The Nevada County picayune., 1918-07-04

he satisfaction of encumbrances upon .uth lands, which. in the Judgment or dtd board, were incurred or assumed '} sad applicant for the aforesaid purposes.
 sc (. Every applicant for a farm oin shIil state clearly in his applica- Ion ta" purposes for which such loan : dc~I"gi. and upon it's approval by he board this statement shall be deem .i q part of the note or contract under which the loan iS granted But no
 Allure to apply such funds to the a.}fp14es stated in such application or enumerated herein shall invalidate =ran wh an once made. nor shall any #1aeg herein contl ned be deemed 10
 ant any farm o"ner from selling r l.4sius lands subject 70 such ln-
 rr.,.5... n.-t ....t violate his ,,..... ..,. ....,i-. tn. moneys .o.e : es '2 p..rg ss ot"s: than those .lf. i5 ttt .Dp. filI .t enumerated t"rrIn or il he snail lease such lands rr sell them 10 any person not fuihi- > fan a'=a IT. pa--'.at 9G H92 7a7 pro- lad t'r harein A5l 5''rl .S author ! aIi | -eCt st tO rHq"lr" The pay ,ont of said loan upon six nonths' no- ice. and said note or contract shall .ontain q clause providing therefor
 Sec. '. Such loans shall be repaid with interest aceruinG In annual in 4tallments on the amortization plan. such inatalluents being fixed at such iums as will cover th" interest rate md will liduiiatr the debt in A period to be agreed on between said board tnd the applicant said period to be apt less than A"r nor more than thirty ,ix years. but any debtor may lidui- late any part or all of his indebtedness amounts of 5000 or multiple5 there If upon any amortization payment - tp.
 See. B The rate os interest on loans hall be five per cent per annum; pro Id. that n3 tarU Credit Bonds shall r#.I4 | led fuFther tbaf the board shall re- fair" eash applicant to pay an initial 5tt1ge= pt per Caas of the loan grant ei. the mgfmHm 1arge to be 5000 t9 cover the cost z3s appraisal and eX- fatinn of ttt'#
 ~4- tf frras a4eru;ns sa1U tEa nosrat -a=tr the aH=tem of
 .a #s.#l. zf==- provided for after =#a# #9S f#s t#s=tz# =zfHg an III" 25ars- =.t r=u#z. aad ah T#a#a'ia5 ara ofhar
 aEr. H-- he 9ftI-1 .=tf-'- t7a If Ha.d .-eJ' 9E rur8i Talit.s. zHal be p'as'd h .he Sta.e Treaso,. #et become par af fuHi ta he laawn as-tbe @ArfztH as Rural Credit saeTve IIad SH l -trilansls Rural sTsdits Reeerve Fea9 shall he loaned sa farm lands ia tho manner herein e--rEiie5 for Inc Arkansas Rural '=rdit Loan Fund. and the interest ac- =tulng from loans male from said Ar te0sas Rural Credits Res we Fund shall be added to II and become part - lt. The S9li ArkAnS1s Rural credits Reserve Fund shal be irreducible. ex- opt that it may be drawn upon to ra- imbarse tho State for loss incurred in the administration of said system of rural credits.
 See. 10 The Legislative Assembly shall provide in such detail as 1t shall deem advisable for the carrying out and administering of the provisions of this amendment and shall provide ad- eauate safeguards against the use of such loans as aid to the purchas- inS and holding of lands for the pur- poses of 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 minister said sys- tenn of rural credits under rules and reEula tions provided by itself but sub jeet to the provisions herein contained
 Sec. IL The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed. in 80 far only as they conflict herewith. rhe provisions of this amendment Shalt be self-executing, and shall take efect and be in operation 60 days af ter their approval and adoption by the people of Arkansas
 Approved by tAe Governor and filed in the office of the Secretary of State March Y 1917.
 Each el~ctor may vote for or against he above amendment.
 Witness my official signature this. the 9th day Of April. 191S.
 [Seall TOM ]. TERRAI.
 Secretary of State