The Mena weekly star., 1918-10-24
H. w. FINGER, Sheriff.

bonds be sold until applications srors bona fide purchasers of land agRrsgat- ing $l0e00.00 have been filed with and approved by the State. Land Fsoard. rate of four per cent per annum, aa5i shall be exempt from taxation by tae State, of Arkansas. CT any cf its sub
 Section 4 Said State Land Board is, authorized and directed to loan the moneys In said Arkansas Rural Credits Loan Fund to bona nae purchasers of farm lands in Arkansas. npon notes se- cured by mortgages or deeds of trust lands in amounts which shall not ex-- ceed seventy-ftye per cent of the ap- praised ,h salqe s1t Of Sss suGh lands The cred any person to purchase more than soe acres of land. nor land valued at more. of less ''SS than Re ssoooO nor nor 'n" more SaS lSa $S,000.00 be made to any purchaser oks
 Section g. Such loans shall not bea made except to owners who "opCrate and occupy lands mortgaRed and poses: (a) The payment for iands Dur chased; tb) the purchase of livestock and other equipment. and the making of said board, will increase the pro- ductivity of such lands or add 10 their value as a farm home in q degree to the. satisfacion of incumbrances upon such lands, which. In the. judgment of
  by said applicant for the aforesaid pur-
 Section 6. Every applicant for farm. 1 loan shall state clearly in his appltcA- l ton the purposes for which such Ioarn l Is desired, and upon It's approval by ed a part of the note or contract un-. der ds1,,'yi which the the loan & is granted But no enumerated herein shaii invalidate loan when once made. nor shall any prevent any farm owner from selling or leasing lands subject to such iii- cumbrance bat If he shall violate hisr borrowed eo purposes other than those stated in his application or enumerated herein or If he shall lease such lanns' or sell them to any person not fulnll- ing the conditions and purposes pro- vIded for herein. said board Is author ment of said loan upon six months mo- tice, and said note or cantract shall cogtain a clause providing therefor with interest accruinR in annual in stallments on the amortization pfsZs such installT,ents being fixed at suck sums as will cover the interest rate and. will liquidate the debt in period to be agreed on between said board ieSs than i've nor more n1r pthaG than thrtysi hi any part or !all of hia indeb.ednsss ins amounts of $60.00 or multlples thei e. of upon any amortization payments
 Section 8. The rate of interest or loans shall be five per cent per annum; provided, that no Farm Credit Bonds shall be sold for less than par. and pro- vided further that the board snail rc- quire each applicant to pay an initial charge of per cent of the loan srast- ed, the minimum charge to be sl0.O0a to cover the cost Of appraisal aul ex- animation of title
 Section 9. All surplus funds accruingA from the operation of the system of rural credits herein pr ovided for after paying interest accr Jing on the afora- said bonds. ana all operating and other expenses arising from the administra- ton of said syst am of rural credits shall be placed in the state Treasury known E1o eIg as the "ArkanMsasa M !;ural iudl c2ed;s Credits Reserve fund shali be loaned 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 1t and become a part of it. The said Arkansas Rural Credits cept that # @ may S be drawn spc upon tc G Ts imburse the State for loss incurred in the administration of said system ol
 section IO The Lt gisIative AAssm- ply shall proyide in such detail as is out and administering of the provisions of this amendment and. shall provide adequate safeguards against tine u=5 of
  ing and holding of lands for the pur- poses of speculation. Such safeguards shall include. clear definitions Of the terms operate" and occupy used lation. and subject to the same after It's enactment the State Land. .Boar& shall proceed to administer said sys- tenn of rural credits under rules and regulations provided hy itself. but sub ject to the provisions herein contained
 Section II. The provisions of the Constitution of Arkansas in conflict with this amendment are hereby re- pealed, in so far only as they conflict herewith. The provisions of this amendment shall be self f-executing. an1 shall take effect and he in operation GO days after their approval aud adoption by the people of ArlSsDsas.
 . Approved by the Governor and nleds in the office of the Secretary of State March IT. 1917.
 Each electcr may vote for or against the above amendment
 Witness. my .official signature thtzs the 24th day of April 1915
 tSoaH TOM J. TERRAL.
 Secretary of Stalei Adv.--First Pub. May 2. 1918.
 Last. Pub Oct. 31 1912