Section 2
SEC. 2. The Governor-General is further authorized to sell said bonds upon such terms as in his judgment are most favorable to the Province of Iloilo and its municipalities herein mentioned, or to assign and transfer said bonds to the Insular Government for and in consideration of the net proceeds of the sale of bonds of the Insular Government which shall be issued for this purpose in an equivalent amount, as provided in section four of this Act, and to deposit the proceeds of the sale or assignment with a duly authorized depository of the Government of the Philippine Islands. The proceeds of the sale or assignment to the Insular Government of said bonds shall be applied by the Insular Treasurer to the repayment of the outstanding indebtedness of the province and municipalities herein mentioned to the Insular Government, and the remainder shall be placed by him to the credit of the "Public Works Bond Fund, Province and nine municipalities' of Iloilo," and shall only be withdrawn therefrom for the purposes mentioned in this Act.