The Springdale news. [volume] (Springdale, Ark.) 1887-1990, 1918-07-05


conditions. Send for testimonials,
free.
F. J. CHENEY & CO., Props, Tole-
do, o.
All Druggists, 75c.
Halls Family Pills for constipation.
Bonds" In al amount not TO exceed
two per cent of the assessed valuation
of all the property In the State. ana
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
I'm denominations of $4,000. 3Ioo.o 90,
sued In series Of 100000 or multi
pies thereof. drawn to mature in not
moro than thirty-six years: nor shall
said bonds be sold until applications
Rrsgating 100000 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
alton by the State of Arkansas. or any
of It's subdivisions.
Sec. 4. Said State Land Board 1. au-
thorixed and directed to loan the mon
eys in said Arkansas Rural Credits
Loan Fund 20 bona fde purchasers of
cured by mortgages or deeds OF trust
constituting first liens on such farm
lands in amounts which shall not ex-
coed seventy five per cent CT the ap-
praised value of such lands. The cred
y OF the State shall not be loaned to
any person to purchase n1ore than 80
acres Of land. nor land valued at more
than $50 90 per acre. Nor shall a loan
Of less than 5000 90 nor more than So
10000 be made to any purchaser OF
land.
Sec. 5. Such loans shall not he made
except to owners who Operate" and
occupy" lands martgaRed. and shall
be made for the following purposes:
TAI The payment for lands purchased:
fb1 tho purchase of I've st0e,s and 9TH
ct eaufpn1en and - ~ f-fs~ Of i'm
prexements which. In the Judgment OF
said board. will Increase the produe-
tivity OF such lands or add to their
value as a farm home in degree to
Justify such expenditure; and tc) for
the satisfaction of membranes upon
such lands, which. in the Judgment OF
said board. were incurred or assumed
by said applicant for the aforesaid
purposes.
Sec. 6. Every applicant for farm
loan shall state clearly in his appliea-
ton the purposes for which such loan
is desired. and upon its approval by
the board this statement shall be DEEM
ed part or the note or contract under
which the loan Is granted. But no
failure to apply such funds to the
purposes stated in such application or
enumerated herein shall inyalidate a
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 in
cumbrance; but il he shall violate his
said contract by applying the moneys
borrowed to purposes other than those
stated in his application or enumerated
herein, or IL he shall lease such lands
or sell them to any person not fulnil-
ing the conditions and purposes pro-
vided for herein. said board is author
lied and directed to require the repay
ment of said loan upon six months no.
tice, and said note or contract shall
contain q clause providing therefor.
Sec. Z. Such loans shall be repaid
with interest accruing in annual in
stallments on the amortization plan.
such installments being fixed at such
sums as will cover the interest rate
and will liQuidate the debt in period
to be agreed on between said board
and the applicant. said period to be
not less than hve nor more than thirty
six years; but any debtor may liQui-
date any part or all of his indebtedness
in amounts of 5000 or multiples there
of upon any amortization payment
date
Sec 8. The rate of interest on leans
shall be ffve per cent per annum; pro-
vided that no Farm Credit Bonds shall
vided further that the board shall re-
Quire each applicant TO pay an initial
charge of l per cent of the loan grant
ed. the minimum charge to be $1,000
to cover the cost of appraisal and ex-
animation of title.
Sec 8. All surplus funds accruing
from the operation of the system or
rural credits herein provided for. after
paying interest accruing on the afore-
said bonds. and all operating and other
expenses arising from the administra-
ton of said system of rural credits,
shall be placed in the State Treasury
known as the Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
Credits Reserve Fund shall be loaned
on farm lands In the manner herein
provided for the Arkansas Rural
Credit Loan Fund, and the interest ac-
cruing from loans made from said Ar
kansas Rural Credits Reserve Fund
shall be added TO II and become part
of Ii. The said Arkansas Rural Credits
Reserve Fund shall be irreducible, ex-
.cept that 1t may be drawn upon TO re-
imburse the State for loss incurred In
the administration OF said system OF
rural credits.
Sec 10. The Legislative Assembly
shall provide in such detail as 1t shall
deem advisable for the carrying out
and administering OF the provisions or
this amendment. and shall provide ad-
equate safeguards against the use or
ing and holding of lands for the pur-
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
its enactment. the State Land Board
shall proceed to administer said sys-
TEN of rural credits under rules and
regulations provided by itself, but sub
ject to the provisions herein contained
Sec. II. The provisions of the Con-
stitution of Arkansas in conflict with
this amendment are hereby repealed, in
so far only as they conflict herewith.
The provisions OF this amendment
shall be self-exeeuting, and shall take
effect and be in operation so days af-
ter their approval and adoption by the
people of Arkansas,
Approved by the Governor, and filed
In the office of the Secretary of state.
March II 1917
Each elector may vote for or against
the above amendment.
witness my official signature this.
the Gath day OF April, 1918.
TSeaI1 TOM j. TERRAL.
Secretary OF State.