The Springdale news., 1918-05-17


 OINTMENT fails 10 cure any case of Itching Blind Bleeding or Protrudine Piles in to IA days The hrst application gives Ease and Rest. Soc. c~-~cS~cT~~~~~-~-~~~~ Bonds, in an 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 te be known as the Arkansas Rural Credits Loan Fund
 See 3. Said bonds shall be issued .5oo.oo and s1. GOO 0o and shall be is- sued in serie. Of s10.000 co or multi ples thereof, drawn to mature In not more than thirty-six years; nor shall said bonds bs sold until applica tions from bona fde purchasers of land az gregsting s10.00o.00 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 I Said State Land Board is au- thorized and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund to bona fde purchasers of farm lands in Arkansas, upon notes se- cured by mortgages or 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 il Of the State shall not be loaned To any person to purchase more than s0 acres of land, nor land alued at more than $50 % per acre. Nor shall a loan af less than s2n000 nor more than Ss- 0h0.h0 be made to any purchaser Of land
 See 5 Such loans shall not he made except to owners who Operate" and ..oceupv" lands morteaRed and shall he made for the following purposes: Cal The payment for lands purchased: tb4 the purchase of live stock and oth- CT equipment. and the making of I'm proVements which. In the judgment Of said board will increase the produe= tiyity of such lands or add to their value as n farm home in a degree to justify such expenditure; and (c) 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- ton the purposes for which such loan Is desired and upon its approval by the board this statement shall be deem ed 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 prevent any farm owner from selling or leasing lands subject to such 1n- 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 fulhil- 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 no
 
 contain clause providing therefor.
 See. 2. Such loans shall be repaid with interest accruing in annual in- stallments on the amortization plan. such installments being fixed at such sums as will cover the interest rate and will liquidate the debt in 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 lfqui- date any part or all Of his indebtedness in amounts of s50.00 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- xideq. 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 si0.00 to cover the cost Of appraisal and ex- animation of title.
 See. 9. All surplus funds aeeruing from the operation of the system or rural credits herein provided for, after paying interest aeeruing on the afore- said bonds and all operating 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 a fund to be 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. and the interest ae- cruing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to II and become a part Of 1t. The said Arkansas Rural Credits Reserve Fund shall be trreducible. ex- cept that it may be drawn upon to re- imburse the State for loss incurred Tn the administration of said system Of 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 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 of the terms Operate" and occupy used herein Tn the absence oi suSh ipb lation. and subject to the same after it's enactment, the State Land Board shall proceed to administer said sys- tern 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 tNa .Ir ffyg nd effect and be in operation 60 days ar ter their approval and adoption by the people of Arkansas.
 Approved by the Governor. and filed Tn the office of the Secretary of State, March IT. 1917.
 Each elector may vote for or against the above amendment
 Witness my official signature this. the 24th day of April. 1918
 fSeai1 TOM T. TERRAL.
 Secretary of State.