The Home news., 1918-06-07
FOR AMENDMENT NO. IS. AGAINST AMENDMENT NO. 16.

AGAINST AMENDMENT NO. IS.
 Be It Resolved by the House of Rep resentatives 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 Consel- 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 election for Senators and Representatives, IT majority of the electors voting at sucn election adopt such amendment, the sa3ae shall become a part of the Con- -@itution of the State of Arkansas, to- wit:
 section 1. Notwithstanding the lim- ita ton contained in Section l or Art1- cle 16 of the Constitution, the credit if the State may be loaned and 1n- 3obtadness 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 providing 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 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 De 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 to place the proceeds in the State Treasury in a fund to be known as the Arkansas Rural Credits Loan Fund"
 Sec. 8 Said bonds shall be issued $500 % and s1,ooooo, and shall be is- sued in series of $10.000.00 or multi ples thereof drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from bona f1de purchasers of land az gregating $10,000.00 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 of its subdivisions.
 Sec 4 Said State Land Board is au- thorized and directed to loan the mon evs Tn said Arkansas Rural Credits Loan Fund to bona f1de purchasers of farm lands in Arkansas, upon notes se- cpred by mortgages or deeds of trust constituting first liens on such farm lands in amounts which shall not ex- praised value of such lands. The cred 1t of the State shall not he loaned to any person to purchase more than 30 acres of land. nor land valued at more than $50 n0 per acre. Nor shall a loan If less than s'A0.o0 nor more than s. oon % be made to any purchaser of land
 Sec B. Such loans shall not be made except to owners who operate" and "occupy" lands morteased and shall he made for the following purposes Gal The payment for lands purch as~d (b) the purchase of live stock and oth : Ar equipment. and the making of im- governments which in the Judgment of sa!d board, will increase the produc- tivity of such lands or add to thear val''a farm home in a degree to justify snch expenditure: and (c) for the satisfaction of sneum bi Ancss upon such lands. which, in the judgment o1 said 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- 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 nc failure to apply such funds to the purposes stated In such application or enumerated herein shall invalidate 8 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 if he shall violate his said contract by applying the money borrowed to purposes other than those stated in his application CT enumerated herein, or if he shall lease such le nds or sell them to any person not fulfill ing the conditions and purposes pro- vfded for herein said board Is author fixed and directed ts require the repay 0ent Rf Eaid loan upon six months no