Section 1
SECTION 1. Pursuant to the provisions of section eleven of the Act of Congress approved August twenty-ninth, nineteen hundred and sixteen, entitled "An Act to declare the purpose of the people of the United States as to the future political status of the people of the Philippine Islands, and to provide a more autonomous government for those Islands," as amended by the Act of Congress approved May thirty-first, nineteen hundred and twenty-two, the Province of Ilocos Norte and certain municipalities thereof, hereinafter named, are hereby authorized to negotiate a loan in the sum of five hundred and forty-eight thousand pesos, to be used for the construction of permanent improvements and the payment to the Insular Government of outstanding loans contracted for the construction of permanent improvements, as follows: Province of Ilocos Norte, for waterworks, a provincial high-school building, and for payment of the Insular loan, four hundred and forty-two thousand pesos; municipality of Bacarra, for waterworks, seven thousand pesos; municipality of Laoag, for waterworks, eighty-nine thousand pesos; and municipality of Pasuquin, for waterworks, ten thousand pesos. At the request of the Provincial Board of Ilocos Norte and the municipal councils of the municipalities above-mentioned, the necessary bonds for said loan shall be issued by the Governor-General of the Philippine Islands, who is hereby authorized to issue the same in the name and behalf of the aforesaid province and municipalities. The bonds so authorized shall be issued in convenient denominations, in registered form, and shall be registered and transferable and payable in the office of the Insular Treasurer in Manila. They shall have the same date, bear interest at the same rate, and be payable at the same time as the bonds of the Government of the Philippine Islands authorized to be issued in section three of this Act: Provided, however, That the interest rate on said bonds shall not be in excess of five and one-half per centum per annum.