The Mena weekly star., 1918-10-10
FOR AMENDMENT NO. IB. AGAINST AMENDMENT NO, i5

|
 resentatives and the Senate of tk.
 state of Arkansas, the Majority .
 "'Tf Thas Honsss sSs faIiass,Iss AISipssins Thessss,
 posed as an amendment to. the consti.
 the same being submitted to the cleo | lection at the next general election for senators and Representatives, if a ma
 election % adont sns sScb voting at sucf same shall become a part of the Con.
 stitution of the State of Arkansas. to. Section. i. Notwithstanding the lin, | itation contained in Section | of Arti.
 Gle l6 of the Constitution the credit
 ed dnass ane state sncry may be loaned and indebt.
 valuation of all property n the state 1 to be loaned upon the security of farm | lands within the State, subject to the
 limitations. herein contained.
 of State and State Land Commissioneff 1 shall constitute the State Land Board which board is hereby authorized and
 bonds in the name If the State to be
 known, as Arkansas Farm Credit Bonds" in an amount not to exceed of all the property In the state. and to place the proceeds in the State Treas
 ury in a fund to be, known as the. .'Ar- Section 3. Said bonds shall be issued
 In denominations of s25.OO, siOo. co, s60Qo0 and sl.J0Q,00 and shall be is- | thereof drawn to mature in not mere than thirty-six years; nor shall said
 bonds. be sold. until applications from
 ing $l0,00000 have been filed with and approved by the State Land Poard Said bonds shall bear interest at the
 shall be exempt from from taxation fir ui by ii .i state of Arkansas or any of It's sub Section 1. Said State Land Board is authorized and directed to loan the l moneys in said Arkansas Rural Credits
 Loan Fund to bona fiue purchasers of | farm lands In Arkansas upon notes Be- l cured by mortgages or deeds of trust constituting first liens on such farm
 lands in amounts which shall not ex. | cced seventy-ffve per cent of the ap. praised value os such lands The cred 1t of the State shall not be loaned ts
 acres acre of H land nor land vaiyed % ef efSm mar, S
 of less than s2So'oo @ nor SSi more . sRs sRs
 $s,000.O0 be made tc any purchaser ] ! Section 5. Such Ioens shall not b made except. to. owners who operate l shall be made for the following pur ! posesi (a) The payment for lando pur chasedi tb) the purchase of livestoci | improvements which. In the judgmenl ] of said board. will increase the pro.
 ductivity of sucii taTas ?r ed te thei.. | Justify such expenditure: and 1c) for the satisfaction or incumbrauces upon
 such lands. which. In the, judgment ol said board. were incurred or assumed by said applicant for the aforesaid pur- poees.
 Section 6 Every applicant for a farm
 ioan shall state clearly In his applica
 Is desired. and upon It's approval by the board this statement shall be deem sr ae Rs;rt 9s sSs the be- nGts or co5trsst un
 failure to apply % such funds to the ap puro ao snumerated herein sRaiff pinvaiidaate O q thing herein contained be deemed to prevent any, farm owner from selling or lsesslns sssn lands s,,. subject to such n said contract by applying the meneys 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 fulfill Ing the conditions and purposes pr0-
 lasd zes 9 t9r atras5 ahtsrs5 soid beard Is author ment of said loan upon six months nos tice, and said note or cantract shall seeton sucR ionns sha be pepad with interest a.ccruing in annual in stal1ments on the amortization plar sucn s, installments ms LIT, being fixed at such and will lfquidate the debt in a period to be agreed on between said board and the applicant, said period to De not years, but any debtor may liauldafe any part or a Sd Of his in date. 'V' '~'' ''' 'A '"s"'
 Section s. The rate of interest on loans shall De five per. cent per annum: : shall be sold for less than par; and pro- vided further that the board snail ro- qpire each applicant to pay an initial ed the minimum charge to be 5000 to cover the cost of appraisal anl ex-
 Section 9. Ali surplus funds aceruing frem the. operation of the system. of rural credits herein pr 1vided for after pa.yai9g ~ .;.g interest aeca slg on the ai9gss isg expenses arising from the administra- tion of said system of rural credits shal sna De placed ia the ssats s,na Iareasu5y .a known as the "Arkansas Iiural Credit Se,, estes ssr, evsease au1p snall De tohn9a pr provided 'rA for the W ArKsnsas ann nsufan Rura Credit Loan Fund and the interest ac- cruing from lcans mad made from said Ar; Ar; shall De. added. to it and become a part of 1t. The said Arkansas Rural Credits aserys Fund t shall III sa ae rTedncse
 imburse the State for loss. incurred in the administration of said system 0. rural credits.
 section 10. The Legislative Assem- bly, shall proyide in sieh detail as tt shall deem advisable for the carving out and administering of the provisionE of this amendment. and shall provide adequate safeguards against the use of 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. fn the absenee of such iegis- lation, and subject to the same after it's enactment. the State Land B6afd snaI proceed to administer said sys- tenn Of rural credits under rules a.fS regulations provided nv itself but sub- Ject tc the provisions herein contained
 Section II. The provisions of the Constitlti1a Of Arkansas In confifcf wlth this amen1ment are hereby ra pcaIed, In so far only as they conflict herewith. The provisions of tnfs shall be sslf-exe<utfnr an 1 snail take effect and ne in operation 60 lays after their approval aud adoptf0a by the people of ArkrrsAss
 Approved by. the Governor and ni@d March i7. 1e17.
 Each c1ector may vote for or awainas he above afnendmsnf
 V Itssss my oihciai signature thE