The Home news. (McCrory, Ark.) 1915-1922, 1918-08-30
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. IL.

FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. IL.
re II Resolved by the House of Rep
resentat1ves 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 consul.
tuition Of the State of Arkansas, ana
the same being submitted to the cleo
tors of the State for approval or re-
lection at the next general elect!on
for Senator'S and Representatives. II
majority of the electors voting AZ such
election adopt such amendment. the
same shall become part OF the Con-
s4itution Of the State of Arkansas, to-
w.t. .
Section /. Notwithstanding the Tim
ttatIon contained in Section l or Arti-
Gle Is Of the Constitution. the credit
Of the State may be loaned and in
aebtedness incurred to an amount NOT
exceeding two per cent Of the assess
ed valuation Of all the property in the
State for the purpose OF providln8
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 Commissioning
shall constitute the State Land Board.
which board is hereby authorized ana
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 AL the property In the State, ard
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
in denominations Of $4,000. $4,000,
$4,000 and 100000, and shall be Is
Plies thereof, drawn to mature In not
more than thirty-s six years; nor shall
said bonds be sold until applications
from bona fide purchasers Of land ag-
gregating 100000 have been iled
with and approved by the State Land
Board. Said bonds shall bear interest
at the rate of four per cent per an
num- 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 to bona fide 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 seventv-flve per cent Of the ap-
praised value Of such lands The cred
II Of the State shall not e/loaned to
any person to purchase more than 60
than $50 90 per acre. Nor shalt loan
~ less than $4,000 nor more than 1S,-
oon 90 be made to any purchaser OF
land
Sec. s. Such loans shall not be made
except to owners who Operate" and
OCCUPY" lands mortgaged and shall
he made for the following purposes
(a) The payment for lands purchased
(b) the purchase OF live stock and 9th
at equipment. and the making OF i'm
'rnvements which. in the Judgment OF
sa'd board. will increase the produc-
tivitv of such lands or add to thesr
val'-a as a farm home In degree tc
justify such expenditure; and (c) 70,
-As Satisfaction Of eneumbs~ness upon
such lands. which. Ia the judgment OF
said board. were incurred or assumed
by satd applicant for the aforeaait
purposes.
Sec. 6. Every applicant for a farm
loan shall state clearly in his applica-
ton the purposes for which such lonr
the board this statemen shall be deem
| ed part OF the note or contract under
which the loan is granted. But M
failure to apply such funds to tn,
purposes stated in such application OF
| enumerated herein shall invaliaate a
| thing herein contained Be deemed tc
! prevent any farm owner from ,eelline
or leasing lands subject to such In.
! cumbrance; but II he shall violate hi
/ said contract by applying the none
borrowed to purposes other than tho,
stated IN his application or ensimerate
herein, or II he shall lease such IsnS
! or sell them to any person not fuff1l
ing the condftiens and purposes pre-
| vided for herein. said board is author
fzed and directed to require the rcoer
ment ar saidloa uDon SIX months "A.