Sharp County record., 1918-09-13

Esas anslsfaotion Of encnmbrancos upo,
AnGA lands, which, in me Judgment o.
a1s4 soard. were incurred or assumed
by odd applicant for the aforesaid
purpooes.
"a G livery applicant for farm
loaA shall state clearly in his appiicn-
t'se sne purposes for which such losn
- aeeired, and upon it's approval py
teo ooard this statement shall be deein-
"a part OF the note or contract under
wneoe the loan IL granted. But no
raSSors to apply such FUNDS TO tht
pesDoses stated in such application Oh
snumerated herein shall invalidate
loe0 when once made. nor shall any
hing herein contained be deemed 20
sfsvent any farm owner from seiilns
or leasing lands subject to such in
cumbrnnce; but IL he shall violate his
saia contract by applying the moneys
oorrowed to purposes other than thoss
'thted In his application or enumerateo
her@sA Or II he shall lease such lanuh
or seti thsm to any person not fuinll-
ing the conditions ana purposes pro-
yided for herein, said board Is author
lsed ana directed to require the repay
mont OF said loan upon six months no;
t'co, ana said note or contract shnh
contain a clause providing therefor.
tsc. 7. 3uch loans shall be repaid
Win interest accruing In annual IN
etallments on the amortization plan
such instailments being hxed At such
sums as will cover the interest rate
nnd will liduidate the debt In a period
10 be agreed on between said board
ana tho applicant, said period to ne
not less than ave nor more than thirty
lix years, but any debtor may ldul-
tate any part or all OF his indebtedness
\ amounts OF $4,000 or multiplos there
yr upon any amortization payment
Bec. 9. Tho rate OF interest on loans
hall be 1vs per cont per unnun, pro,
Fided. that no Farm Credit bonds shall
% aoId for less than par; and pro-
wded further that the board shall rc,
1uiro ench applicant 70 pay an initial
;harHe of per cent OF the loan grant
~, the minimum charge % he $1,000
cover the cost of appraisal and OK
animation OF title,
9eo. 3 All surplus funds aeeruinK
srcw the operation Of the system of
rural credits herein provided for, after
nnyinE interest aocruing on the aforcs
ssfd bonds, and all operating and other
orponaes arising from the ndministrN-
tinn OF said system of rural credits
ahsil he placed In the state Treasury
ana become a part OF fund 10 he
known aa the "Arkansns Rural credit
Reserve Fund" Said Arkaneas Rural
IN farm lands In the manner herein
crowded FOR the Arkansas Rural
'redit Loan Fund. ana tho interest acs
rruing from lonna made from said Ar.
KANSAS Rural Credits Reserve Fund
uhnll he added 10 II ana become part
~ II, Tho said Arkansas Rural Credits
Reserve Fund ahnl be lrroduoible, exa
fcpt that N may he drawn upon 10 rcs
lmburse tho state for loaH incurred In
: he administration " said system of
rural credits
Rec 10. The Legislative Assembly
ghHll provide In such detail aa N shall
itefn advisable for the carrying oui
nd administering OF the proviaions "
hts amendment. and shall nrovida nd
1unte safeguards against the uHe W
uch lonns ~ an aid Ia The nurohnas
nH and holding NJ lands FOR the pur'
ioHea " speculation, Such safeguards
hall include clear definitions ~ the
terinH Operate" ana occupy" uRed
Aefein, IN the absence N such iegiHs
alton and subject 70 the same after
Its enactment, the state Land Hoard
hall proceed 10 administer snid syss
tenn OF rural credits under rules and
regulations provided by itself, hut sub.
'eot 10 the provisions hersir contained.
Sec, II, The provisions ~ The Com
titutlon ~ ArkanHas IN conflict with
his amendment ara hereby repealed IN
80 FAR only ~ they conflict herewith,
rhe provisions ~ this amendment
'hall he self.sxecuting, ana ahall take
enact and he In operation 40 dnya NJ.
ter their approval and adoption Ivy the
people " Arkansas,
Approved by tho Governor. and nied
N the office Of the Secretary " state,
March ~, 1917
Irach eleotor may vote for or aaainst
the above amendment,
witness my official HErnturs this,
the 9iih inv ~ April 1918
thenll TOM T. rmRpAL,
1seretAry AZ atAtA