Pennsylvania Act 1874-60 — SUPPLEMENTARY ACT, STATE TREASURERS

Act text

SUPPLEMENTARY ACT, STATE TREASURERS
                   Act of May 9, 1874, P.L. 126, No. 60               Cl. 72
                                  AN ACT

     Supplementary to the several acts relating to the state
        treasurer and to the commissioners of the sinking fund.

        Section 1.  Oath of office, and bond
        Hereafter it shall be the duty of the State Treasurer, before
     he enters upon the duties of his office, to take the oath or
     affirmation of office agreeably to the direction of the
     Constitution of the United States and of this Commonwealth, and
     he shall become bound to the Commonwealth in an obligation, with
     ten or more sufficient sureties to be approved by the Governor,
     in the sum of five hundred thousand dollars, conditioned for the
     true and faithful performance of the trusts and duties of his
     office; and the execution thereof being duly proven, the same
     shall be entered on record in the office of the Secretary of the
     Commonwealth, in a book to be provided for that purpose, and
     copies of such obligation, duly authenticated under the seal of
     said office, shall be admitted as prima facie evidence of the
     fact, execution and contents of such bond in any court of this
     Commonwealth, in all cases in which the original bond would be
     evidence of the same matter.  1874, May 9, P.L. 126, Sec. 1.
        Section 2.  Term of office
        The term of office of the State Treasurer shall hereafter
     commence on the first Monday of May next succeeding his
     election, and shall continue for two years, or until his
     successor shall be duly qualified. 1874, May 9, P.L. 126, Sec.
     2.
        Section 3.  Manner of filling vacancy
        When a vacancy in the office of State Treasurer shall happen
     by death, resignation or otherwise, the governor, by and with
     the advice and conSent of the senate when in session, shall fill
     said vacancy by appointment; and the person so appointed, after
     having taken the oath prescribed by the Constitution, and given
     the requisite security fixed by law, shall perform the duties of
     State Treasurer until the first Monday of May first succeeding
     the next general election which shall happen more than three
     calendar months after the vacancy occurs, or until his successor
     shall be duly qualified.  1874, May 9, P.L. 126, Sec. 3.
        Section 4.  Treasurer's seal; copies of documents as evidence
        The State Treasurer shall procure a seal of office, and all
     copies, under the seal of the State Treasurer, of accounts and
     documents appertaining to his office, shall be evidence in
     courts of law and elsewhere within this Commonwealth.  1874, May
     9, P.L. 126, Sec. 4.
        Section 5.  To furnish monthly accounts to Auditor General
        It shall be the duty of the t;State T treasurer to keep a
     correct and accurate account of all moneys received and
     expended, and he shall furnish to the Auditor General, on the
     first business day of every month, an account of all moneys so
     received and paid by virtue of the powers of his office during
     the preceding month, together with the vouchers for the payments
     made by him, and the Auditor General shall transfer all the
     receipts and payments to their proper accounts in the books of
     his office. 1874, May 9, P.L. 126, Sec. 5.
        Section 6.  Two ledgers to be kept
        The State Treasurer shall keep two separate books of accounts
     to be known respectively as the "sinking fund ledger" and the
     "General revenue ledger," and he shall cause all moneys received
     from revenues belonging to the sinking fund to be credited to
     the commissioners of the sinking fund, in the sinking fund
     ledger, and all moneys received from other sources to be
     credited in the general revenue ledger.  1874, May 9, P.L. 126,
     Sec. 6.
        Section 7.  Distinct statements to be made
        In the annual report of the State Treasurer on the finances
     he shall furnish to the Legislature two distinct statements of
     receipts and expenditures, one of which shall show the aggregate
     monthly receipts from all sources of revenue by law appropriated
     to the sinking fund, and the other the aggregate monthly
     receipts from all other sources of revenue, with the
     disbursements therefrom. 1874, May 9, P.L. 126, Sec. 7.
        Section 9.  Appropriations payable quarterly
        All appropriations shall be payable quarterly at the State
     Treasury upon warrants properly drawn in accordance with law.
     1874, May 9, P.L. 126, Sec. 9.
        Section 12.  State Treasurer to certify monthly balance to
     commissioners
        The State Treasurer shall on the first business day of every
     month, make and deliver a certificate under his hand and seal of
     office showing the balance due to the commissioners of the
     sinking fund upon the sinking fund ledger for the then preceding
     month and shall also certify to the said sinking fund
     commissioners the amount of funds in the treasury in excess of
     the reserve required for the current expenses of the government.
     1874, May 9, P.L. 126, Sec. 12.
        Section 13.  Statements to be published; loans to be redeemed
        It shall be the duty of the commissioners of the sinking
     fund, on the first business day of each month, to prepare a
     statement of the total amount of money in said fund, which,
     having been verified by oath or affirmation, shall be published
     in two newspapers in Harrisburg for public information.  The
     commissioners of the sinking fund shall also on the first
     business day in the months of May, August, November and
     February, in each and every year hereafter, apply all the moneys
     in the sinking fund to the redemption of an equivalent amount of
     the public debt.  They shall forthwith give local notice of the
