The Home news., 1918-09-20
FOR AMENDMENT NO. 15. AGAINST AMENDMENT NO. 10.

Be It Resolved by the House of Rep resemtatiYes 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 constr tuition of the State of Arkansas, ana the same being submitted to the elec- tors of the State for approval or re- lection at the next general electlon for Senators and Representatives, II majority of the electors voting at such election adopt such amendment, the same shall become part of the con- e74itution of the State of Arkansas, to- wit: .
 Section 1. Notwithstanding the lim- itatton contained in Section 1 of Art1- cle Is of the Constitution, the credit of the State may be loaned ana ln- tebtedness 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 provio1n8 funds to be loaned upon the security of farm lands within the State subject to the limitations herein contained.
 Sec 9 The Governor, Secretary or 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 be 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, ard Treasury in a fund to be known as the Arkansas Rural Credits Loan Fund"
 Sec 3. Said bonds shall be issued in denominations of $25.00, $100.00. s50oo0 and $1,ooooo, and shall be is- sued in series of $1o 00000 or multi ples thereof, drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from bona 1de purchasers of land az gregating $10,o00.00 have been filed 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 ation 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 flde 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 five per cent of the ap- praised value of such lands. The cred it of the State shall not be loaned to any person to purchase more than 80 acres of land, nor land valued at more than $50 co per acre. Nor shall a loan of less than s90000 nor more than s. 000 % be made to any purchaser of land
 Sec 5. Such loans shall not be made except to owners who operate" and "occupy'' lands mortgaged and shall be made for the following purposes: (a) The payment for lands purchased: {: fb) the purchase of live stock and oth- ar equipment and the making of i'm Hr"vements which. in the judgment of said board, will increase the produc- tivity of such lands eor add to thesr val-'o as farm horne in g degree to justify such expenditure: and (c) for tae satisfaction of encum bsancss upon such lands, which. in the Judgment of safd board. were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for a farm loan shall state clearly in his applica- ton the purposes for which such loan IS desired, and upon its approval by the board this statement shall be deem- ed part of the note or contract under which the loan is granted. But no purposes stated In such application or enumerated herein shall invalidate 6 loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such ir- cumbrance; but if ha shall violate his said contract by applying the mon ys borrowed to purposes other than th ose stated in his application or snunera ted herein. or if he shall lease such lands or sell them to any person not fulfill ing the conditions 4na purposes pro- vided for srein. said board is auth hor- fixed and directed to require the repay ment er said loan Npen six months' no-