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 Bulacan, is hereby authorized to negotiate a loan in the sum of four hundred seventy-four thousand pesos, of which four hundred twenty-nine thousand pesos shall be used for the construction of provincial capitol building, provincial hospital building, additional rooms for the high school, and bridges, and forty-five thousand pesos for the repayment of insular loan; but if it shall for any reason not be necessary to use the entire sum of forty-five thousand pesos for the repayment of loan, the balance shall be used for the construction of such permanent improvements as the provincial board may designate. At the request of the provincial board of Bulacan, 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 and one-half per centum per annum.