Preamble
The Governor-General of the Philippine Islands is hereby authorized to issue the necessary bonds for said loan at the request of the municipal council of Calbayog and in the name and on behalf of the said municipality. 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 at 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.