Sharp County record., 1918-07-19

sSe satisfaction Of eneambrances upo,
sasS lands. which, In me judgment OF
@t4ss eosrd, were incurred or assumed
purposes.
SO =, Every applicant for e farm
,S@@ ,@ mail state clearly in his applica-
.ses toe purposes for which such loan
-. v1ireo, and upon its approval by
tss b0Ard this statement shall be DEEM
part OF the note or contract under
MeGa the loan is granted. But no
.aiisfs 10 apply such funds to t!S
p9s6cnes stated In such application OF
eaa4aerGted herein shall invalidate y
is1N when once made. nor shall any
aaraS herein contained be deemed to
9fsvSEt any farm owner from selling
nf iSssing lands subject to such
chsMofance; but II he shall violate
.aie contract by applying the mon'
uoTfoweo TO purposes other than tho"e
lated In his application or enumerated
hsfoI1 or II he shall lease such lands
OF seei them to any person not fulfill
lng we conditions and purposes pro-
V}esd FOR herein, said board Is author
i2ed and directed to require the repay
meht or said loan upon six months no.
tice, and said note or contract shall
contain clause providing therefor
SOC. 7. Such loans shall be repaid
WIN interest accruing In annual In
staiIments on the amortization plan,
such installments being fxed at such
sums as will cover the interest rate
ana Will lquidate the debt In period
10 Dc agreed on between said board
ana the applicant, said period to he
not less than fve nor more than thirty
six years; but any debtor may liqu-
cate any part or all Of his indebtedness
ID amounts Of 5000 or multiples there
nrtt ~
dats.
Sec. 8. The rate Of interest on loans
snaN De five per cent per annum; pro-
vlaed. that no Farm Credit Bonds shall
90 SOLO FOR less than par; and pro-
ViQec further that the board shall re-
ouire each applicant to pay an initial
cnarge Of per cent OF the loan grant
ca. the minimum charge to be $1,000
TO cover the cost OF appraisal and ex-
animation OF title
Sec. 8. All surplus funds accruing
from the operation Of the system OF
rural credits herein provided for, after
paying interest accruing on the afore-
said bonds, and all operating and other
expenses arising from the administra-
ton OF said system OF rural credits.
shall be placed In the State Treasury
and become q part of q fund to be
known as the Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
Credits Reserve Fund shall be loaned
on farm lands In the manner herein
provided for tho Arkansas Rural
Credit Loan Fund, and the interest ac-
cruing from loans made from said Ar
Kansas Rural Credits Reserve Fund
shall be added to II and become part
OF 1t, The said Arkansas Rural Credits
Reserve Fund shall be irreducible, ex-
cept that II may be drawn upon to re-
imburse the State for loss Incurred In
the administration Of said system Of
rural credits.
Sec. 10. The Legislative Assembly
shall provide In such detail as II shall
deem advisable for the carrying out
and administering OF the provisions OF
this amendment. and shall provide ad-
equate safeguards against the use OF
such loans as an aid to the purchas-
Ing and holding Of lands for the pur-
poses OF speculation Such safeguards
shall include clear definitions OF the
terms operate" and occupy" used
herein. In the absence OF such legis-
lation, and subject to the same after
Its enactment, the State Land Board
shall proceed to administer said sys-
tenn OF rural credits under rules and
regulations provided by Itself. but sub.
Iect to the provisions herein contained.
Sec. II. The provisions OF the Con-
stitution OF Arkansas In conflict with
this amendment are hereby repealed IN
so far only as they conflict herewith.
The provisions OF this amendment
shall be self-executing, and shall take
effect and be In operation so days af-
ter their approval and adoption by tho
people OF Arkansas.
Approved by the Governor, and fled
In the office Of the Secretary OF State.
March H. 1917
Each elector may vote for or against
the above amendment. IL
witness my official signature this,
the cath day OF April 1918
tSeal] TOM ]. TEnRA1,,
Secretary OF StAta