The Home news. (McCrory, Ark.) 1915-1922, 1918-09-13
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. Is.

Re 1t Resolved by the House OF Rep
resentutives and the Senate of the
State Of Arkansas, the Majority Oh
Both Houses Agreeing Thereto'
That the following is hereby pro
poscd as an amendment to the Constr.
tuition of the State OF Arkansas anu
the same being submitted to the cleo
tors of the State for approval or re-
lection at the next general election
for Senators and Representatives. IL d
majority Of the electors voting at such
election adopt such amendment the
anne shall become part OF the Con-
-ftution Of the State of Arkansas, TO-
yit: -,
Section /. Notwithstanding the linn
tatton contained IN Section l or Arti-
lie 16 Of the Constitution, the credit
# the State may be loaned and in
1ebtcdness incurred to an amount not
exceeding two per cent Of the assess
ID valuation of all the property In the
state for the purpose OF providing
FUNDS to be loaned upon the security
If farm lands within the State, subject
20 the limit ations herein contained.
SEC. 2 The Governor, Secretary OF
State and State Land Commissioners
thar constitute the State Land Board.
which board is hereby authorized and
directed to issue and sell or pledge
hoe,es in the name of the State, to be
known as Arkansas Farm Credit
Bonds" in an amount not to exceed
two per cent OF the assessed valua ton
Of a1I the property IN the State, ARD
70 place The proceeds In the State
Treas in FUND to he known as tb G
"A'.l-ansa* Rrral Credits Loan Fund"
Sec 3 Said bonds shall he issued
in denominations Of $4,000 $4,000,
$4,000 and ST 10000, and shall be is
sued in series OF 100000 or multi
more than thirty-sx years; nor shall
said bonds be sold until applications
from bona fide, purchasers Of land ag-
pregat ting 100000 have been filed
with and approved by the State Land
Board Said bonds shah bear interest
at the rate of four per cent per an
mum, and shall he exempt from tax
alton by the state OF Arkansas, or any
VI it's subdivisions.
Soc Said state Land Board is au-
thorizcd and directed to loan the mon
svs in said Arkansas Rural Credits
Loan Fund to bona fide purchasers OF
farm lands in Arkansas upon notes Sc
cured by mortga ces or deeds OF trust
con rtitutfnR first liens on such farm
lands lin amounts which shall not ex-
Nrais"d va1ue Of such lands The cred
Il of Tho STATE shall not be loaned to
my pc"con to purchase more than 80
ores Of land. nor land valued at more
of 'oee than 5000 90 nor more than 9s.-
nm No be, made to any purchaser OF
land
Sc. s. Such loans shall not he made
except TO owners who Operate" and
OCCUPY" lands mortRaged. and shall
he made FOR the following purposes.
(R1 The navrnent for lands nurch 500
(b) the purchase OF live stock and 9th
"r equipment. and the making OF i'm
sNrovasnents which. IN the Judgment OIL
said hoard will increase the rrodvc.
t'vfty Of such lands or add to theR,
vale as q farm h0rne In decree f.
Justify such expenditures; ard fcl fo1
Ia satisf&ction of encum b. Ances upor
Said board. were incurred or assumed
oy said applicant for the aforesaid
purposes.
Sec. 6. Every applicant for q farm
loan shall state clearly In his applica
ton the purposes for which such loar
IS desired, and upon It's approval b,
the board this statement shall be deem.
ed part OF the note or contract under
which the loan Is granted But nc
purposes stated In such application OIL
enumerated herein shall invalidate .
loan when once made. nor shall any
thing herein contained be deemed ts
prevent any farm owner from selling
or leasing lands subject to such In.
cumhrance; but II he shall violate hi,
said contract by applying the money,
borrowed to purposes other than tko~f
stafad In his application or enumerated
herein. or Ii he shall lease such rani,
or sell them TO any person not Yulfilt.
ing the conditions and purposes pro
vtded for herein. said board 10 author
It'd eud directed to require the repay.
snept TT Ealc Loan upon six months nc