Pennsylvania Act 1883-68 — INVESTMENT OF SINKING FUND MONEYS

Act text

INVESTMENT OF SINKING FUND MONEYS
                   Act of Jun. 6, 1883, P.L. 75, No. 68               Cl. 72
                                  AN ACT

     To amend the provisions of the third section of an act, approved
        February twelfth, one thousand eight hundred and seventy-six,
        entitled "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 2.  Investment of moneys of sinking fund
        If, in the opinion of the commissioners of the sinking fund,
     the purchase of loans of the Commonwealth cannot be made for the
     best interests of the Commonwealth, it shall be the duty of the
     said commissioners, to authorize the purchase, by the fiscal
     agent of the State, of the bonds of the United States at the
     then market rates; the fiscal agent of the State shall make
     immediate return to the said commissioners of the number and
     amount of each bond of the United States so purchased, and the
     premium paid therefor. And it shall be the duty of the State
     Treasurer to enter on the "sinking fund ledger" the number,
     amount, and premium paid for each United States bond so returned
     as purchased by the fiscal agent of the state: Provided, That
     the sinking fund commissioners shall have the right to dispose
     of bonds purchased under this act, whenever the money shall be
     required for the extinguishment of the public debt: Provided
     further, That the sinking fund commissioners shall have
     authority to sell the bonds of the United States, so purchased,
     whenever the loans of the Commonwealth can be bought at such
     prices as they may deem for the best interests of the
     Commonwealth, and State loans thus purchased shall be
     immediately cancelled as provided by section one of this act.
     1883, June 6, P.L. 75, Sec. 2.