The Brinkley argus., 1918-10-18
FOR AMENDMENT NO. Is. AGAINST AMENDMENT NO. IS.
Re It Resolved by the House of Rep resentatiyes and the Senate of the State of Arkansas, the Majority Of Roth Houses Agreeing Thereto:

Re It Resolved by the House of Rep resentatives and the Senate or the State of Arkansas. the Majority or 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 cleo tors of the State for approval or re- jection at the next general election for Senators and Representatives, If majority of the electors voting at such election adopt such amendment, the same shall become part of the Con- stitution of the State of Arkansas to- wit:
 Section 1 Notwithstanding the linn itation contained in Section ] of Arti cle IS of the Constitution. the credit of the State may be loaned and in debtedness incurred to an amount not exceeding two per cent of the assess cd 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 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 De known as "Arkansas Farm Credit Bonds" in an amount not to exceed TWO per cent Of the assessed valuation of all the property In the state, and
 10 place the proceeds in the State treasury in a fund to be known as the Arkansas Rural Credits Loan Fund" :"
 Sec g. Said bonds shall be issued
 n denominations of S25.00 $100.00 s50000 and g. .000.00. and shall be is-
 sued in series Of S10000.00 or multi ples thereof, drawn to mature in not more than thirty-six years: nor shall said bonds he sold until applications from bona fdc purchasers Of land ag-
 errepatine S1O n0O co have been H1ed i with and approved by the State Land | Board. Said bonds shall bear interest l at the rate Of four per cent per an 1 mum. and shall be exempt from tax alton by the State of Arkansas. or any l of its subdivisions
 | Sec. 4 Said State Land Board Is au- 1 thorized and directed to loan the mon- 1 eys in said Arkansas Rural Credits l Loan Fund 10 bona fide purchasers of | farm lands in Arkansas. upon notes se- | cured by mortgages or deeds of trust
 constituting first liens on such farm | lands In amounts which shall not ex-
 ceed seventy-flve per cent of the ap- | praised value of such lands The cred i 1t of the State shall not be loaned to | any person to purchase more than so
 acres of land nor land valued at more | than $5000 per acre Nor shall a loan
 of less than $200.00 nor more than 3s.- 1 000.00 be made to any purchaser of
 land.
 except to owners who operate" and | "occupy" lands mortgaged and shall l be made for the following purposes
 (a) The payment for lands purchased l (b) the purchase of live stock and oth ; l CT equipment, and the making of in- provements which in the Judgment of 1 said board will increase the produn- 1 tivity of such lands or add to their l value as far~7 tc~eo 'n derrca ff
 'Hstify such expeadpure. and (cl fot