Section 1
SECTION 1. In pursuance of the provisions of sections seventy, seventy-one, seventy-two, and seventy-three of the Act of Congress approved July first, nineteen hundred and two, entitled An Act temporarily to provide for the administration of the affairs of civil government in the Philippine islands and for other purposes the city of Manila is hereby authorized to incur an indebtedness of four million dollars, money of the United States, and the Secretary of War is hereby authorized to issue, in the name and on behalf of the city of Manila, its bonds covering the amount of said indebtedness, for the purpose of providing funds to construct sewers in the city of Manila and of providing said city with an adequate sewer and drainage system and supply of water. The bonds thus authorized shall be issued and dated as follows: One million dollars, June first, nineteen hundred and five; two million dollars, January second, nineteen hundred and seven; one million dollars, January second, nineteen hundred and eight; shall bear interest at the rate of four per centum per annum, payable quarterly; shall be redeemable at the pleasure of the city of Manila after ten years from date of issue, and payable thirty years after dale of issue in gold coin of the United States of the present standard value. Both principal and interest shall be payable at the Treasury of the United States. The said bonds shall be in registered form in denominations of one thousand and ten thousand dollars, in proportions to suit the purchasers thereof, and shall be registered and transferable at the office of the Treasury Department of the United States at Washington, District of Columbia. The said bonds are declared, by section one of the Act of Congress approved February sixth, nineteen hundred and five, entitled "An Act to amend an Act approved July first, nineteen hundred and two, entitled An Act temporarily to provide for the administration of the affairs of civil government in the Philippine islands, and for other purposes and to amend an Act approved March eighth, nineteen hundred and two, entitled An Act temporarily to provide revenue for the Philippine islands, and for other purposes and to amend an Act approved March second, nineteen hundred and three, entitled An Act to establish a standard of value and to provide for a coinage system in the Philippine islands, and to provide for the more efficient administration of civil government in the Philippine islands, and for other purposes," to be exempt from the payment of all taxation by the Government of the United States, or by the Government of the Philippine islands or of any political or municipal subdivision thereof, or by any State, or by any county, municipality, or other municipal subdivision of any State or Territory of the United States, or by the District of Columbia, pursuant to which Act, as well as to said Act of Congress approved July first, nineteen hundred and two, and to this Act these bonds are issued; which facts shall be stated upon their face.