Section 3
SEC. 3. The President of the Philippines is authorized to issue in the name and behalf of the Commonwealth of the Philippines, bonds to the amount of three hundred fifty thousand pesos for a term of thirty years secured by the bonds of the City of Cebu herein authorized and conveyed and transferred to the National Government as provided in sections one and two of this Act. The President of the -Philippines shall determine the form of the National Government bonds, the date of issue thereof, and the rates and dates of payment of the interest thereon, which rate shall not be in excess of live per centum per annum. The National Government bonds may be coupon bonds or registered bonds, in the discretion of the President of the Philippines, and shall be registered in the Treasury of the Philippines, where the principal and interest shall be payable in Philippine currency or its equivalent in United States currency, in the discretion of the Secretary of Finance. The President of the Philippines is further authorized to sell said National Government bonds in the Philippines, only at public auction through the Treasurer of the Philippines, upon such terms and conditions as in his judgment are most favorable to the Commonwealth of the Philippines, and he shall deposit the proceeds of the sale thereof with the Treasury of the Philippines, to the credit of the National Treasury.