Section 3982 - Bonds; issues, maturity, interest, etc(a) As evidence of the indebtedness herein authorized, bonds of the Commonwealth of Pennsylvania shall be issued for the amounts borrowed from time to time under the provisions of the preceding section of this act, in such form as the Governor, with the approval either of the Auditor General or of the State Treasurer, shall determine. Said bonds shall in all cases be issued as serial bonds, having maturity dates of not less than five (5) nor more than thirty (30) years after the respective dates of issuance; said dates of maturity to be so arranged that, as nearly as possible, two million dollars ($2,000,000) of the entire amount of bonds authorized by this act shall mature annually, beginning five (5) years after the first issuance of bonds under the provisions of this act. The rate of interest on the said bonds shall be four per centum (4%) per annum, and interest shall be payable semi-annually on such dates as the Governor, with the approval of either of the Auditor General or of the State Treasurer, shall determine. Bonds shall be issued hereunder both in the form of registered and of coupon bonds. Coupon bonds shall be issued in one thousand dollar ($1,000) denominations only. Registered bonds shall be issued in denominations of one thousand dollars ($1,000), five thousand dollars ($5,000), ten thousand dollars ($10,000), twenty-five thousand dollars ($25,000), fifty thousand dollars ($50,000), and one hundred thousand dollars ($100,000). The holders of either registered or coupon bonds shall have the privilege of interchanging them. Provided, That the Governor, the Auditor General, and the State Treasurer may, by unanimous agreement, if they deem it advisable for the best interests of the Commonwealth, modify any of the terms and conditions for the issuance of said bonds hereinabove specified; but under no circumstances shall the rate of interest for any of the said bonds exceed four and one-half per centum (4 1/2 %) per annum, or the date of maturity exceed thirty (30) years.
The Governor, with the approval either of the Auditor General or of the State Treasurer, may issue appropriate interim certificates for delivery to the purchasers of said bonds, pending the preparation and delivery of the definitive bonds.
(b) All bonds issued under the authority of this act shall bear the facsimile signatures of the Governor, the Auditor General, and the State Treasurer, and a facsimile of the Great Seal of the Commonwealth of Pennsylvania; and shall be countersigned by two duly authorized officers of the duly authorized loan and transfer agent of the Commonwealth. All interest coupons attached to bonds shall contain facsimile signatures of the State Treasurer and the Auditor General.(c) The principal and interest of such bonds shall be payable in lawful money of the United States. All bonds issued under the provisions of this act shall be exempt from taxation for state and local purposes.(e) The Governor, the Auditor General, and the State Treasurer shall proceed to have the necessary bonds prepared and printed. The bonds, as soon as they are prepared and printed, shall be forthwith deposited with the duly authorized loan and transfer agent of the Commonwealth, there to remain until sold in accordance with the provisions of this act.1925, March 6, P.L. 24, § 2.