Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 4012. Issue of new and cancellation of old bonds

The Governor, on behalf of the Commonwealth, is hereby authorized to issue, as of August second, one thousand nine hundred and twenty-one, bonds of the Commonwealth of Pennsylvania in an amount equal to the bonds filed for exchange with the State Treasurer as aforesaid;  said bonds to be subject to the same terms and conditions as the bonds which are being exchanged, except that the new bonds shall be for the same term, and shall bear interest at the same rate, and be subject to the payment of the same premium, as the next series of bonds issued or to be issued by the Commonwealth.  All bonds issued under authority of this act shall be executed in the same manner as other bonds issued under said act of April eighteenth, Anno Domini one thousand nine hundred and nineteen,  1 as amended.  All bonds offered and turned in to the State Treasurer for exchange under the provisions of this act shall, after the issuance of new bonds and substitution therefor, be canceled, and thereafter all payments of interest thereon shall cease.