The Mena weekly star., 1918-06-13

Bords.' in an amount not to exceed two per cent of the assessed valuation of all the property In the State. and to ury m a fund 10 be known as the Ar nansas Rural Credits Loan Fur iH
 Section 3. Said bonds shall De Issue s5vV.VO and SIV00.v0 and shall be is- sued in series of SlD.00O.0D or multiples thereof, drawn to mature tn not more than thirty-slx years, nor shall satd bona fide purchasers uf land aggregat- m approved by % the stste sgsfe niea Land 'ln Posr arr Said bvnds shall bear interest at the rate or four per cent per annum, and State of Arkansas. or any of it's sub
 Section {. Said State Land Board Is moneys in said Arkansas Rural Credit ; Loan Fund 10 bona ride purchasers of farm lands in Arkansas. upon notes se :. constituting first liens OF such far lands in amounts which shall not ex- ceed seyenty-ifve per cent of the af,- praised value of such lands. The crec it Of the State shall not be loaned to any person 70 purs hPst more than /, acres Of land. nor land valued ar more than S50.vu per acre. Nor shall a loan of less than S20g.O6 nor more hs $30gO.O0 be made to any purchaser vl
 Section 5. Such loans shall not be made except to owners who "opUratef ana 'RGEuNt Janus tH0EiEHR@u. Hf. shall be made for the following pur- poses. (a) The payment for lands Duf chaseli tbJ the purchase of livestOcA Improvements which in the judgment of said hoard will increase the pro-s ductivity of such lands or add to their value as farm home in g degree to justify such expenditures; md tc) for the satisfactiQn of incumbrances upon such lands. which. in the Judgment oI said board, were incurred or assumed by said applicant Tor the aforesaid pur- poses.
 ton the purposes for which such loan Is desired, and upon it's approval by ed part of the note or contract un- der which the loan is granted. But no enumerated herein shall lnvalldatc 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 hts said contract by applying the mcpss 3ps. stated in his application or enumerated herein; 9r tf he shall lease such Ian ine sGtbb tbe 'nS 'nnonditions and % purposes DOS u pro yided for herein, said board is author ized and directed to require the rspay- ment of said loan upon six months no , contain a clause providing therefor. Section [ Such loans shall he repaid with interest ascruing in annual in- stalimentS on the mortizatlor pla--. such installments being fixed at such sums as will cover the interest rate and will liquidate the debt In a period and the applicant, said period to be nci years, year but any debtor may ilqufdafs par of NF s5so M Sf dr s mapss Sss date .''l s w @'~V" "
 Section & The rate of Interest o4 provided, that no Farm Credit Bonds shall be sold for less tlan pari and pro : vided further that the boafd snail. fer charge of 1 per cent of the loan srant : ed, the minimum charge to be Si0.00 to cover the cost of Appraisal and ex-
 Section Q All surplus funds accruinx from the operation or the system of rural credits herein provided for, after said bonds. and all operating and other expenses arising from the administra- shai @ p be Il placed in It the " state rreasury sSS known as the ~Arkansas Rural Credit Credits Reserve fund shall be loansj provided for the Arkansas Rural cruing from loans made from said Ar. kansas Rural Credfts Reserve Fund shall be added to 1t and become a part of it. The said Arkansas Rural Credits Reserve Fund shall be irreducfh'e. ex- cept that it may be drawn upon to re- imburse the State for loss incurred in the administration of said system os
 ssction 10. The Is eisIative Assem- bly shall provide m sich detail as v shall deem advisable for the carving out and administering of the provisions of this amendment. and shall provide adequate safeguards against the use of such loans as an aid 10 the purehas 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 it's enactment. the State Land Boai q shall proceed to administer said sys- tenn of rural credits under rules and regulations provided fv itself. but sui- ject to the provisions herein contained constit@tfca of Arkansas h conflict with this amendment are hereby re- pealed, in so far only as they connlcf herewith. The provisions 0t tnAs amendment shall be self-executinr sn shall take effect and te in operation fN days after their. approval aud a5opt'cn by the people or Arlsensas. a ara in the office of the Secretary of Stata.
 Each eiecfor may vote for or against the above amendment
 Witness my oficsai signature thw the. 2i!h day of ApSi lsls
 tssail goM gssFst.rs 5 TsFEAl sf staf.