Section 3
SEC. 3. The proceeds of the sale of the bonds issued by virtue of this Act are appropriated for the purpose of purchasing first mortgage bonds issued by the Metropolitan Water District under the provisions of Act Numbered Twenty-eight hundred and thirty-two, as amended, which bonds of the Metropolitan Water District, the provisions of existing law to the contrary notwithstanding, shall,be sold at the same price, shall hear the same date, the same rate of interest, and shall run for the same period of time as the bonds issued by virtue of this Act. The Treasurer of the Philippines is authorized to purchase said bonds of the Metropolitan,Water District in such amounts and at such times as may be determined by the Secretary of Finance with the approval of the President of the Philippines, and at the same rate at which the President of the Philippines sold the bonds Issued by virtue of this Act.