Pennsylvania Act 1876-1 — SUPPLEMENTARY ACT, STATE TREASURY

Act text

SUPPLEMENTARY ACT, STATE TREASURY
                   Act of Feb. 12, 1876, P.L. 3, No. 1                Cl. 72
                                  AN ACT

     Supplementary to the act, entitled "An Act supplementary to the
        several acts relating to the state treasurer and
        commissioners of the sinking fund," approved May ninth, one
        thousand eight hundred and seventy-four.

        Section 1.  How constituted
        The sinking-fund shall consist of the proceeds of the sale of
     the public works, or any part thereof, income from or proceeds
     of the sale of any stocks owned by the commonwealth, and moneys
     appropriated to said sinking-fund by the General Assembly from
     time to time and accumulations thereon:  Provided, That this act
     shall not be so construed as to authorize the use or application
     of any paid into the sinking-fund otherwise than in the
     extinguishment of the public debt, unless in case of war,
     invasion or insurrection. 1876, Feb. 12, P.L. 3, Sec. 1., 1919,
     May 27, P.L. 305, Sec. 1.
        Section 2.  State treasurer to render account monthly
        The state treasurer shall on the first business day of each
     month, render a statement of account to the auditor general,
     giving in detail the different sums which go to make up the
     grand total of the amount on that day in the state treasury,
     belonging exclusively to the sinking fund; such statement shall
     include the names of banks, corporations, firms or individuals
     with whom the moneys of said fund are deposited, with the
     various amounts of such deposits, the securities held by the
     state for the safe-keeping of the same, and the rate of interest
     or other consideration, if any, received by the state on such
     deposits, and shall be verified by the oath or affirmation of
     the state treasurer, and recorded in a book kept for that
     purpose in the auditor general's office, and shall be open for
     the inspection of the Governor, heads of departments, members of
     the Legislature, or any citizen of the State desiring to inspect
     the same; and each bank, corporation, firm or individual with
     whom such moneys are deposited, shall render on the first
     business day of each month, an account to the auditor general
     corresponding to that of the state treasurer, giving the amount
     of such moneys deposited during the month, the amount then on
     deposit, the rate of interest, if any, paid on such deposit, and
     the securities held by the state for the safekeeping of such
     moneys.  1876, Feb. 12, P.L. 3, Sec. 2.
        Section 3.  State treasurer to render report to commissioners
     quarterly
        It shall be the duty of the state treasurer to render a
     statement to the commissioners of the sinking fund on the first
     business day of January, April, July and October in each and
     every year, giving the balance remaining in the sinking fund in
     excess of the amount required to pay the interest on the public
     debt, whereupon the commissioners of the sinking fund shall
     authorize the purchase by the fiscal agent of the state, of the
     loans of the Commonwealth, at the then market rates:  Provided,
     That all such investments shall immediately be cancelled, by
     said agent, and a certificate of the same forwarded to the
     commissioners of the sinking fund in like manner, as if the said
     loan had been redeemed by the Commonwealth. 1876, Feb. 12, P.L.
     3, Sec. 3; 1883, June 6, P.L. 75, Sec. 1.
        Section 4.  Credit for purchases
        The state treasurer shall, in his monthly report to the
     auditor general, take credit for the amount of such purchase
     made by the said fiscal agent, and shall also give the rate and
     amount of premium, if any, paid for such purchases.  1876, Feb.
     12, P.L. 3, Sec. 4.