Section 3
SEC. 3. The President of the Philippines is authorized to issue in the name and behalf of the Republic of the Philippines, bonds to the amount of three million pesos for a term of ten years payable in ten annual equal installments from the date of issuance thereof, secured by the bonds of the City of Manila herein authorized and conveyed an 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 six 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 Central Bank of the Philippines, where the principal and interest shall payable in Philippine or its equivalent in United States currency, in the discretion of the Secretary of Finance. The President of the Philippines is further authorized to to sell said National Government bonds in the Philippines, only at public auction through the Central Bank of the Philippines, upon such terms and conditions as in his judgment are most favorable to the Republic of the Philippines, and he shall deposit the proceeds of the sale thereof with the Central Bank of the Philippines, to the credit of the National Government.