Section 3
SEC. 3. A sinking fund or funds, is hereby created for the payment of the bonds issued, under the provisions of this Act, in such manner that the total amount thereof at each annual due date of the bond issues shall be equal to the total of an annuity of such a sum, for each million pesos of bonds outstanding, as with interest at the rate of three and one-half per centum per annum shall be sufficient to retire said bonds at maturity. Such sinking fund or funds shall be under the custody of the Treasurer of investment, the Philippine Islands, who shall invest the same, in such manner as the Secretary of Finance may approve, in accordance with the provisions of law governing the investment of sinking funds.