The spectator., 1918-08-30
Gasolene Engines 5 Engines, from two to four Horse Power, at about half price. At Spectator Office

the satisfaction of eucuiaSSancos 01oa such lands. which, in tho JucEment ee said board. were incurred or AssADo4 by said applicant for the aforeea&o purposes.
 Sec. 6 Every applicant Tor . farm loan shall state clearly in his aDDlieo- ton the purposes for which such loeA Is desired and upon its approval by the board this statement shall bs deem. ed part of the note or contract unlos, which the loan Is sSsnted. But n failure to apply such funds to 0es purposes stated In such appiicAttea ss' enumerated herein shall invAlf0Ato O. loan when once made. nor shall eAy>. thing herein contained be desmsl ts. prevent any farm owner from aeutno or leasing lands subject to ouch Ia cumersnce: but if he shall violate hie said contract by applying the msnsJe borrowed to purposes other than tAese stated In his application or enumerote0 herein. or If he shall lease such ianAe or sell them 10 my person not fuleit- ing the conditions and pur1esss pro- vtded for herein, said board is autbop- z'd and directed to require the repay tnent of said loan upon six months' no- aontain clause providing thsrsfor.
 Sac. '. Such ioans shall be rspeiA with interest accruing Tn annual tnr stailments on the amortisation Dla4 >uch installments being hxed at suo1 sums as will cover the intsrsst rAo md will liquidate the debt ia . Dsrtee 10 be agreed on between satl haerA nd the applicant said period tot z not less than i've nor more thAn thirty- fix years: but any debtor may iidui- date any part or all of his indebtedness m amounts of 5000 or multiplss tA ere of upon any amortization payment date
 See. :. The rate or tntsrsst on issns hall be nve per cent per annum: Dro- ided. that no Farm Credit BonAs shall e sold for less than par: ana pre- ided further that the board shall re- iuire each applicant to pay an initial hsrge of per cent of the loan grant, d the minimum charge to Dc ole.eo 70 cover the cost of appraisal and N3- animation of title,
 Sec g All surplus funds acsruing rom the operation of the systsa of rural credits herein provided for, efter paying interest accruing on the afero- aid sonds and all operating and ether nxpenses arising from the almiaissrsl- ion of said system of rural crslitA hall be placed In the State rrsaswry nnd become part of fund e se Reserve Fund" Said Arkansas 1srAl Credits Reserve Fund shah bs leAasA on farm lands in the manor AssetA provided for the ArkansAs NueA cru'ng from loans made from sail Ar. kansas Rural Credits Reserve runl shan be added to 1t and become . porG of t. The said Arkansas Rural C1elfeos tseberve fund snAll DC lrre0ucl0IA 0B~. ept that it may be drawn upon e Po-. lmburse the State for ioss incvyYoA h, tho administrators sf said syste0 q. "ural credits.
 Sec. 10. The Legislative Aaseobay. shall provide in such detail e N sAalh deem advisable for the carrying euc and administering of the prevtstens ee this amendment and shall provide d, equate safeguards against the uss ct, 'uch loans AS an aid to the Durchas ing and holding of lands for the nuVS. losss of speculation. Such sAfsguAPaa nall include clear dennitions of thU erms operate" and occupy" use0 horein. In the absence of such lsgSs- 1tlon, and subject to the same a4ter .s enactment. the State Land HoarA Z hall proceed to administer ssiA sys- em of rural credits under rulss anA
 Sulauons provided by itself. but suh- "ct to the provisions herein contained.
 Sec, II. The provisions of the Gen.. Htution of Arkansas in conflict via his amendment are hereby repealed n fo far only as they conflict herewith. Nhe provisions of this ans n0yne1t hall be self-executing. and shall taho
 Feet and be In operation co days af.
 their approval and adoption by SNs
 'uple of Arkansas
 Approved by the Governor and AlsA
 the office of the Secretary of 0tatoI
 "rch IT, 19t7
 Each elector may vote for or Asatske
 above amendment M
 Witness my official signature thE
 @i'h day of April lals
 'Seall TO" TEPRAL.
 Srrt'tgry of StaAAnu