Section 2
SEC. 2. The Governor-General is further authorized to assign and transfer said bonds to the Government of the Philippine Islands for a consideration, charging the same to the net proceeds of the sale of the bonds of the Government of the Philippine Islands issued in an equivalent amount as provided in section four of this Act, and to deposit the proceeds of said assignment in an authorized depository of the Government of the Philippine Islands. The proceeds of the assignment to the Insular Government of said bonds shall be applied by the Insular Treasurer to the payment of the outstanding indebtedness of the municipality of Calbayog herein mentioned to the Insular Government and the balance shall be credited to the Public Works Bond Issue Fund of the said municipality which shall be transferred to the provincial treasurer of Samar and be used only for the purposes set forth in this Act.