The Home news. (McCrory, Ark.) 1915-1922, 1918-08-23
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. Is.


he 1t Resolved by the House of Rep
resentatives and the 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 Consei-
tuition of the State of Arkansas, and
the same being submitted to the cleo
tors Of the State for approval or re-
lection at the next general electlon
for Senators and Representatives. II a
majority Of the electors voting at such
election adopt such amendment, the
Same shall become q part Of the Con-
s4itution Of the State of Arkansas, to-
wit:
Section /. Notwith the linn
ftatton contained in Section 1 Of Art1-
lie 16 of the Constitution, the credit
IF the State may be loaned and in
1ebtedness incurred to an amount not
axee eding two per cent OF the assess
ed valuation of all the property in the
state for the purpose Of providing
funds to be loaned upon the security
Of farm lands within the State, subject
to the limitations herein contained
Sec. @ The Governor, Secretary OF
State and State Land Commissioner
which board is hereby authorized and
directed to issue and sell or pledge
bonds in the name of the State, to be
known as Arkansas Farm Credit
BOnQS. 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
Arkansas Rural Credits Loan Fund"
Sec. 3. Said bonds shall be issued
$4,000 and 100000. and shall be is
sued in series of 100000 or multi
pies thereof, drawn to mature In not
more than thirty-six years; nor shall
from bona fide purchasers of land ag-
gregating 100000 have been fled
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 be exempt from tax
alton by the State OF Arkansas, or any
of it's subdivisions.
Sec. 4. Said State Land Board is au-
thorized and directed to loan the mon
eys in said Arkansas Rural Credits
Loan Fund 70 bona hde purchasers of
farm lands in Arkansas, upon notes Sc
cured by MORTGAGES or deeds OF trust
constituting first liens on such farm
lands in amounts which shall not ex-
coed severtv-five per cent Of the ap-
praised value Of such lands The cred
1t Of the State shall not he loaned to
any person to purchase more than 80
acres Of land, nor land valued at more
than $50 no per acre. Nor shall a loan
80 loss than 100000 nor more than 81
land
Sec. s, Such loans shall not be made
excent to owners who "operate" and
occupy" lands mortgaaed and shall
be made for the following purposes:
(al The payment for lands purcha sad
fh) the purchase Of live stock and 9th
or equipment. and the mailing Of i'm
n~"vements hich. in the Judgment OF
said hoard will increase ma produc-
tivtty Of such lands or add to their
vel'-o as farm home in degree TO
Justify such expenditure: and (c) for
the satisfaction OF encumbl Ances upon
SUCH lands, which, in the Judgment of
SAID board. were incurred or assumed
oy said applicant for the aforesaid
purposes.
Sec. 8. Every applicant for a farm
loan shall state clearly in his applica-
tlon the purposes for which such loan
is desired, and upon Its approval by
the board this statement shall be deem.
ca part or the note or contract under
which the loan Is granted But no
failure to apply such funds to the
purposes stated in such application or
enumerated herein shall invalidate a
loan when once made. nor shall any
th1ng herein contained be deemed to
prevent any farm owner from selling
or leasing lands subject to such in
cumprance; but II he shall violate his
said contract by applying the money!
borrowed to purposes other than those
stated In his application or enumerated
herein, or II he shall lease such lands
or sell them to any person not fulfill
Ing the conditions and purposes pro
vloed Tor herein. said board is author
lied and directed to require tho repav
meot RI &ald1 loan upop six month"; no.