The Springdale news., 1918-06-07

Your druggist will refund money If PAZo OINTMENT fails 10 cure any case of Itching Blind, Bleeding or ProtruGing Piles in to lA days The hrst application gives Ease and Rest. Sec. 1;onds." in al amount not to exceed two per cent of the assessed valuation of all the property in the State, and to place the proceeds in the State Treasury in fund to be known the ! Arkansas Rural Credits Loan Fund" Sec 3. Said bonds shall be issued in denominations Of $25.00. si00 %. S6o000 and si.00o. 00 and shall be is- sued in series of SIC. .00000 or multi pies thereof. drawn to mature in not | more than thirty-six years; nor shall said bonds be sold until applications from bona fde purchasers of land az gregating s10,000e0 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 1. Said State Land Board is au- thorized and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund Co bona hde purchasers Of farm lands in Arkansas. upon notes se- cured by mortgages CT 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 se ! acres of land. nor land valued at more than s50e0 per acre Nor shall loan Of legs than s200.00 nor more than ss.- mo 00 be made to any purchaser of land
 See ,. Such loans shall not he made except to owners who operate" and ! "oceury' lands mort gagged. and shall he made for the following purposes: tal The payment for lands purchased tb) the purchase of live stock and oth- CT equipment. and the makinE of i'm provements which. In tho iudrment ot said board will increase the produc- tivity of such lands or add to their value as a farm home in dstree to justify such expenditure: and (cl for the satisfaction of eneumbrances upon such lands, which, in the Judgment of said board. were incurred or assumed by said applicant for the aforesaid purposes.
 See. 6. Every applicant for farm loan shall state clearly in his appliea- tion the purposes for which such loan l Is desired and upon it's approval by the board this statement shall be deem ed a part of 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 invalidate loan when once made, nor shall any thing herein contained be deemed to piNNtht any laFHl OW Her iIpil stnlh6 or leasing lands subject 10 such in- cumbrance: but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein, or if he shall lease such lands or sell them to any person not fulfill ing the conditions and purposes pro- vided for herein, said board is author iZed and directed to require the repay ment of said loan upon six months Ro-
  contain a clause providing therefor. Sec. '. Such loans shall be repaid with interest accruing in annual fn- stallments on the amortization plan. such installments being fixed at such sums will cover the interest rate and will Iiquidate the debt in a period to be agreed on between said board and the applicant. said period to be not less than five nor more than thirty six years: but any debtor may liqui- date any part or all of his indebtedness in amounts of $56.00 or multiples there of upon any amortization payment date.
 Sec S. The rate of interest on loans shall be five per cent per annum pro- vided. that no Farm Credit Bonds shall be sold for less than par; and pro- 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 5000 to cover the cost of appraisal and e1- animation of title.
 Sec. 9. All surplus funds accruing from the operation of the system of rural credits herein provided for. after paying interest accruing on the afore- said bonds, and all operat ting and other expenses arising from the administra- tion of said system of rural credits shall be placed in the State Treasury and become part Of fund to be known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural
 
 on farm lands in the manner herein provided for the Arkansas Rural Credit Loan Fund. and the interest ae- cruing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to it and become A part Of it. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex- cept that it may be drawn upon to re- imburse the State for loss incurred in the administration of said system or 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 i such loans an aid to the pufchas- 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 10 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 by itself but sub ject to the provisions herein contained. Sec. Il. 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-executing. and shall take effect and be in operation 60 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 17, 1917.
 Each elector may vote for or against the above amendment.
 Witness my official signature this. the 24th day of April, 1918.
 fSeall TOM J. TERRAL+
 Secretary of State.