The Home news., 1918-06-14
FOR AMENDMENT NO. Is. AGAINST AMENDMENT NO. 15.

Re It Resolved by the House of Rep resentatiVes and tine Senate of the State of Arkansas, the Majority of Both Houses Agreeing TheretO'
 That the following is hereby pro- posed as an amendment to the Consti- tuition of the State of Arkansas, and the same being submitted to the elec- tors of the State for approval or re- jection at the next general election for Senators and Representatives, IT a majority of the electors voting at such election adopt such amendment, the earne shall become part of the Con-
 -itution of the State of Arkansas, to- wit
 Section l. Notwithstanding the linn tati1n contained in Section l of Artt- lie 1e of the Constitution, the credit If the State may be loaned and in- 1ehtedness incurred to an amount not exceeding two, per cent or the assess ed valua ton of all the property in the State for the purpose of providing funds to he loaned upon the security of farm lands within the State, subject to the limitations herein contained.
 Sec. 2 The Governor, Secretary of State and State Land Commissioner shall constitute the State Land Board which board is hereby authorized and directed to issue and sell or pledge bonds in the name of the State, to pe Bonds" in an amount not to exceed two per cent of the assessed valuation of all the property in the State, and to place the proceeds in the State Treasury in a fund to be known as the "Arksnsae Rural Credits Loan Fund :"
 Sec. 3. Said bonds shall be issued in denomine ttons of s2s.oo, $1oo.oo. s5oo.0o and s1.ooo.oo, and shall be is- sued in series of $10.000.00 or multi ples thereof. drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from bona fde purchasers of land ag- gregating $10.000.00 have been filed with and approved by the State Land Board. Said bonds shall bear interest at the rate of four per cent per an- mum, and shall he exempt from tax ation by the State of Arkansas, or any Of its subdivisions.
 Sec 4 Said State Land Board is au- thorized and directed to loan the mon- eys in said Arkansas Rural Credits Loan Fund to bona flde purchasers of farm lands in Arkansas, upon notes se- erred by mortgages or deeds of trust constituting first liens on such farm lands In amounts which shall not ex- ceed seventv-f1ve per cent of the ap- praised va1ue of such lands. The cred 1t of the State shall not he loaned to any person to purchase more than so acres of land nor land valued at more than $50 m per acre. Nor shall a loan If less than eon0. co nor more than s. ann % be made to any purchaser of land
 Sec. 5. Such loans shall not be made except to owners who "operate" and "occupv" lands mort ga eed and shall he mode for the following purposes: Gel The payment for lands purchas~d. (hl the purchase of live stock and oth- er equipment. and the walking of i'm ,~nva-nen+s which. in the judgment Of said hoo~d. will increase trA produc- tivitv of such lands or add to tn val,-n as farm home in degree to justify srch expenditure: and (c) for the satisfaction of eneumb. Ancss upon such lands. which, in the judgment of said board. were incurred or assumed oy said applicant for the aforesaid purposes.
 Sec 6. Every applicant for farm Ioan shall state clearly in his appiica- ton the purposes for which such loan IS desired, and upon it's approval by the board this statement shall be deem ca part of the note or contract under which the loan is granted. But ID laliure to apply such funds to the purposes stated in such application or enumerated herein shall invalidateOa loan when once made, nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such ir- cumbrance; but if he shall violate lii said contract by applying the moneys borrowed to purposes other th an ttose stated in his application or enumerated herein. or if he shall lease such lands or sell them to any person not fulfill ing the conditions and purposes rro- vided for herein. said boa I'd is author- ized and directed to require the repay tneot a1 satcIoa1 upon six rc2nths' co-