The Mena weekly star., 1918-08-08
FOR AMENDME.NT NO. IS. AGAINST AMENDMENT NO i

That the following Is hereby pro- pose as an amendment to the Consti- tution of tho State of Arkansas and the same being submitted O the cleo tors, of the. State for approval or r..- Jecuon at the next general election fo- Senators and Representatives. if ma Jority of the electors voting af su"h same shall become nari nf the Con stituuon of the State of Arkansas to-
 Section l. Notwithstanding the lin. . itation contained in Section 1 Of Art Gle lG of the Constitution the credit of the state may be loaned and indebt- edness incurred to an amount not eA- ceeding two per cent of the ass ssed valuation of all property n the State to be loaned upon the security of farm lands within the State. subject to the limitations herein contained.
 of State and State Land Commis ,Oner shall constitute the State Land Roard S,nl SMnlcn board IS herets authorized ana bonds In the name 'f the State to be bnowh as "Arkansas Farm Credit Bonds In an amount not to axCee q ivy" per cent of the assessed valuation place the proceeds in the stare state Treas. Ire e ury in fund 10 he known as the Ar kansas Rural Credits Loan Fun L"
 l., Section 3 Said bonds shall ne issued ssoe oa a, q, ,so or 0o sioo % sued in series of s10O00OO or multipies thereof, drawn to mature in not more | AAtAil tififlN ~NlA NGaESs nor EnAli SAl0 bonds be sold until applications rom bona fde purchasers If land agRreFat- Ing 1o.o0o;00 have been filed with anl Said bonds shall bear interest at the | rate CT four per cent per annum and shall be exempt from taxation by the | divisions.
 ] Section f. Said State Land Board is i authorized and directed to loan the moneys in said Arkansas Erral credits Loan Fund to bona nde purchasers of \ tatm lands in Arkansas. upon notes se- I cured hN mortgages or deeds of trust ! constituting first Hens on aHeh farm ] lands In amounts which shall not ex- i seed seventy-tfye per cent of the ape lt pf the state shall not toe loaned to any person 70 Nnrt heSe more than tsla gi i4io. nof iAha tatust ai more 1 tla4 aag.ue her acre Nor aftall % loan [ ol loss gnan S20G,po nor more ba
 .ugN,Nu be made 70 any uufehasct
 Section Such loans shall not be made except to owners who "oDL rate. and occupy lands mortaaEed. ana I shail be nude Tor the following pur- poses. ca The payment for lands pur- ehhseHt tbl the purchase or livestock and other equipment and the making ' improvements which. In the judgment or said board. will increase the pro- duetivity of such lands or add to their | justify such expenditure: and (c) for the satisfaction of incumbrances upon such lands. which, in the, judgment of | by said applicant for the aforesaid pur- poses.
 Section G. Every applicant for a farm loan shall state clearly in his applica- ton the purposes for which such loan Is desired, and upon its approval by the board this statement shall be deem aaer aasr,nya which the, the loan s Is granted But no enumerated herein shall invaiidate a loan when once made. nor shall any thing herein contained be deemed to or leasing lands subject to such in- cumbrance; but if he shall violate his said contract by applying the moneys stated in his application or enumerated herein, or If he shall lease such lands
 ue sen The 'ns aniiiony t1 any & peTson r not iuinl
 ized and directed to reauirs the rspSy- tice, and said note or cantract shall contain clause providing therefor.
 Section '. Such loans shall be repaid II rfh irt0rests ecrruing in annual in- stailments on the amortization plar such installments being fixed at such
 and wifi iiauidate the debt in in a ss perios a , io be agreed on between said boar, and the applicant. said period to be no yea years, T but s any So debtor etS may may iiauldst . any part or all of his indebtedness |
 amounts of s5o.oo CT muItipies thei 2 date. ,, Section 8. The rate of interest oi loans shall be five per cent per annum provided. that no Farm Credit Bond
 shall be sold for less than par: and pro l vided further that the board snail re charge of per cent of the loan srant | ed, the minimum charge to be Si0.0i
 10 cover the. cost of appraisal anl ex'
 Section g. All surplus funds accruinp from the, operation Of the system. oi paying interest accruing on the afore- said bonds, and all operating and other expenses arising from the administra- , shall be placed in the State Treasury and become part of fund to be known as. the .'Arkansas Rural Credit Credits Reserve fund shall be loaned on farm lands in the manner herein Credit Loan Fund and the Gt Interest "a ac- c. cruing from loans made from said Ar. kansas Rural Credits Reserve Fund l shall be added to 1t and become a part of 1t. The said Arkansas Rural Credits Reserve Fund shall be irreducth'e. ex- cept that 1t may be, drawn upon to, rs- the administration of said system o; | ssction 10. The LsgIslatIve Assem- shall deem advisable for the carving out and administering of the provisions s sRainst s the pJsiS Tse a 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 Boar q | shall proceed to administer said sys- tenn of rural credits under rules and | regulations provided rv itself, but sub ject to the provisions herein contained. Section II. The provisions of the | Constitution of Arkansas in conflict with this amendment are hereby re- | pealed, in so far only as they conflict herewith. The provisions ot this amendment shall be self-executing and shall take effect and he in operation 60 days after their approval aud adoption by the people of Arkepsas.
 Approved by the Governor and fiad in tle office of the Secretary or State March IT. 1917.
 Each elector may vote for or against \ the above amendment
 Witness my official signature thiR the 24th day of April 1918.
 (Sea) TOM J. TERRAI. | Secretar sta e | Adv.--First Pub. Mas 2. 1918.
 | Last Pub Oct. 31. 1912
 PROPOSED ny INITIATIVE | PETITION.
 Il rHoPoSED CONVENTIONAL