WHEREAS, under Administrative Order No. 123, dated April 15, 1940, the issue and sale of bonds in the name and on behalf of the City of Manila has been authorized in one block of P5,000,000.00, Philippine Currency, the bonds to bear the date of May 16, 1940, payable thirty years after the date of issue, with interest at the rate of 4-1/2% per annum, payable semi-annually on the 16th day of May and November of each year;

WHEREAS, the Government of the City of Manila by Resolution No. 307, duly approved by the Municipal Board on October 3, 1940, requested the issuance in the meantime, of only P3,500,000.00 out of the five million-peso bond issue authorized under the above-mentioned Administrative Order No. 123, in series of P1,000,000.00 upon approval of the said resolution and P500,000.00 every three months thereafter until the whole amount of P3,500,000.00 shall have been fully issued;

WHEREAS, the Secretary of Finance has recommended that the issue and sale of said bonds be made in series and amounts as requested;

NOW, THEREFORE, pursuant to the provisions of Act No. 3456 and of Act No. 3711, as amended by Act No. 4247, I, MANUEL L. QUEZON, President of the Philippines, hereby amend Administrative Order No. 123, dated April 15, 1940, so that the bonds authorized to be sold thereunder shall be reduced to P3,500,000.00; shall be issued in series and amounts and shall bear the dates herein below indicated, payable thirty years after the respective dates of issue, with interest at the rate of 4-1/2% per annum payable semi-annually:

December 1, 1940	.................................................................................		P1,000,000.00
March 1, 1941	.................................................................................		500,000.00
June 1, 1941	.................................................................................		500,000.00
September 1, 1941	.................................................................................		500,000.00
December 1, 1941	.................................................................................		500,000.00
March 1, 1942	.................................................................................		500,000.00

Done at the City of Manila, this 7th day of November, in the year of Our Lord, Nineteen Hundred and Forty, and of the Commonwealth of the Philippines, the fifth.


By the President:

(Sgd.) JORGE B. VARGAS
Secretary to the President