The Springdale news., 1918-07-26

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 Bonds" in al amount not 10 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 as tho Arkansas Rural Credits Loan Fund"
 See. ,. Said bonds shall be issued $500 % and .l. .ooo.oo. and shall. be is- sued In series of 310.000 GO or multi pies thereof. drawn to mature In not more than thirty-six years; nor shall said bonds be sold until applications from bona nde purchasers of land az gregating 0000 % 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 tar ation by the State of Arkansas. or any of its subdivisions.
 Sec 4 Said State Land Board Is au- therlzed and directed to loan the mon eys In said Arkansas Rural Credits Loan Fund to bona hde purchasers of farm lands in Arkansas. upon notes se- cured hy mortgages or deeds Of trust constituting first liens on such farm lands in amounts which shall not ex- ceed seventy-fve per cent Of the ap- praised value of such lands. The cred 1t or the State shall not be loaned to any person to purchase more than so acres Of land nor land valued at more than s50 60 per acre. Nor shall loan Of less than s200.00 nor more than B. nn6 n0 be made to any purchaser of land.
 Sec. ,. Such loans shall not be mad. except 10 owners who Operate" and Occupy" lands mortgaged and shall be made for the following purposes: fa) The payment for lands purchased: fb) the purchase of live stock and oth- CT equipment. and the making of Inn prevements which In the judgment of said board. will increase the produc- tivitv Of such lands or add to their value as q farm home in a degree to Justify such expenditure; and Gel for the satisfaction of encumbrances upon such lands. which, in the judgment of 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- tion the purposes for which such loan Is desired, and upon its approval by the board this statement shall be dsem- ed part of the note or contract under which the loan is granted. But no failure to apply such funds to tho purposes stated in such application or enumerated herein shall fnyalidate loan when once made. nor shall any tHihB herein cOntdtnto oe otshico 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 moneys borrowed to purposes other than tnoss stated in his application or enumerateo herein. or if he shall lease such lands or sell them to any person not fuinil- ing the conditions and purposes pro- vided for herein. said board Is author ized and directed to require the repay Qf Said lQan aiY nOnths' nO- tice, and said note or contract shall contain a clause providing therefor
 Sec. !. Such loans shall be repaid with interest accruing in annual in- staIlments on the amortization plan. such installments being fixed at such sums will cover the interest rate and will iiquidate the debt in period to be agreed on between said board and the applicant. said period to Dc not less than five nor more than thirty six years: but any debtor may fiquf- date any part or all of his indebtedness in amounts of $50.00 or multiples there of upon any amortization payment date.
 Sec. g. 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- vded further that the board shall re- quire each applicant to pay an initial charge Of 1 per cent of the loan grant ed. the minimum charge to be slo.0O to cover the cost of appraisal and ex- animation of title.
 Sec. Q. All surplus funds accruing from the operation of the system or rural credits herein provided for, after paying interest accrulng on the afore- said bonds, and all operating and other expenses arising from the admnistra- ton of said system of rural credits. shall be placed in the State Treasury and become a part of fund to De known as 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. ahd the interest &C., eruing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to it and become n part Of it. The said Arkansas Rural Credits Reserve Fund shall be irreducible ex- eept that IL 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 it 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 such loans as an aid to the purchas- ing and holding of lands for the pur- poses of speculation. Such safeguards shall include clear definitions or the terms Operate" and occupy used nefein. Tn the apSthCN ol sueH ie lation. and subject to 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 II The provisions of the Con stitution of Arkansas in conntct with this amendment are hereby repealed, in 90 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 hled In the office of the Secretary Of State. March r. 1917
 Each elector may vote for or against the above amendment
 Witness my official signature this. the 24th day of April. 1918.
 fSeaO TOM J. TERRAI4