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 Is lands," as amended by the Act of Congress approved May thirty-first, nineteen hundred and twenty-two, the Province of La Union is hereby authorized to negotiate a loan in the sum of three hundred and thirty thousand pesos, which shall be used for the construction of permanent bridges over the Caba, Darigayos, Maragayap and Naguilian rivers and the payment to the Insular Government of outstanding loans contracted for permanent improvements. At the request of the provincial board of La Union, 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 said province. 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 per centum per annum.