Pennsylvania Act 1936-11 (session 1) — INTEREST RATES, BONDS - REDUCED

Act text

INTEREST RATES, BONDS - REDUCED
         Act of Jun. 24, 1936, Special Session 1, P.L. 24, No. 11     Cl. 72
                      Special Session No. 1 of 1936
                               No. 1936-11

                                  AN ACT

     Providing for the reduction of interest rates upon outstanding
        callable bonds of the Commonwealth, under certain conditions,
        in lieu of the redemption thereof; and defining the powers
        and duties of the Governor, the Auditor General, the State
        Treasurer, and the duly authorized loan and transfer agent of
        the Commonwealth in relation thereto.

        Section 1.  Be it enacted, &c., That the Governor, the
     Auditor General, and the State Treasurer, upon such terms as
     they may deem to the best interests of the Commonwealth and
     under such conditions as they may specify, may reduce the rate
     of interest payable upon any outstanding callable bond of the
     Commonwealth of Pennsylvania in lieu of redeeming such bond in
     accordance with the terms thereof, upon any date upon which said
     bond may be called for redemption: Provided, That such reduction
     of interest rate is consented to by the holder of the said bond.
     In the event the interest rate on any such bond is reduced as
     aforesaid, said bond shall forthwith be presented to the duly
     authorized loan and transfer agent of the Commonwealth, which
     shall endorse upon the face of the said bond a proper notation
     evidencing the said reduction of interest rate, and as to any
     such bond as may be in coupon form shall affix thereto, in place
     of the original coupons not then due and payable, proper
     interest coupons evidencing the said reduction of interest rate.