The spectator., 1918-09-06
Gasolene Engines 5 Engines, from two to four Horse Power, at about half price. At Spectator Office

the sAtisfactioa qE ala=s...z aueea upon such lands. ~hIuG. lh H." -aaEm"nt Of said board. Wtte tues,Hted at assAtaed by said applieaGt fol tae atorrsai3 purposes.
 Sec. 6 Ever. applicant fer d fam ,oan shall state clearly in his KpptiCa~ uon the purposes tof which sucG loan Is desired and upon its approval by the board this statesagut shall be deem ed part of the uote or contract under which the loan Is granted. But no failure to apply such funds to the purposes stated in such applicat ton ov enumerated herein shall tnvalidate 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 shah violate his said contract by applying the moneys borrowed 10 purposes other than those stated in his application or enumerated herein. or if he shall lease such lands or sell them 10 any person not fulfill ng the conditions and purposes pro- vided for herein, said board is author zed and directed to require the repay ment of said loan upon six months mo- tice. and said note or contract shall contain clause providing therefor.
 Sec. '. Such loans shall be repaid with interest accruing in annual in Stsllments on the amortization plan. such installwents being fixed at such sums as will cover the interest rate md will liquidate the Aeht In period 70 be agreed on between said board md the applicant said period to be not less than i've nor more than thirty
 K years, but any debtor may liQui- date any part or all Of his indebtedness 'n amounts of S5o.00 or multiples there- of upon any amortization payment late
 Sec. | The rate of interest on loans hall be i've per cent per annum; pro- yided. that no Farm Credit Bonds shall De sold for less than par, and pro- 'ided further that the board shall re- lulre each applicant to pay an initial
 harge of l per cent of the loan grant d the minimum charge to be 5000 To cover the cost of appraisal and eX- animation Of title.
 Sec. g. All surplus funds accruing from the operation of the system of rural credits herein provided for after paying interest accruing on the afore- aid bonds. and all operating and other expenses arising from the adminstra- ton of said system of rural credits. shall be placed in the State Treasury and become part of fund to De known ss 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 it and become a part of it. The said Arkansas Rural Credits Reserve Fund shall be frreducloio. ex- cept that it may be drawn upon to rs- jmburse 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 it shall deem advisable for the carrying out and administering Of the provisions of this amendment. and shall provide ad- equate safeguards against the use of Such loans as an aid to the purchas- ing and holding of lands for tho poses of speculation Such safeguards
 hall include clear definitions of tho
 erms operate" and occupy" used 1crein. Tn the absence Of such lesi is-
 ation, and subject to the same after
 $ enactment. the State Land Boa |
 nall proceed to administer said svs-
 em of rural credits under rules and
 eEulations provided by itself but sub.
 let to the provisions herein contained.
 Sec. II, The provisions of the Con- titution of Arkansas in cop0ict with
 his amendment are hereby repealed in far only as they conflict herewith. he provisions of this amendment
 hall be self executine, and shall talk, rect and he ir operation CD days af. "r their approvgl nj adoption by ths rpple of ArFarFH#
 Approved h. tise GaNprncr ard ilai
 the office of the Secretary of State 'orch F. t3t1
 Each eIector }to. voto for or sgain.t 7h"e Q am a1'
 Nttunes ms ol#5et st -eature mi. v 2ih Gay uf \r ftts
 iseall aos "clsnAL, s ttrv If sta,s