The Mena weekly star., 1918-10-31
H. w. FINGER, Sheriff.

bonds be sold until applications .-onr>s bona fide purchasers of land agErewat- ing s10.e00-00 have been filed wItn anJ approved by the State. Land posrd rate. Of four per cent per annum. aifa shall be exempt from taxation by saes. state of Arkansas. or any of It's sub-
 Section f. Said State Land Board is- authorized and directed to loan the Loan Fund to bona nde purchasers of farm lands in Arkansas. rpon notes SO cured by mortgages or deeds es trs.@tz lands in amounts which shalI not ex--- ceed seyenty-ffve per cent of the ap~~ It of the State shall not be loaned to any person to purchase more than SO acres of land. nor land valued at more of less 0'tS than ,sSooo o nor Snn, more Rax $3.o0o.00 be made to any purchaser e1
 Section B. Such loans shall not bsss made except to owners who "op4rat~'~ and "occupy' lands mortgsRed. ana poses: (a) The payment for lands pur- ehnsedi tbl the purchase of livestock improvements which, In the judgment of said board, will increase the pro- ductivity of such lands pr add to their justify such expenditures; and {cl for the. satlsfaction of lncumbrances upcm
 said board, were incurred or assumed
 by said applicant for the aforesaid pur-
 Section c. Every applicant for a farm
 loan shall state clearly Tn his applica-
 ton the purposes for which such loan the board this statement shaii he deem ed part of the note or contract un- fsE s wsS % abeg ss 0sn sacs is nSs ,a bs sus % poses stated in such application or snumerated herein shall lnvalidate q thing herein contained be. deemed to
 prevent any. farm owner from selling eurihsanee: but if iie shasi vi0szts his. said contract by applying the moneys borrowed 10 purposes other than tlsoses
 herein, or if he shall lease sucb innas | or sell them to any person not fulfill vided for herein. said board is author
 ment of said loan upon six months no
 Section ! Such loans shall be repafd
 with interest aceruing in annual in such installments being fixed at such
 sums as will cover the interest rpfa
 to 's be a agreed on between Ss9i m said board board
 and the applicant. said period to be nor
 ,ss vears snd but ' snw o debtos man man Tingds 1 any part or all of his indebtedn sss~ fn | amounts of S5o.00 or multipl5s these- | date
 Section B. The rate of interest on | loans shall be five per cent per annuEn:
 provided, that no Farm Credit Bondss l shall be sold for less than par: and pro-
 vided further that the board snail ro- | quire each applicant to pay an initial charge of 1 per cent Of the loan, arast- | ed. the minimum acharge to be Sl0.0c 1 to cover the cost of appraisal an ] ex- | amination of title
 Section g. All surplus funds accrufng
 from the operation of the system. Of | paying interest accr aina on the afOre- 1 said bonds. and al apei atihg and .s.herr
 expenses arising from the administra- shall be placed In the State Treasury
 and become a part Of fund to 6s | known as the "ArkansaS Rural Credit Credits Reserve fund shall be loaned
 pn ppo1aed sT for the 'ns qsaa Rnra Credit Loan Fund and the interest ac-
 kansas Rural Credits Reserve Fund 1 shall be added 70 t and become part
 of 1t. The said Arkansas Rural Credits | cspt thi; :ss sFsy 5s. arawi. apcn to I imburSe the State For loss incurred fu the administration of said system O.
 ssction Io. The Ls gislative Ass-nss bly, shall provide in slch detail as v out and administering of the provisionF | of this amendment. and, shall prcvtdss
 adequate safeguards against the use Of | Ing and holding of lands for the pur- l poses of speculation Such safeguards
 shall include clear definitions Of the
 terms operate" and occupy" used herein. In the absence of such legls | lation. and subject to the same after | it's enactment. the State Land Board | shall proceed to administer said sys- tenn of rural credits under rules and regulations provided fv itself. but sub iect to the provisions herein contained Section IL The provisions of the 1 Constitution of Arkansas in c5n hict
 with this amendment are. hereby re | peaIed, in so far only as they conflict herewith. The provisions of tAis amendment shall be. .sclf-executing. ans | shall take effect and he In operation 60 days after their approval and adoption by the people of Arkansas
 Approved by the Governor and nFed In the office of the Secretary of State March IT, 1917.
 Each eiector may vote for or ngsfnsa the above amendment
 Witness my official signature thts # 1 the zith day Of April ISi5. | (Seal) TOM J. TERR4AT. Secretary nf E a4h l Adv--First Pub. May 2 1918.
 ns.1. nof