The Home news., 1918-05-17
FOR AMENDMENT NO. 15. AGAINST AMENDMENT NO. 15.

AGAINST AMENDMENT NO. 15.
 Be 1t Resolved by the House of Rep. resentatives and the Senate of the State of Arkansas, the Majority of Both Houses Agreeing Thereto:
 That the following Is hereby pro- posed as an amendment to the Constt- tuition of the State of Arkansas, and the same being submitted to the elec- tors of the State for approval or re- lection at the next general election for Senators and Representatives IT a majority of the electors voting at such election adopt such amendment, the same shall become a part of the Con- s@itution of the State of Arkansas, to- wit:
 Section 1. Notwithstanding the lfm- itation contained in Section of Arti- c1e 16 of the Constitution, the credit of the State may be loaned and tn- debtedness incurred to an amount not exceeding two per cent of the assess ed valuation of all the property in the State for the purpose Of prov1olnR funds to be loaned upon the security of farm lands within the State, subject to the limitations herein contained
 Sec g. The Governor, Secretary of State and State Land Commissioner shall constitute the State Land Board, 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 an amount not to exceed two per cent of the assessed valuation of all the property in the State, and to place the proceeds in the State Treasury in a fund to be known as the Arkansas Rural Credits Loan Fund"
 Sec. 3. Said bonds shall. be issued s5oo.oo ,a5 and si,ooo.co, and shall be is- sued in series of $10,000.00 or multi ples thereof. drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from bona flde purchasers of land az gregating $10,000.00 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 atton by the State of Arkansas, or any of it's subdivisions.
 Sec 4 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 se- cured by mortgages or deeds of trust constituting first liens on such farm lands in amounts which shall not ex- praised value of such lands. The cred it of the State shall not he loaned to any person to purchase more than so acres of land. nor land valued at more than s5ooo per acre. Nor shall loan of less than $200.00 nor more than $3,- 00o GO be made to any purchaser of land
 Sec B. Such loans shall not be made except to owners who Operate" and "occupv" lands mortgaged. and shall be made for the following purposes: (a) The payment for lands purchased; fb) the purchase of live stock and oth- CT equipment, and the making of inn movements which. in the Judgment of said board will increase the produc- tivity of such lands or add to their val'-o as a farm home in a degree to justify such expenditure; and (c) for the satisfaction of eneumba ancss upon such lands, which, in the judgment of said board, were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. (. Every applicant for farm loan shall state clearly in his applica- tion the purposes for which such loan is desired, and upon it's approval by the board this statement shall be deem ed part of the note or contract under which the loan is granted. But no failure to apply such funds to the purposes stated in such application or enumerated herein shall invalidate a loan when once made, nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such in- cumbrance; but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein, or if he shall lease such lands or sell them to any person not fulffl- ing the conditions and purposes pro- vided for herein. said board Is author fzed and directed te require the repay zneut Of said loan uDen stx manths' -no=