The Home news. (McCrory, Ark.) 1915-1922, 1918-07-26
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. ID.

FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. Is.
BE 1t Resolved by the House of Rep
resentativcs and the Senate OF the
State of Arkansas, the Majority Oh
Both Houses Agreeing TheretO'
That the following Is hereby pro-
nosed as an amendment to the Consti-
tuition OF the State Of Arkansas, ana
the same being submitted to the elec-
tors Of the State for approval or
lection at the next general electaoh
tor Senators and Representatives -
majority of the electors voting at such
election adopt such amendment, tho
zaYne shall become a part OF the Con-
+itution of the State of Arkansas, TO-
wit: ".
.tatIon contained in Section / Of Art1-
lie 16 of the Constitution, the credit
~ the State may be loaned and In
lebtedness incurred to an amount not
exceeding two per cent or the assess
ed valuation Of all the property In the
State for the purpose OF prov1olng
funds to be loaned upon the security
of farm lands within the State. subject
to the limitations herein contained
Sec 2. The Governor, Secretary OF
State and State Land CommissloneaT
which board is hereby authorized and
directed to issue and sell or pledge
bonds in the name Of the State, to De
known as Arkansas Farm Credit
Bonds" in amount not to exceed
two per cent Of the assessed valuation
of all the property in the State, ard
to place the proceeds in the State
Treasury in a fund to be known as the
Arkansas Rural Credits Loan Fund
Sec. 8. Said bonds shall be issued
$4,000 and 100000, and shall be is
sued in series OF 100000 or multi
Piles thereof, drawn to mature In not
more than thirty-six years; nor shall
said bonds be sold until applications
from bona fde purchasers Of land ag-
gregating 100000 have been filed
with and approved by the State Land
Board. Said bonds shall bear interest
at the rate Of four per cent per an
mum, and shall be exempt from tax
alton by the State Of Arkansas, or any
Of its subdivisions.
Sec a. Said State Land Board is au-
thorized and directed to loan the mon
eys in said Arkansas Rural Credits
Loan Fund to bona fde purchasers OF
farm lands in Arkansas, upon notes &C.
cured by mortgages or deeds Of trus
constituting first liens on such farm
lands in amounts which shall not ex
coed seventy-f1ve per cent of the ap
praised value Of such lands. The cred
1t Of the State shall not be loaned tt
any person to purchase more than 81
acres of land. nor land valued at NOR,
than $4,000 per acre. Nor shall a LOAF
Of less than $4,000 nor more than -,
10000 be made to any purchaser o
land
Sec s. Such loans shall not be mad
| except to owners who operate" an,
| occupy" lands mortRaged and shall
be made for the following purposes
| (a) The payment for lands purchased
(b) the purchase OF live stock and 9th
| er equipment and the making Of i'm
| Srnvements which, in the Judgment o
| said board, will increase the produc
| tivity of such lands or add TO thea
! val,-e as farm home in degree t
:. Justify such expenditure: and (c) 70
the satisfaction Of encumbfAnces upol
| such lands. which, in the judgment 0
| said board. were incurred or assume
by said applicant fer the aforesai
/ purposes.
Sec 6. Every applicant for farr
loan shall state clearly in his applica
| ton the purposes for which such loa
Is desired, and upon its approval b
tho board this statement shall be deem
/ ed q part OF the note or contract unde
which the loan is granted. But n
failure to apply such funds to tn
purposes stated in such application o
enumerated herein shall invalidate
loan when once made, nor shall any
thing herein contained be deemed t
prevent any farm owner from sellin
or leasing lands subject to such in
cumbrance; but IL he shall violate hi
said contract by applying the money
borrowed to purposes other than thos
stated in his application or enumerate
herein, or II he shall lease such land
or sell them to any person not fulfill
ing the conditions and purposes pro
| vided for herein. said board is author
ised and directed to require the repay
znsnt af aaid1cAa lDen six months NO