Section 2
SEC. 2. The President of the Philippines is hereby authorized to issue callable mortgage bonds in the name and behalf of the Republic of the Philippines, said bonds to be payable within a period not exceeding ten years from date of issue. Both the principal and interest on the bonds shall be payable in Philippine currency. The bonds shall be in denominations suitable to a sliding cost of building construction and adaptable to a quarterly, semi-annual or annual repayments in the form of accrued rentals, or to an equivalent schedule of retirement by denominations in series. The date of issue of the bonds shall be the date such class rooms or building units as have been completed are turned over and accepted by the Secretary of Education or his authorized representatives. The President shall determine the rate and dates of payment of interest thereon, which shall not be in excess of six per cent per annum.