Pennsylvania Act 1870-43 — SINKING FUND STATE TREASURER AND COMMISSIONERS SUPPLEMENTARY

Act text

SINKING FUND STATE TREASURER AND COMMISSIONERS SUPPLEMENTARY
                  Act of Apr. 13, 1870, P.L. 67, No. 43               Cl. 72
                                  AN ACT

     Supplementary to the several acts relative to the State
        Treasurer and to the Commissioners of the Sinking Fund.

        Section 4.  Purchase and cancellation of indebtedness of
     state
        It shall be the duty of the commissioners of the sinking
     fund, now Board of Finance and Revenue. on the first business
     day of the months of March, April, May, September, October and
     November respectively, when the certificate named in the
     preceding section of this act shall be furnished to them,
     forthwith to use the money shown to be due to them thereby, in
     purchasing the interest bearing indebtedness of the state, at
     current market rates, provided the same does not exceed three
     per cent. Above par, and they shall immediately cancel the said
     indebtedness, and charge the same to the sinking fund in the
     sinking fund ledger aforesaid, and file the cancelled evidences
     of indebtedness as vouchers for such payment; it shall also be
     the duty of the commissioners of the sinking fund, upon the
     delivery to them of the certificate named in the preceding
     section of this act, on the first business day of the months of
     January, February, June, July, August and December, to
     immediately deposit and Mechanics' National Bank, in
     Philadelphia, to the credit of the state, the whole of the
     moneys shown by said certificates, respectively, to be due to
     the sinking fund, or such part thereof as in their opinion will
     be sufficient, with accruing balances, to pay the semi-annual
     interest then next maturing upon the debt of the state; and all
     of the moneys remaining thereof, after making such deposits, if
     any, shall be by them forthwith applied to the purchase of the
     interest bearing debt of the Commonwealth, in the manner
     hereinbefore specified, and the evidences thereof shall in like
     manner be cancelled, charged to the state sinking fund, and the
     vouchers duly filed as aforesaid. 1870, April 13, P.L. 67, Sec.
     4.
        Section 5.  Report by State Treasurer to Legislature
        The State Treasurer shall annually, in his report on the
     finances, make out and furnish to the Legislature two distinct
     statements of receipts and expenditures, one of which shall show
     in detail the aggregate monthly receipts from each source of
     revenue belonging to the sinking fund, and the other show in
     detail the aggregate monthly receipts from all other sources of
     revenue; the commissioners of the sinking fund shall annex to
     their annual report to the Legislature, a perfect copy of the
     entries found in the sinking fund ledger for the then preceding
     year, together with a statement showing the amount of each
     monthly certificate of balance, the amount of indebtedness
     redeemed, with the respective dates of its redemption or
     purchase, the amount of interest paid, and the amount and date
     of maturity of the respective loans of the state.  1870, April
     13, P.L. 67, Sec. 5.
        Section 6.  Neglect of duty, or misfeasance in office
        The neglect or refusal on the part of the State Treasurer, or
     of any of the commissioners of the sinking fund to perform the
     duties in this act enjoined upon them, or the withdrawal of any
     of the moneys deposited for payment of interest for any other
     purpose, shall be a misdemeanor in office, for which they or
     either of them, may be impeached, and upon conviction thereof
     removed from office. 1870, April 13, P.L. 67, Sec. 6.
        Section 7.  Proposals for redemption of loan
        It shall be the duty of the commissioners of the sinking fund
     during the month of July next, and in every month thereafter
     when they shall have funds in the treasury belonging to the
     sinking fund, to receive sealed proposals for the redemption of
     any part of the loan of this Commonwealth next becoming due; and
     on the first Tuesday of each month thereafter, to meet and open
     such proposals, and award to the bidders all or such proportions
     of said bills, and at such rates, as can be paid with advantage
     to the Commonwealth, or as the conditions of the treasury,
     present or prospective, may justify. 1870, April 13, P.L. 67,
     Sec. 7.
        Section 8.  Statements of amounts redeemed
        On the first day of August next, and on the first day of each
     month thereafter, the said commissioners shall furnish for
     publication in one newspaper each in the Cities of Philadelphia,
     Harrisburg and Pittsburgh, a statement showing a balance in the
     State Treasury, the amount of loan redeemed during the month, at
     what rates the same were redeemed; with such other information
     as they may deem proper for the information of the public.
     1870, April 13, P.L. 67, Sec. 8.
        Section 9.  Record of proceedings and reports
        A record of the proceedings of the said commissioners shall
     be kept, and all proposals shall remain on file, properly
     indorsed, in the office of the State Treasurer; and included in
     the report now required to be made to the Legislature by the
     said commissioners, they be required to report all offers made
     for the redemptions of loans, whether the same were accepted or
     rejected by them. 1870, April 13, P.L. 67, Sec. 9.