Section 4
SEC. 4. 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 one hundred and eleven thousand two hundred and fifty dollars, United States currency, for a term of thirty years, redeemable after ten years, in the discretion of the Insular Government, and bearing such date as he may determine, secured by the bonds of the Province and four municipalities of Camarines Sur herein authorized and assigned and transferred to the Insular Government as provided in section two. The Secretary of War shall determine the form of the bonds and the rate and dates of payment of the interest thereon. The bonds may be coupon bonds or registered bonds, convertible, in the discretion of the Secretary of War, into either form, and the registered bonds 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 said 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 in an authorized depository or depositories of the Government of the Philippine Islands in the United Stares, to the credit of the Treasurer of the Philippine Island;.