The Mena weekly star., 1918-06-20

Bonds" in an amoups not to exceed, two per cent of the assessed valuation of ali the property in the State. and tc. place the proceeds in the State Trea.,-- usry in a fund to be. known as the Ar kansas Rural Credits Loan Fund.s
 Section 3. Said bonds shall be issued In In n denominations of s2s.OO. s1O0,e0. s6o9i0o and si.y0o;g0 and shall be is- thereof drawn to mature in not more than thirty-six years; nor shaif said bonds bona 6s be sold until sgpisstions rom ing s10.00o;o0 have been filed with and approved by the State Land Poard rate. of four per cent per annum, % and shall be exempt from taxation by fbs state of Arkansas. or any of It's sub
 Section f Said State Land Board ,s authorized and directed to loan the
 onssF oan na m ssid m nn Arkarsas r sursi Credits farm lands in Arkansas. upon notes se- cured by mortgages or deeds of trust lands in amounts which shall not ex- ceed seventy-hve per cent Of the ap-- m the siss i sns nos be Tas acres of land. nor land valued ai more of less 0fS than Rs ssSp6o en nor mors Ss S5,o90.o0 be made to any purchaser oI section 5. Such loans shall not be made except. to. owners who operate and occupy" lands mortgaged. and poses: tal The pay.nent fer iaads s.:r- chase tb) the purchase of livestock and other equipment and the makinE ef said board. will increase the pro ductivity of such lands or add to their value as q farm home in degree to justify such expendifGre: and 1c1 for the satisfaction of incumbrances upon susi such lands, which; in the, judgment of by said applicant for the aforesaid pur-
 Section 6 Every applicant for farm tion the purposes for which such loan is desired. and upon its approval by ed a part of the note or contract ur- aen qs,,,ra which to a the loan & Is ranted But nc enumerated herein shall invaiidate Q loan when once made. nor shall any prevent any ny, farm own owner IT from i seiiin. or leasing lands subject to such in- cumbrances but If he shall violate hk. borrowed to purposes other than those stated in his application or enumerated herein; or If he shall lease such 1.a.!s or sell them to any person not fufnfi~ Ing the conditions and purposes nr0- vided for herein, said board Is author ment of said loan upon six months no tice, and said note or cantract shnfF contain clause providing therefor.
 
 with interest accruing in annual i'm stallments on the amor tzatin' ai.t such ;nsssitments beibe fixed at ~uots sums as will cover the interest rate and win liquidate the debt in perioss to be agreed on between said board snd asa the bsn ss,a pslrd k se years. but any debtor may iiuuidate any onfr nart or all s of his indebtsdrsss in date
 Section s; The rate of interest on loans shall be Ave per cent per annum. provided. that no Farm Credit Bonda shall be sold for. less than par: and pro- quire each applicant to pay an initial charge of 1 per cent of the loan sr1at- ed the minimum charge te be sie.oe to cover the cost Of appraisal ana ex-
 Section g. All surplus funds accruinx rrra, iron ase ene eperaIien h or the system or said bonds and all operating and other eKpenses sdn aaid aTlsing from the sdministrs shall be placed in the Slate Treasury and become part of T fund to ks Reserve Fund" Said Arkansas Rufas Credits Reserve fund shall be loaned on farm lands in the manner herein Credit Loan Fund and the interest sc cruing from loans made from sati Ar shall be added to 1t and become oar of it. The said Arkansas Rural Credits Reserve Fund shall be irreducih'e. ex- cept that 1t may be drawn upon to re- imhurse the State for less tficuTFss.f sTs the administration of said system os rural credits.
 section 10. The Is gislative Assem- hly shall provide m s.Ich detail as is shall deem advisable for the carving out and administering of the provisions of this amendment. and shall provide adequate safeguards against the use of such loans as an aid to the purchas- ing and holding of lands for the bur poses of speculation Such safeguards shall include clear definitions of the terms "operate" and occupy used herein. In the absence of such legis- lation. and subject to the same after It's enactment. the State Land Board shall proceed to administer said sys- tenn of. rural credits under rules and regulations provided fv itself but sub ject to the provisions herein contained.
 Section II. The provisions of the Constitution of Arkansas in conf1tct with this amendment are heret re pealed, In so fur only as they cordtcx herewith. The provis ions of this amendment shall be self-executing ani shall take effect and he in operation 60 days after their. approval aud aJonsson Approved by. the Governor and n'ed in ta tas office of the S cretary os State
 Each elector nav vote for or against the above amendment
 Witness my officiaI signature thty the 24th day of April 1913.
 fSeal1 TOM ] Tl1ftRAI