Section 4
SEC. 4. An appropriation is hereby made of the proceeds a. of the sale of the bonds authorized to be issued by this Act for the purpose of paying for bonds issued by provinces, municipalities and cities and assigned and transferred to the Government of the Philippine Islands and used as security for the bonds issued under the authority of this Act: Provided, however, That the proceeds of the sale of bonds issued under the authority of this Act, which shall be secured by bonds issued by provinces, municipalities or cities before this Act became effective and paid for out of general funds of the Insular Treasury, shall revert to the said general funds and the said Treasurer shall transfer the same thereto immediately upon receiving notice of the deposit of said proceeds to his credit by the Secretary of War.