The Nevada County picayune., 1918-05-23

he satisfaction of encumbrances upon ucE lands. which, in the judgment of, aid board, were incurred or assumed y said applicant for the aforesaid purposes.
 {, ,.c. 6. Every applicant for farm or shall state clearly in his applica- tloa the purposes for which such loan is | '|irvd and upon it's approval by h@ board this statement shall be deem- d pat of the note og contract under which the fOan is granted. But no allure to apply such funds to the ourp lSes stated in such application or enumerated herein shall invalidate ioan when once made. nor shall any, ming herein contained be deemed to prevent any farm owner from selling IT leasing lands subject to such in- '"'nhrance: hut if he shall violate his .aid contract by applying the moneys borrowed to purposes other than those
 at"d in his application or enumerated heretn. or if ha shall lease such ianda IT s+iI ia"m '0 an| person not fulhu- 'eG tn" conditions and purposes pro- |ided for herein. said board Is author 'Zed and directed to require the repay 'nent of aid loan upon six months no- ice. and said note or contract shall 'ontain clause providing therefor.
 Sec. :. SHeh loans shall be repaid wa interest aerruing in annual fn- >talIments on the amortization plan, -r"h installuents being fixed at such sums as will cover the interest rate md will liquida,o h" dabt in a period D be agreed on between said board 'af the applicant sail period to be 1ot less than five nor more Nhan thirty fix years: but any dabtor may 1iqui- late any part of all of his indebtedness T amounts of Sj0.00 or multiples there If upon any amortization payment date.
 Sec. s. Tho rate of interest on loans =h2ll be five per cent per annutn; pro Eiled. that no Farm G=e6Iit Bonds shall os sold for less than par: and pro-
 tded further that the board shall re- iHir" each applicant to pay an initial 'HafGr of per Cens of the loan grant -d, the minimum charge to be 5000 io cover the cost of appraisal and ex- animation of title.
 &ee. 2. Ad surplus funds accruing aren tho operation of the system of snla1 credits herein provided for, after atEtEe interest accruing on the afore- =ait bonds. and all operating and other Npgnzcz aEazing from the administfa- tfen of said system of rural credits. shall he placed in the State Treasury and become part of fund to be knew as the "Ark.nsas Rural Credit Esssrfc Fund. Said Arkansas Rural &ra3its Reserve Fund shall he loaned 51 farm lands in the manner herein a,aNideA for the Arkansas Rural ''=ait Loan Fund. and the interest ac- efuinE from loans made from said Ar |, nsas Rural Credits Reserve Fund shall b" added to it and become a part af it. The said Arkansas Rural Credits Reserve Fund shall be irreduCihie. ex- erpt that it may be drawn upon to re- imburse the State for loss incurred i'll Do naminisfra ion of said s,.stem of =RIft1 credits
 Soc. D. The Legislative Assembly shall provide in such detail as 1t shall deem advisable for the carrying cut and administering of the provisions of this amendment. and shall provide ad- eQuate safeguards against the use of such loans an aid to the purchas- iHs and holding of lands for the pur- poses or speculation Such safeguards shall include clear definitions of the terms Operate" and occupy" used herein. In the absence of such legis- 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 resula tions provided by itself. but sub ject to th provisions herein ntafns !.
 Sec. The provisions of Ihe con stitutio' Of Arkansas in conflict with this amendment are hereby repealed. in so far only as they conflict herewith. The prn"isions of this amendment shall h" self-cXecuting. and shall take effect and be in operation SO days af- ter their approval and adoption by the people of Arkansas.
 Appro' d by he Governor. and filed in the c-rice of ths Secretary of State. March IT. 1917.
 Each eleetor may vote for or against Ae above amendment.
 Witness my official signature this. he 34th Jay of April. 1918
 ISeall TOM I. TERRAI.
 Secretary of State.