Sharp County record., 1918-09-27

Ne satisfaction of enenmbrances upoi
BNgA lands, which, In the judgment 0!
sol0 board. were incurred or assumed
by aaid applicant for the aforesaid
q. Q. livery applicant for a farm
tisa The purposes for which such loan
ls eesired and upon It's approval py
tns heard this statement shall be deem.
ee part Of tho note or contract undcI
weleh the loan II granted But no
failure to apply such funds to tht
pureoses stated In such application oI
shUmerated herein shall invalidate o
thing herein contained be deemed 70
prevent any farm owner from selilnB
or leasing lands subject to such N
cuMbrance; but II he shall violate ms
SAID contract by applying the moneys
borrowed to purposes other than thoHs
stated In his application or enumeraten
heFsia Or II no shall lease such lands
Ing the conditions and purposes pro-
yidsd for Rerein. said board y author
lied and directed 10 require the repay
n,ent OF said loan upon six months no,
tice ana said note or contract rhnli
contain a clause. providing. therefor.
Sec. Z, Such loans shall bo repola
With interest accrulng IN annual in-
such installments being fxed at such
sums 40 will cover tho interest rate
and will liquidate the debt In a period
TO be agreed on between said boor1
ana the applicant, s1id period TO be
not less than Ave nor moro than thirty
gix years; but any debtor may liquI'
q Gsts sny part M 9E az Of hi,
of upon any amortization payment
sec.. 9. Tho rate Of interest on loans
shall be fve per cent per 0nnum pro.
yided. that no Farm Credit Bonds shall
be sold for less than par and pro
vided further that tho board shall re.
ouire each applicant TO pay an inltlcl
ID. the minimum charge to BIO tlO'OO
TO cover the cost OF appraisal and eS'
animation OF title.
gso. 0. All surplus funds aeeruino
from the operation OF the system 81
rural credits herein provided for aft,f
paying interest oooruing on the ,nf0rc-
said bonds and all operating and other
expenses arising from the odminl9ttr-
tion Of said system OF rural oredItr,
ahall bo placed In the state Treasury
ana become part or fund 20 pc
known as the "Arkansas Rural Credit
Reserve Fund" Said Arkanses 1tUf
Credits Reserve Fund shall be loaned
provided for tho Arkansas Rurnl
Credit Loan Fund and the intorcst Ne
crulng from loans made from said Ar.
kansas Rural Creditg Reserve Fund
shall be added TO Il and become q pn'i
u II, Tho sal d Arkaneas Rural crodl'o
Reserve Fund shall be irreduolble, eHs
sept that Il may be drawn upon TO r..
lmbureo tho state for loss incurred ~
tho naturalization OF said system OF
rural credits,
acc, TO- Tho Legislative Assemble
lhall provide In such detail as II shall
deom advisable for the carrying OF
and administering OF the provisions g.
THIS amendment and shall provide 40
edunte safeguards against the use 0I
such loans ms an aid 10 the purchR
Ing and holding Of lands for tho ru'
pesos OF speculation, Such saterunl q
shall include clear definitions " T. ,
terms Operate" and occupy" ~ \
herein, In the absence OF such leglf,
latlon, and subject TO the same .hflt .
shall proceed TO administer said syi.
TEN OF rural credits under rules ~ /
regulations provided by Itself but SUI
| ject TO the provisions herein contained,
Sec, II, The provisions OF tho Cen
9tltutl0n OF Arkansas In conflict WIN
| this amendment are hereby repealed, n
40 far only as they conflict herewith!
| The provisions Of this amendment
shall be self.eseeutine, and shall tel!H
| effect and be In operation GO days A.
ter their approval aud adoption by thd
people OF Arkansea.
Approved by the Governor, and Met
| In the office az the Secretary OF state
March IL 1911
| zach eleetof may vote for or against
| the above amendment,
| witness my official signature thlH
tho 9ith day OF April, ieis.
! Secretary OF state.