Sharp County record., 1918-08-30

- satisfaction Of enoambrances upoI
su6A lands, which, In the judgment 0!
sntA board, were incurred or assumed
By sald applicant for the aforesalo
"a G. Every applicant for a farm
loaa shall state clearly In his app
tisa he purposes for which such loan
V cestred, and upon It's sppsoVsi ~, Dy
IL board this statement shall De deem.
q part OF the note or contract under
wnesA the loan 10 granted, But no
fstlurs 10 apply such funds 70 IN.
purposes stated In such application OF
saamsrated herein shall invalidate
looA when once made, nor shan any
Thing herein contained be deemed 70
prevent any farm owner from :elihs
or leasing lands subject to such N.
ssif contract by applying n. money.
borrowed TO purposes other than mos
stated In his application or enumerated
hsfstA, Or II he shall lease sueh lan1s
or ssll them 10 any person not tulnh-
ing TIE conditions and purposes pro-
vidsd for herein, said board 70 authol'
lzed and directed 70 require the repay
nnent Of said loan upon SIX months mo- i
tioe, and said note or eontrset sna''
contain q claus. providing therefor. d,
Sec. 7. Such loans shall be repalo
With interest accruins In annual IN
staliments on the amortization plan
such installnnents being hred At such
sums a. will cover the interest rats
and will liduidsts the debt In perloq
10 be agreed on between said board
and the applicant. said period TO pc
not less than Ave nor more than thirty
SIX years; but any debtor may liqul-
date any part or all Of his indebtedness
In amounts Of 5000 or multiples there.
n upon any amortization payment
soc. g. The rate Of interest on loans
shall be Ave per cent per annum; pro,
rided, that no Farm Credit Bonds shall
30 sold for less than par; and pro-
vidsd further that the board shall re-,
quire each applicant 10 pay an inltla
charge Of per cent Of the loan grant !.
el. the minimum charge 10 be tl0'Vo
10 cover the cost OF appraisal and sS'
animation OF title.
Bao. g. All surplus funds aeeruing
from the operation Of the system. on
paying interest accruing on the afore-
said bonds, and all operating and other
expenses arising from the sdminlstra'
tioH OF said system OF rural credits,
shall be placed In the State Treasury
and become q part OF fund 10 ne
known az the "Arksnsss Rural credit
Reserve Fund" Said Arkansas Rural
tFNnlNH NSFfTVs una snhl Dt
on farm lands In the manner herein
provided for the Arkansas Rural
Credit Loan Fund. and the lntsrest ae-
eruing from loans made from said Ar.
kansas Rural Credits Reserve Fund
shall be added TO II and become A part
Of II, The said Arkansas Rural Credits
Reserve Fund shall be irreduolble, en-
imburso tho State for loss incurred "
the adminlstratios Of said system OF
ase, 10, The Legislative Assembly
ahhil provide In aueh detail as II shall
ieem advisable for the carrying out
and administering OF the provisions OF
this nmsndmsnt,aand shall provide sd.
suoh loans a. an aid 70 tho purehna'
ing and holding Of lands for the pur'
poses Of speculation, Such safeguards
shall include clear definitions Of The
efms Operate" and occupy used
herein, In the absence OF such legis'
Ia ton, and subject TO the same after
It's enactment, the State Land Board
shall proceed TO administer said sys.
tom OF rural credits under rules and
regulations provided by itself, but sub.
jeet 10 the provisions herein contained
Soc, II, The provisions Of the Con-
stltutlon Of Arkansas IN eonnlet with
this amendment are hereby repealed, IN
40 far only as they eonhiet herewith,
The provisions ~ this amendment
shall he ssifsetecutine, and shall take
sNaot and he In operation 60 days AZ
ter their approval and adoption by the
people of Arkansas,
Approved by the Governor. and hled
IN the office OF the Secretary OF state
March ~ 1917.
Each eleotcr may vote for or against
the above amendment
witness my official signature this
the aith day Of April, 1919
tfsall TOM J, TERRAL,
hsetetAIy OF btata