The Monticellonian., 1918-10-18

galIsfacti1n Of enc Jt2 5rsnces upon A,-b eL lands which, in the judgment c, aSfs board were incurred or assumed
 - eofd applicant for the afofesalo purposes ,,o,,+ fo- a farm s.-5, -baII Stqtc clearly in his appiica- ff5tn fine purposes for WA4eh SUI i9,si ,
 | desired and upon It's apptoNSal Sa,,,,S s l1t+ board this statement snail pe J9
 a n.-t of the note or contract uhue.
 -f5ci t1o loan is granted. But no
 = =-5f+n fo amply such funds 10 the ts.fl6..s stated in such application or ..5lI,...,.,t.G herein shall tnNald1te u 4aan ,. rlu once maa2, nor Sii~I -.lt,,S ', Ss y
 tffus h..-rin contained De eee'!.eT ,,It,e, prHvepl aHy farm owner rom i,,s or fc. ing lands subject 10 saen IL ti. ct,rl6f.,cc: but if he shall Nloilte i,,, n,s
 sa:d contract by applying tat iiiVi ttioss
 borroW,t so purposes otheI t,tt1ierated .li,t1i
 sfstrd io Lis application or enuIheruts5u 5i herein. or if he shall lease such a1 laau' or sell them to any person not Ie-
 ing tlta conditions and purposes
 viaed Gpr herein. said po2fd l2 riat,- fzzd and directed to require the fepd9
 r,a,lf of e,iid loan upon six monthS ho
 tire -a..4 said note or contract Shali contain a clause providing thereIol, cis
 See Such loans shall be Fepalu xvitb interest accruing in annual lh-
 4,5l.,,,.,,f5 on the amortization plan. srch irsteflments being fixed al sucH
 sums :t. will cover the Interest ra's and wi.l '4uidate the debt in u PI eiio1 to be agreed on between sald poaLu and the applicant. said peGou to pe not les shan five nor more than tnifty six wears: but any debtor may lquI- d1te any part CT all of his indebteqhess in amounts of 5000 or multlples there. of upon any amortization payment
 See. s. The rate of interest on loans shall bc five per cent per annum' pro vded. that no Farm Credit Bonds shah be sold for less than par, anu plo- yfdpd further that the board snail re- auire each applicant to pay an lnltiai charge of per cent of the loan grant ed the minimum charge to be Slo-oo 10 cover the cost Of appraisal ana eA- See 9 All surplus funds accruing from tLa operation of the system or rural err dIta herein provided for' after paying interest aceruing on the alore- qa ' bonds, and all operating and other 1 expenses arising from the admlnlStra- ton of said system of rural credlls'
 shall be placed in the State Treasury and 5eco.aa a part Of tund Lo }s ne l known as the Arkansas Rural Credlt l Reserve Fund" Said Arkansas Rural l Credits Reserve Fund shall be loaned on farm lands in the manner hefeip i provided for the Arkansas ftufai 1 Credit Loan Fund, and the interest acr l c.uinC from loans made from said AT, kaHsas Rural Credits Reserve Fund shall be added to it and become part of it. The said Arkansas Rural Credits l Reserve Fund shall be irreducible. ex- | cept that it may be drawn upon to re- 1 fmburse the State for loss incurred Tn the administration of said system or 1 rural credits.
 Sec 10. The Legislative Assembly | shall provide in such detail as 1t shall 1 deem advisable for the carrying out 1 and administering of the provisions or 1 this amendment, and shall provide ad- equate safeguards against the use or 1 ina and holding of lands ior the pur- poses of speculation. Such safeguards 1 shall inctHde lear definitions Of the l terms "operate2 and "occupy" used 1 herein. in the absence of such legis- | lation. and subject to the same after l it's enactment, the State Land Boare 1 shall proceed to administer said sys- 1 tenn of rural credits under rules ana | regulations provided by itself. but sub- 1 jeet to the provisions herein contained Sec. II. The provisions of the Con. stitution of Arkansas in conflict wills 1 this amendment are hereby repealed ip so far only as they conflict herewith.
 The provisions of this amendment shall be self-eXecuting, and shall take l effect and he in operation 60 days af- l ter their approval and adoption by the | people of Arkansas.
 Approved by the Governor, and tlle& l in the office Of the Secretary of State. March r., 1at7.
 1 Each elector may vote for or against 1 the above amendment
 Witness my official signature this. l the 9lth day Of April, 1918.
 fSeall TOM j. TERRAL.
 Secretary of State.