The Springdale news. [volume] (Springdale, Ark.) 1887-1990, 1918-10-04
Grafonolas, Monographs,
Pianos and Player Pianos,
Records and Needles. Come
in and hear them played.
G.. w. KEENAN,, Agent
HEWITT BUILDING
Logan's Old Stand

the satisfaction OF encumbrances upon
such la nds. which. in the judgment Of
said board. We're incurred or assumed
by said applicant for the Aforesaid
purposes.
Sec. 6. Every applicant for farm
| loan shall state clearly In his applica-
ton the purposes for which such loan
IS desired. and upon It's approval by
the board this statement shall be deem
ed part of the note or contract under
which the loan Is granted But no
failure To apply such funds TO inc
purposes stated In such application or
enumerated herein shall inyalidhte .
loan when once made, nor shall any
thing herein contained be deemed 10
prevent any farm owner from seiiihs
OF leasing lands subject TO such IN
cumbrance. but if he shall Violate MS
said contract by applying the moneys
borrowed to purposes other than thoss
stated in his application or enumerated
herein. or IL he shall lease such ianas
or sell them to any person not fulhil-
ing the conditions and purposes pro-
vided for herein. said board Is author-
Ted and directed TO require the repay
ment OF said loan upon six months no.
tice, and said note or contract shall
contain "a clause providing therefor
Sec. T. Such loans shall be repaid
with interest aceruing In annual IN
stallments on the amortization pan
sums as viii cover the interest rats
and VIII iiquldate the debt In period
to be agreed on between said boafo
and the applicant said period 10 %
not less than five nor more than thirty
six years. but any debtor may liaul-
date any part or all Of his Indebtedness
IN amounts OF $50 90 or multiples there.
OF upon any amortization payment
date
See. s. The rate Of interest on loans
shall be five per cent per annumi pI1n,
vided. that no Farm Credit Bonds shah
be sold for less than par; ana pro-
yided further that the board SHAH re-
quire each applicant 10 pay an inlliai
charge OF l per cent OF the loan gram
ed. the minimum charge to be slV.eo
to cover the cost Of appraisal and eh-
animation OF title
Sec. 0. All surplus funds acerh'ns
from the operation OF the system OF
rural credits herein provided TOT sttef
paying interest accruing on the alot
said bonds. and all operating ana o.het
expenses arising from the admlnls, Ira
ton OF said system Of rural credits,
shall be placed ia the State Treasuty
and become part OF fund 70 a.,
known as the Arkansas Rural 1feoi
Reserve Fund" Said Arkansas huia,
Credits Reserve Fund shall be ioahea
ON farm lands in the manner neie.nd
provided for the Arkansas KhfaA
credit Loan Fund and the interest," &C
cruing from loans made from sara ~
kansas Rural Credits Reserve uiu
shall be added 20 "a and become Pa ~
Of II. The said Arkansas Rural cfeaits
Reserve Fund shall be irreduciple, q
eept that II may be drawn upon 70
tmburse the State for loss incuIfeu ~
the adminiatra tion az said system u
rural credits -,
See 10. The legislative Assembly
shall provide In such detail as IL shai ,
deem advisable for the carrying ~
and administering o. the pfoNlsious
this amendment and shall proViae ae
equate safeguards against the use -
such loans as an AID TO the purehas-
ing and holding TT lands for the ~
poses of speculation Such sstes ia. -. as
shall include clear definitions OF u.
terms Operate" and occupy
herein. In the absence of sueh
latton. and subject 70 the same 49,,
its enactment. the State Lahu 80
shall proceed to administer saiu !.
tenn of rural credits under rules Az
regulations provided by itself out ia
jeCt to the provisions herein eohtais..
Sec. H. The provisions or the ~
stitution OF Arkansas in CONNIE, In
this amendment are hereby fepoatth
80 far only as they connict hsrahnf
shall be self-executing, ana sun, az
effect and be I'm operation ~ ua he
ter their approval and adoption py sn'
people of Arkansas. eiaa
Approved BY the Governor, anu
In the office OF the Secretary VI oAas''
March II 1917. atnst
Each elector may vote TOT oi
the above amendment .his
witness my official signature ehis'
f gii' aa' TON J TERRAL.
Secretary Of Sts<s