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 Camarines Sur and certain municipalities thereof, hereinafter named, are hereby authorized to negotiate a loan to be used for the construction of permanent improvements, in the sums hereinafter set forth: Province of Camarines Sur, for waterworks and for reimbursement of the Insular loan, one hundred and sixty thousand pesos; municipality of Naga, for waterworks and reimbursement of Insular loan, thirty-seven thousand five hundred pesos; municipality of Magarao, for waterworks, fifteen thousand pesos; municipality of Canaman, for waterworks, five thousand pesos; municipality of Camaligan. for waterworks, five thousand pesos, making a total sum of two hundred and twenty-two thousand five hundred pesos. The Governor-General of the Philippine Islands is hereby authorized to issue the necessary bonds for said loan, in the name and behalf of the aforesaid province and municipalities of Camarines Sur. The bonds so authorized shall be issued and shall bear such date as may be determined by the Governor-General, with the consent of the presiding officers of both Houses of the Legislature, and shall bear such annual interest as said officials may determine payable quarterly or semiannually, in gold coin of the United States or its equivalent, in the discretion of the Insular Treasurer, and shall be redeemable after ten years, when directed by the provincial board of Camarines Sur or the councils of the municipalities above specified, and payable thirty years after issue, in gold coin of the United States or its equivalent, in the discretion of the Insular Treasurer. Said bonds shall be registered or coupon bonds convertible into either form and shall be issued in convenient denominations, and the registered bonds shall be registered and transferable in the office of the Insular Treasurer at Manila where the capital and interest shall be payable.