Pennsylvania Act 1870-47 — MANAGEMENT OF STATE TREASURY AND SINKING FUND

Act text

MANAGEMENT OF STATE TREASURY AND SINKING FUND
                  Act of Apr. 14, 1870, P.L. 73, No. 47               Cl. 72
                                  AN ACT

     Relating to management of the State Treasury and Sinking Fund.

        WHEREAS, The supreme court of the United States has recently
     made sundry decisions on the questions of interest and legal
     tender; therefore

        Section 1.  Treasurer to conform to decisions of Supreme
     Court of United States
        The State Treasurer, under the direction of the commissioners
     of the sinking fund, is hereby authorized, in his collections
     and payments, to conform to the decisions by said court, or such
     other decisions as may from time to time be made, anything in
     any act of assembly to the contrary notwithstanding. 1870, April
     14, P.L. 73, Sec. 1.
        Section 2.  Purchase of state loans, etc; by commissioners
        The commissioners of the sinking fund are hereby authorized
     and required, from time to time, with the surplus moneys on
     hand, to purchase for redemption such amounts of the state loans
     and certificates of indebtedness as the condition of the sinking
     fund will justify, at such rates as may be to the interest of
     the Commonwealth, purchasing those loans which first fall due,
     as far as practicable; such evidence of indebtedness, when
     redeemed, shall be cancelled and destroyed by said
     commissioners, after a detailed record of the same shall have
     been entered on the books of the auditor general; and a report
     of all transactions under this section shall hereafter be
     included in the annual report of the Commissioners to the
     Legislature.  1870, April 14, P.L. 73, Sec. 2.