withdrawn from the market
therefore, ...
of RepreSeatatiUeS OF He Commonwealth Of Penn
SVlUonia ia General assembly met, ana Is heTeog
Governor Auditor General, and State Trea-
surer be, and are HEREBY, authorized ana en-
powered to borrow, on the faith OF the Com
monwealth in such amounts and with such
notice mot less than forty days. as Jhey may
deem most expedlent i0r the interSsC tI Oh s Cns
issue certificates of loan or bonds OF the Com
monwealth for the same, bearing interest at
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 snail pc paya-
BILE as follows, namely;-tlVe milllons OF dollars
payable at any time after hve 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-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 Auditor-G General, and to be transferable on
the books of the Comm9nWealth' at the
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 2. The bids for the said loan snail 5 ne
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 3. ! he bonds of the State and certin-
Gates of indebtedness, now overdue, shall be
receivable DnVment 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 L. That all trustees, executors, admin
istrators, guardians, agents, treasurers, COM
mittees, or other persons, holding, in tdu-
ciary capacity, bonds or certificates OF indebt-
euthorized 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
tion of this act who may desire to invest
money in their hands for the benefit OF the
trust may without any ofSer OF courb, S inWess
by this act, at rate of premium not exceed
ing twenty per centum. ..
this act all the bonds of this Commonwealth
shall be paid off in the order OF their maturity.
q,
wealth, not yet due, shall be exempt from
| State, municipal, or local taXatlon, atter the
| interest due February ISL, one Thousand
eight hundred and sixty y-seven, shall have been
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.
! 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 tht
| above act of Assembly, sealed proposals will
be received at the Office of the State Treasurer
| in the city OF Harrisburg, Pennsylvania, unit
y o'clock M, of the lst day of April, a. u. 1857
TO be endorsed as sfollows-"ProposalS for Penn
! sylvania State Loan" Treasury Department
harrisburg, pennsylvania. United States o
Bids win be received for t5,OOO,OOO, reimburse
BILE in five years and payable In ton years
! $4,000 600 reimbursable in ten years, and payable
in fifteen years; and SlO,OOO,OOO reimbursable II
! fifteen years and payable in twenty five years
The rate of interest to be either five or six pc
! cent. per annum, which must be explicit.
| stated in the bid, and the bids most advanta
geous to the State will be accepted. No bid 70
less than par will be considered. The bond
| will be issued in sums of $50, and such highe
sums as desired by The loaners, TO be free from
| State, local, and municipal taxes.
! The overdue bonds of the Commonwealth c
/ Pennsylvania will be received at par In pay
ment OF this loan but bidders must Stat
whether they intend to pay in cash or in tn
! overdue loans aforesaid.
| No distinction will be made between bidder
| paying in cash or overoue loans.
| JOHN w. GEARY,
Governor of Pennsylvania
JOHN f. HARTRANFT,
AudltOr-General
W. H. KEMBLE,
State Treasurer
N.B.-No newspaper publishing the above
unless authorized, will receive pay. ~