The Home news., 1918-05-31
FOR AMENDMENT NO. 15. AGAINST AMENDMENT NO. 16.

AGAINST AMENDMENT NO. 15.
 Be 1t Resolved by the House of Rep resentatives and the Senate of the Both Houses Agreeing Theretos
 That the following is hereby pro- posed as an amendment to the Consti- tuition of the State of Arkansas, and the same being submitted to the elec- tors of the State for approval or re- lection at the next general election for Senators and Representatives, If a majority of the electors voting at such election adopt such amendment, the same shall become a part of the Con- s+itution of the State of Arkansas, to- wit:
 Section 1. Notwithstanding the lirn- itation contained in Section 1 of Arti- cle IS of the Constitution, the credit of the State may be loaned and ln- debtedness incurred to an amount not exceeding two per cent of the assess ed valuation of all the property in the State for the purpose of providing funds to be loaned upon the security of farm lands within the State. subject to the limitations herein contained.
 Sec g. The Governor, Secretary of shall constitute the State Land Board. which board is hereby authorized and directed to issue and sell or pledge bonds in the name of the State. to De Y Bonds" in an amount not to exceed two per cent of the assessed valuation of all the property in the State, ard to place the proceeds in the State Treasury in fund to be known as the "Arkansas Rural Credits Loan Fund"
 Sec g. Said bonds shall be issued in denominations of $25.0o, $10o.oo, s50o00 and $1 900 60, and shall be is- sued in series of $1o,00o.o0 or multi ples thereof. drawn to mature in not f~E~AN said bonds be sold until applications from bona fide purchasers of land ag- Eregating $10.000.00 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 atton by the State of Arkansas. or any of its subdivisions.
 Sec. 4. Said State Land Board is au- thorized and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund to bona fide 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 seventv-five per cent of the ap- praised value of such lands: The cred 1t of the State shall not he loaned to any person to purchase more than 30 acres Of land nor land valued at more than $50 n0 per acre. Nor shall loan Os@ nha % be made to any purchaser of land
 Sec. g. Such loans shall not be made except to owners who "operate" and "occupv" lands morteaged and shall he made for the following purposes: Gal The pavment for lands purch a sed fbl the purchase of live stock and oth -r eouipne ent. and the making of i'm .>-nvemerts which. in the Judgment of said hoard will increase the produc- tivity Of such lands or add to thesr val'-A as farm horne in q degree to justify such expenditure; and Gel for the satisfaction of sneumbA Ances upon such lands. which, in the Judgment of 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 joan Is desired, and upon it's approval by the board this statement shall be deem cd 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 a 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 shall violate his said contract by applying the moneys borrowed to purposes other than thNse stated in his application CT enumerated herein, or if he shall lease such lands or sell them to any person not fulfill ing the conditions and purposes pre- vtded for herein. said board is author tzed and directed to require the repay msnt of Eatd loan upon stx months no=