The Mena weekly star., 1918-09-19
TOR AMENpMLNT No. i5 A9AiNST AMENDMENT | NO. l

be II Resolved by. the Hoase ef lLep-
 ssssn'atsyes ssss., aud the Senate es ~, boik Houses Agreelne 1here9os
 That the following Is hereby pro- tatiSD of the State of Afkansas ana T the same being submitted TO the ~ssc
 ts9Ts @ or the State for approval Or ra- l senators and Representatives. if a ma yority of the electors voting at such
 same shall become a part Of the Con @ l stltntion of the State of Arkansas. to- ] Section. l. Nctwithstanding the lin. 1 itaion contained Tn Section ! of Arti-
 eie l6 oI the Constitution the credit
 ceedIne two per cent of the asSssssd ass ss ] to Dc loaned upon the security of farm iimitatIons herein contalnsd. " t"s
 Section ss The Governor. Secretary . which board Is hereby authorized and ] dlreetea to Issue and sell or pledge known as 'Arkansas Farm credn
 two per cent of tns assessed Salnatios sio
 ace hs PrSassds DrSess h the state state asa aas to
 sas Ssg m q % Lnnd te be knqwn as the .Ar-
 Section 3. Said bonds shan be Issued
 in denominations of ses00. slSo.0o. ] sspgyv ana sl.1VQ 70 and shall De ts- thefeof, drawn to mature in not more . than thirty-slx yearss nor shall said
 bona iss psrehssefs @ % of id'sDns lana ssers5sfa 1T ! Ing si0.9o600 havs been filed With and apPgTo,yseas ,sesi by the state Land Foard,
 sGail be eSempt from from tax tsxation ipnuas by Shs ths 2 Siatse Sitate or Arkansas' or any of It's sub- ' ssstion { sgid State Land Board Ia S authorized and directed to loan tho v moneys in said AriSansas Rural Credits q Loan Fund to bona nae purchasers Of 2 farm lands s in Arkansas. snon notes se- l. eonstitutinR frat liens on such faran lands in .amounts which shall not ex-
 prsieed value ot auch lands The cred dl it of the State shall not be loaned to Nr acres of land. nor land valued at more
 of less. than s20o.oo nor more 'hss
 land
 Section 5. Such loans shall not bs a. made except 70 owners who opGrate q and occupy lands n1prt0aged and ' l shall he made for tho following pur- y poses: (a) The payment for lapds pur- q and other equipment. and the making 5, lmproSeinents which In the judgmsni l. duetivity Of such lands er add to tbeIr value as farm home In degree to nl the satisfactI0n of isieusubran nces uron ! such lands which in the judgment of
 said board, were incurred or assumed i- by said applicant for the aforesaid pur-
 Section G Every applicant for a farm n loan shall state clearly in his applica- !. ton. the purposes for which such loan l, Is desired and npon its approval by {. the board this statement shali be deem :; cd part of the note or contract umr q ger which the loan ls granted But DO ~ poses atetedl In such application or
 Ienumerated herein shall lnvaildate a
 loan when once made. nor shall any e thing herein contained be deemed to ,f prevent any farfn owner from selling e cumbranee but if he shaII violate his l. said contract by applyiug the mvneye borrowed tO purposes other han tiNse
 stated In his application or enumerated 'e or sell them to ang person not fniail- ' Ing the conditions and purnoses pro- r yided for herein, said board is author e t1ed and direeted to regMiFe the spay~ s ment of said loan upon sly months no- P tice and said note ur CaHtract shall
 contain clause providing therefor. ,r Section Such leans shah be repald Y stalImenfs on the ame Ns s sums 3s will cover the in terest rate .r and win iiauldate the debt in q period e and the applicant. said period 70 be nor ,t less than i've nor more than taiTt -six 8, any part or ali of i.is ifisfsi,i,.,iss :. sss
 amounts of $50 0o CT multiples fheae- ia ef upon any amortization uaS lnent # seciian $ The rate Of interest on
 loans shah he five per cent per annnna
 shall be sold for jess than par and pro-
 yided further that the board snail re-
 quire each applicant so pa an initial
 charge of l per cent of tne loan s~Aftt- cd, the minimum charge to be Sl0,o0
 to cover the. cQ=t of appraisal an ! ex-
 animation of title
 secflon g. All surplus funds aecruina 't from the operatton or the system or
 rufW credtts herein pf5Ntueu TOT Attef 10 said bonds, and all operating and other # expenses arising from the aaministra- # shall Dc placed in the. State Treasury x ana become 2 Vaft oi inng So 9s d Reserve Fund" Said Arkansas Ran Gl n Credits Reserve fund shall De loaned + on farm lands in the manner herein O. Credit Loan Fund and the interest ae~
 cruing from loans made from sal AT
 shali be added t9 Y atsi bSeoiAe z pAf
 Of lt. The said ArkauAas Rural GtealtH
 Reserve Fund shall De lrrednelh as ex-
 imburse the State for loss Incurred in ,a the adminisfrauon of said system 9 ih ssction 10. The Is gislatlVe Asssm-
 blg ahail ssroyiae a steh detail ss ' f out and adrnInisfering Of the provisi0ns .l of thls amendment. and shall provide a- adequate safeguards, against the use of
 
 in ing and holding Of lands fef Ihe pug a poses of speculation Such safes 0artis .ls .sl444G lneludA clean definitions Of tne le terms operate and 40ecupS' dsed f. herein In the ahaeuce Of such lefsts~ t lation and subject to the same aftaf 1f lis enactment. the State Land Boaz l- shall proceed to administer said sys-
 tenn Of rural credits under. rules and B. reg gulafions provided fv itself, but sub n fect to the provisions herein eontafueA as Sentfon II The provisions or the B. Consultation Of Arkansas in conflict ie with this amendment art herekk re s- pealed tn so far only aS they con ek i9 herewith The provisions Of tAis le amendment shall be self -exeentlnE en rn shall take effect and he iu operation " :hl days after their approval aud a5opffcn a- by tho people of Arkansass
 ie Approved by the Governor aE1 uleH Ee in the office of he Secretary of state lg March IT, 1917-
 se Each elector may Vote TOT of e9$fnNa ,n the above a1uendmeni
 fs W witness my UHfciaI 5tHnAsure thtF n the z4th day of April ts1t
 -- Fr4ra4 Hsfb Mat 44Ik.