The Nevada County picayune., 1918-06-06

he satisfaction of encumbrances upon such lands. which, in the Judgment or said board, were incurred or assumed by said applicant for the aforesaid purposes,
 See G. Every applicant for farm loan shall state clearly in his appllca- ion the purposes for which such loan i- desired. and upon it's approval py the board this statement shall be deem d d part of the note CT contract under which the loan is granted. Bul no failure to apply such funds 10 the purposes stated in such application or enumerated herein shall lhEaiidAte .aan when once made, nor shaa any hing herein contained be deemed 10 ..nt.ent any farm owner from selih5
 1T leasing lands subject to ~4eh m H-t e"r'- .,1.t> th" moneys s-s,.,,- i 't p.-t .es oth. than those
 tHfs#i IJ lls auui '.,G 70, "numerattd aeretn or il be shall lease such lands IT sell them to any person not rulhiI- .t- tfr eNHt54l ms @@i HE h' s''9 pro- .# ? d for herein said ha'rG t- author ir ' and directed 10 require Inc rrpay- ,tent of said loan upon six months no, lice, and said note or contract snail ,ontain clause providing therefor.
 Sec. '. Such loans shall be repaid with interest accruing in annua! ln- stallmnnts on the amortization plan sach lnstallments being fixed al such sums as will cover the interest rate md will tiquidate tn" debt in 4 period ID be agreed on between said board nd the applicant. said period to be s9t less than five nor more than thirty #ix years. but any debtor may liqui- late any part or all of his indebtedness amounts of s50.00 or multiples there f upon any amortization payment late.
 Sec B. The rate of interest on loans nall be five per cent per annum; pro tl.d. that no Farm Credit Bonds shall se sold for less than par and pro- .t9ud further that the board shall re- 5are each applicant to pay an initiaI #tarce of per cen! af the loan grant d. the minimum charge to be SlahQ to cover the cost of appraisal and ex- tse nation of title
 Ses. 2. All surrlH- funds aeeruins #HaH the operation of the system of #f7 rfs ditz h.refn provided fer. after H1FjHE interest aFcrHiug on the afer'- #ld bonds, and all operating and other spcuscs arising from the adminiatft- ion of said system of rural credit, Hall be placed fu the State Treasury -eI become q part of q fund to b" known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural ,redtts Reserve Fund shall be loaned on farm lands in the manner herein "snvided for the Arkansas Rural aedit Loan Fund. and the interest ac- 7@@ing from loans made from said Ar sansas Rural Credits Res rye Fund hall be added to it and become a part 'f it. The said Arknns1s Rural Credits 'teserVe Fund shall be irreductbie, ex- =ept that it may be drawn upon to re- tmbu@Se In" State for loss incurred in he administration of said system Of rural credits
 Sec 10. The Legislative Assembly shall provide in such detail as 1t shall deem advisable for the carrying out md administering of the provisions ot this anne endment. and shall provide ad- "quate safeguards against the use Of such loans as an aid to the purchaS- tnE and holding of la nds for the pur- poses of speculation Such safeguards shall include clear definitions of the terms Operate" and occupy" used herein Ir 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 resulations provided by itself. but sub ieet to the provisions herein contained.
 See. II. The provisions of the Con Stitution of Arkansas in conflict with this amendment are hereby repealed. in 90 far only as they conflict herewith. The provisions of this amendment effect and be in opera ton so days af ter their approval and adoption by the people of Arkansas.
 Approved by the Governor. and filed in the office of the Secretary Of State March 1f. 1917.
 Each elector may vote for or against the above amendment
 Witness my official signature this The 2tth day of April. 1918.
 ISeaU TOM L TERRAL. Secretary of State