Sharp County record., 1918-05-17

sAs s4sssfastien Of snsamhraness upoI
SEQ lands. which, in the Judgment Of
go Board. were incurred or Assumed
by seid applicant fer the aforesaid
purposes.
Do. T. Every applicant for q farm
ioeo snail state clearly in his applica-
tseo Ne purposes for which such loan
y cesired, and upon its approval by
ne beArd this statement shall be deem
"a part Of the note or contract under
waeeo the loan 10 granted. But no
IsiNre to apply such funds to the
petYossa stated In such application OF
Derated herein shall invalidate Y
70 when once made, nor shall any
tnSeS herein contained be deemed to
prevent any farm owner from selling
or leasing lands subject to such in
cunbrance; but II he shall violate hIo
sale contract by applying the none.
oorrcwsd to purposes other than those
stated In his application or enumerated
nsrsfnt or " he shall lease such lands
or sell them to any person not fuihll-
inf NE conditions and purposes pre-
vidsd Tor herein, said board 10 author
lied and directed to require the repa>-
ment OF said loan upon sit months no.
uce, ana ssid note or contract shall
contain q clause providing therefor.
sc Z, sueh loans shall be repaid
with interest accruing In annual in
stsTments on the amortization plan.
snch instsllnoents being haed at such
surs ~ will cover the interest rate
and will liouidste the debt In a period
to he agreed on between said board
ana the applicant, said period TO be
not lees than hve nor more than thlrtr-
eir years, but any debtor may laui-
dats any Part or all Of his Indebtedness
IN amounts Of 5000 or multiples there
upon any amortization payment
Bee, 9. IN. rate Of interest on loans
shsN be Ave per cent per annum; pro.
vtdeH, that no Farm Credit Bonds shall
be scld fer less than par; and pro-
weed further that the board shall re-
oe,te each applicant TO pay an initial
cn.r4e CT per cent Of the loan grant
80, the minimum charge to be $1,000
to cover the cost OF appraisal and ex-
animation OF title.
Sec. 9. All surplus funds accruing
from the operation OF the system Of
rural credits herein provided for, after
paying Interest accruing on the aforc-
satd bonds, and all operating and other
expenses arising from the administra-
tion OF said system OF rural credits,
shall be placed in the State Treasury
ana become . part Of a fund TO be
known as the Arkansas Rural Credit
Credits Reserve Fund shall be loaned
on farm lands In the manner herein
provided for the Arkansas Rural
Credit Loan Fund, and the interest ac-
csuing from loans made from said Ar
kansas Rural Credits Reserve Fund
shall be added TO II and become part
q It, The said Arkansas Rural Credits
Reserve Fund shall be irreducible, ex-
cept that IT may be drawn upon TO re-
!mburse 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
this amendment, and shall provide ad.
equate safeguards against the use OF
such loans as an aid to the purehas-
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 leRis>
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
ject to the provisions herein contained.
Sec. II. The provisions OF the Con-
stitution Of Arkansas In conflict with
this amendment are hereby repealed, in
80 ihr ohiy as tneS conhict he' itH.
The provisions OF this amendment
shall be self-executing, and shall take
effect and be In operation so days az
| ter their approval and adoption by the
people OF Arkansas.
| Approved by the Governor, and Med
| IN the office OF the Secretary Of State.
March H. 1917.
Each elector may vote for or against
| the above amendment,
witness my official signature this,
| the cath day Of April 1913,
tSeal] TOM J. TERRAL,
Secretary Of State,