     amount of said debt which they are prepared to redeem, that the
     said amount will be redeemed on presentation to the designated
     disbursing agent of the state, and that the interest upon the
     certificates thereof shall cease from and after a day certain,
     to be designated by them, now more than ninety days after the
     publication of said notice: Provided, That the loans of the
     Commonwealth shall be redeemed, as far as practicable, in the
     order of their maturity. 1874, May 9, P.L. 126, Sec. 13.
        Section 14.  Statements to accompany annual report
        The commissioners of the sinking fund shall, in their annual
     report to the legislature, annex tabular statements, showing the
     amount of each certificate of balance of moneys certified to the
     commissioners of the sinking fund, as over and above the
     necessary reserve arising from the general revenue fund for the
     payment of current expenses, the amount of indebtedness
     redeemed, with dates of redemption, the amount of interest, the
     amount and date of maturity of the respective loans of the
     Commonwealth, together with a summary statement of the receipts
     from all sources, and the expenditures of said fund, and a
     complete statement of the total amount of stocks and moneys
     therein, at the beginning and end of the fiscal year, verified
     by oath or affirmation. 1874, May 9, P.L. 126, Sec. 14.
        Section 15.  How fund used and invested
        Except in case of war, invasion or insurrection, no part of
     the sinking fund of the state shall be used or applied otherwise
     than in the extinguishment of the public debt; and the moneys of
     the sinking fund, or any moneys from interest thereon, shall
     never be invested or loaned upon the security of anything except
     the bonds of the united states, or of this State: Provided,
     however, That the commissioners of the sinking fund shall loan
     from the sinking fund to the general fund, from time to time,
     after the fourteenth day of June, one thousand nine hundred and
     twenty-three and before the first day of December, one thousand
     nine hundred and twenty-three, amounts not exceeding a total of
     one million dollars, to be used in paying the following debts of
     the Commonwealth existing on June first, one thousand nine
     hundred and twenty-three, with interest thereon to date of
     payment, if any such interest be due: first, the balance
     determined by subtracting from the amount of a judgment obtained
     by the County of Philadelphia against the Commonwealth of
     Pennsylvania as of May fifth, nineteen hundred and twenty-two,
     and interest due thereon to the date of payment and costs, the
     balance due to the Commonwealth of Pennsylvania from the County
     of Philadelphia on account of collections for the maintenance of
     insane persons at State Hospitals for the insane made by said
     County and said Commonwealth up to March first, nineteen hundred
     and twenty-three; and, second, all or such part of the unused
     portion of said loan from the sinking fund to pay the purchase
     or condemnation price of such parcels of lands duly purchased or
     condemned by the valley forge park commission and the washington
     crossing park commission prior to June first, one thousand nine
     hundred and twenty-three as the Governor may specifically
     direct.  Such loans from the sinking fund to the Commonwealth
     shall be secured by bonds, signed in the name of the
     Commonwealth by the Governor and countersigned by the Auditor
     General and the State Treasurer, to be issued to the sinking
     fund commission at the time or times the loans provided for
     hereby are made. moneys thus loaned shall be repaid to the
     sinking fund from the general funds in the treasury, with
     interest at the rate of four and one-half per cent. (4-1/2 per
     cent) per annum, in such installments and at such time, as the
     Governor may direct, but not later than July first, one thousand
     nine hundred and twenty-six; and amounts sufficient to repay to
     the sinking fund of the state all moneys transferred as a loan
     from said sinking fund, with interest thereon at the rate of
     four and one-half per cent. (4-1/2 per cent) per annum, are
     hereby appropriated out of the general funds of the treasury,
     and shall be paid to said sinking fund of the state by the state
     treasurer upon requisition of the Auditor General pursuant to
     said direction of the Governor: Provided further, That the
     moneys, namely: six hundred fifty thousand dollars, or so much
     thereof as May be necessary, appropriated by an act, approved
     may twenty-six, one thousand nine hundred and twenty-three,
     shall not be paid to the County of Philadelphia except in
     exchange for a payment from said County to the Commonwealth of
     the sum of one hundred fifty thousand dollars, or so much
     thereof as may be necessary, to pay the balance due to the
     Commonwealth from said County on account of collections for the
     maintenance of insane persons at State Hospitals for the insane
     made by the County and the Commonwealth to March first, one
     thousand nine hundred and twenty-three, with interest at the
     rate of six per cent. Per annum. 1874, May 9, P.L. 126, Sec. 15;
     1923, June 14, P.L. 768, Sec. 1.
        Section 16.  Penalty for neglect of duty
        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 by
     either of them of any of the moneys of the state deposited for
     the payment of the public debt, or the interest thereon, or of
     any moneys applicable to the payment of the current expenses of
     the government, without due warrant of law, or the appropriation
     of any interest funds which may be received upon the loans of
     moneys in the State Treasury, shall be a misdemeanor in office,
     for which they or either of them may be impeached, and upon
     conviction thereof removed from office. 1874, May 9, P.L. 126,
     Sec. 16.