Section 7
SEC. 7. The city of Manila is hereby authorized to borrow from the Insular Government, by resolution of the Municipal Board, the sum of three hundred and fifty thousand pesos, to be expended in the construction of the Luneta extension provided for by paragraph (a) of section one hereof. The sum thus borrowed shall be repaid in seven equal installments, the first installment to be payable one year after the date of the loan, and the remaining payments each year thereafter. There is hereby appropriated, out of the funds realized by the sale of public improvement bonds, issued under Act Numbered Thirteen hundred and one, the sum of three hundred and fifty thousand pesos, to comply with the provisions of this section, and repayments made on said loan shall be credited to the fund from which appropriated. Such funds shall be available for expenditure as an appropriation for the city of Manila for the purposes contemplated, upon the acceptance by the Municipal Board of said loan, and appropriation is hereby made for said purpose.