The Mena weekly star., 1918-09-12
FOR AMENDMENT No. Tx AGAINST AMENDMENT NO n

FOR AMENDMENT NO TX
 AGAINST AMENDMENT NO. IL
 He It Resolved by the House of ss~s-
 resentatiVes and the Senate of aa.-
 stase or Arkansass the Majority Bg
 borh Houses Agreeing 1heretos
 That the following Is hereby prD.
 tufison a of an Ina amsendment stat to the consts
 the same being submitted to the eier-
 Iors or the State for approval or r-- Senators and Representatives. if s ma
 l0rity of the electors voting at s8rh
 election adopt such amendment. sns stiitnuon of the State of Arkansas. to-- Section. l. Notwithstanding the lfu
 ltation contained in Section 1 of Artf- cle l6 of the Constitution the credik 1 edness incurred to an amount not ca
 SeanfEIop alnEI sw9 oe m Pnr prns cent of the asssss
 for the purpose M pr2Psr of pro,id,ne ee fnnds asss
 lands within the state subject to ia tss i section 3. The Governor. Gnor Secretary of state and State Land CommissieneT which board hssesy ss ssass snG s's
 bonds in the name of the State 10 Ss : Bonds" in an amaSss as not trm to sIcess sa.s 1 two per cent of the assessed vaiuatiom
 aee tss ss in in the state state s m
 n RSTs Snd ts rssts ss anY%a onn a the
 in dsnOminatons s 0ofoS of sssOo sa pc issSs
 sb0o-o0 and s1.I0o:uo and shall be is- thereof, drawn to mature in not more ' than thirty-six years: nor shall sntd
 bonds sona ss be pSrssSssr. sols Snt, s ing s10.0oo.o0 have been filed with an9 approved by the state. Land Poard rate. of four per cent per annum. and shall be exempt from taxation by the state of Arkansas or any of its sut- Section f Said State Land Board ss. authorized and directed to loan the , Loan Fund to bona hoe purchasers of ] farm lands in Arkansas npon notes Sc constituting first liens on such farm
 lands in amounts which shall not ex
 eeed g seventy five per cent of the az
 IL of the State shall not ne loaned 10
 any person to purchase more than sa
 than 5000 per acre Nor shall loan
 of less than s200.00 nor more .hm .
 s3.0oo,oO be made to any purchaser l Section E. Such loans shall not hs
 made except. to, owners wbo "operat@
 shall be. made for tho following pur poses: (a) The payment for lands pu< |. and other equipment and the makinE improvements which. In the tudpmene'
 os Such ands os ssd the fo
 value as farm home in degree ts [ justify such expenditures; and tel f0w
 such lands. which, in the judgment or
 said board. were Incurred or assumed
 by said applicant for the aforesaid pur~ Section 6. Every applicant for a farm loan shall state clearly In his applicA-
 ls desired: and upon it's approval bF>
 the board taIs statement shalf be dseH@
 sr sscs Rsr gb 'ns s..n nGss m or soatrsSs , us
 failure to amply such funds to the pur-
 pDsm,a4s,. posss s,..sd in sucR sDRlica...io. or thing tRi s@ herein nase coneained % % ss sesnes e E
 or fsasinG s iands % raSjset rhs ro to aush cum brance; but If he shall violate ht9
 barroyad so my Dy appylhx tnS e , stated In his application or enumersxec9 z herein, or if he shall lease such
 ing the conditions and purposes pro yided for herein. said board Is author ized and directed to recuire the may meRt of said loan upon slx rnonths' no-
 tice. and said note or eantract shaEf contain i.o slapse providing therefor, ' with interest accruinR in annual iu
 stallments on the anef'r isa ipr t'issf.. ] sums as will cover the interest rat-s and. will liauidate the debt in a period and an the applicant. said period t to be not less than five nor more than thirty. sss
 years. but any debtor may liauidexe
 Rar Of Of or ns mnipss Ss. 70 } of upon any amortization nayinens Section & The rate of interest on'
 loans shall be five per cent per annuEa-
 provided, that no Farm Credit Bonds
 vided further that the board snail re-
 quire each applicant 10 pay an initial ed the minimum charge to be SIC. % l to cover the cost of appraisal an ex- section 8. Ali surplus funds secraans, from the operation of the system OF
 rural credits herein pr ovided for afteS7 } said bonds. and all operating and other [ expenses arising from the administra- { shall be placed in the State Treasury ] known as the "Arkansas Rural Gredi.. l Credits Reserve fund shall be loaned on farm lands ip the manner i,srsi. @ : Credit Loan Fund ana the interest ac-
 cruing from loans made 1T om said Ar
 kansas Rural Credits Reserve Fun@ i of it. The said Arkansas Rural Credits
 Reserve Fund shall be irreducir'e. ex-
 imburse the state for loss incurred in ! the administration of said system oS ssction n'its is. The Legislative AAs--n-
 ply shall 'royide n slch detail as v
 shall deem advisable for the carrylI,sss ' l of this amendments and shall pEcvt0w. : adequate safeguards against the use or such loans as an aid to the purehals - 2 ing and holding of lands for the Dur 3 poses of speculation Such safeguards n 1 snail include clear definitions ot the e terms operate" and occupy used l. lation. and subject to the same after f its enactment. the State Land Boai 6 : shall proceed to administer said sys-
 tenn of rural credits under rules ana ' regulations provided fv itself. but sub Il ject to the provisions herein contained@ s Section H. The provisions of tns - Constituti1n of Arkansas in con 2teA 6 | with this amendment ars herets r9- - | pealed. in so far only as they e1nluf6 q herewith. The provisions or tnfs e | amendment shall be ssIf-executfhE an& n shali take effect and he in operation. sB 7 by the people of Arkrusas.
 . Approved by the Governor and nfe4 e | in tie office Of the S cretAry or state x l March IT. 1917.
 . Each eiector may vote for or agsfnEt n the above amendment . . N itness my offcial signature thk3 | I the 24th day of April 1918.