Section 3
SEC. 3. The Secretary of War is hereby authorized to issue, in the name and behalf of the Government of the Philippine Islands, bonds to the amount of ninety-eight thousand dollars, United States currency, for a term of thirty years, secured by the bonds of the Province of Laguna herein authorized and assigned and transferred to the Insular Government, as provided in sections one and two of this Act. The Secretary of War shall determine the form of the Insular bonds, the date of issue thereof, and the rate and dates of payment of the interest thereon. which rate shall not be in excess of five and one-half per centum per annum. The Insular bonds may be coupon bonds or registered bonds, convertible, in the "discretion of the Secretary of War, into either form, and shall be registered in the Treasury of the United States, where the principal and interest shall be payable in gold coin of the United States. The Secretary of War is further authorized to sell such Insular bonds upon such terms and conditions as in his judgment are most favorable to the Government of the Philippine Islands, and he shall deposit the proceeds of the sale thereof with an authorized depository or depositories of the Government of the Philippine Islands in the United States, to the credit of the Treasurer of the Philippine Islands.