Section 3
SEC. 3. For the purpose of this reclamation, and of the construction, maintenance and repair of such wharves, piers, docking, and other harbor facilities as may be provided in accordance with section one hereof, the municipalities an chartered cities are hereby authorize to indebtedness with any person, associations, corporation, or lending institution. Upon proper application, likewise issue bonds in such amounts and under such terms and conditions as may be fixed by the Secretary of Finance. Such bonds shall be guaranteed by the Government of the Philippines and their issue, servicing and liquidation shall be undertaken by the Central Bank of the Philippines.