The Newark journal., 1918-10-24
FOR AMENDMENT NO. 15 AGAINST AMENDMENT NO. 15
Be It Resolved by the House of Rep resentatives and the Senate of the State of Arkansas, the Majority of Both Houses Agreeing Thereto:

resentatives and the Senate of the State of Arkansas, the Majority of Both Houses Agreeing Thereto:
 That the following is hereby pro- posed as an amendment to the Con- stitution of the State of Arkansas, and the same being submitted to the electors of the State for approval or rejection at the next general election for Senators and Representatives If majority of the electors voting at such election adopt such amendment, the same shall become a part of the Constitution of the State of Arkan- sas, to-wlt:
 Section l. Notwithstanding the limitation contained in Section 1 of Article 16 of the Constitution, the credit of the State may be loaned and indebtedness incurred to an amount not exceeding two per cent of the assessed valuation of all the property in the State for the purpose of pro- viding funds to be loanel upon the security of farm lands within the State, subject to the limitations here in contained.
 to6GlIOH Ht lONSIIiOI, 9tGIGIetl ' of State and State Land Commission CT shall constitute the State Land Board, which board is hereby author ized and directed to issue and sell or pledge bonds in the name of the State to be known as the Arkansas Farm Credit Bonds" in an amount not to exceed two per cent of the assess ed valuation of all the property in the State, and 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 $25.00, s1Q0,00 $5000O and $1,00000 and shall be is- sued in series of $10,000.00 or multi ples thereof drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from bona fide purchasers of land ag- gregating $10,000.00 have been filed with and approved by the State Land Board. Said bonds shall bear inter est at the rate of four per cent per annum, and shall be exempt from tax ation by the State of Arkansas. or any of its subdivisions.
 Sec 1. Said State Land Board is authorized and directed to loan the moneys in said Arkansas Rural Cred it's Loan Fund to bona fide purchasers of farm lands in Arkansas, upon notes secured by mortgages or deeds of trust constituting first liens on such farm lands in amounts which shall not exceed seventy five per cent of the appraised value of such lands. The credit of the State shall not be loan. ed to any person to purchase more than 80 acres of land, nor land valued at more than s50.00 per acre. No, shall loan of less than $20000 nol more than $3,000.00 be made to any purchaser of land.
 Sec. 5. Such loans shall not bC made except to owners who operate and occupy" lands mortgaged anC shall be made for the following pur poses: (a) The payment for land' purchased; (b) the purchase of livt stock and other equipment, and th' making of improvements which in thu judgment of the board will increase the production of such lands or ado to their value as a farm home in i; degree to justify such expenditure 1 and Co for the satisfaction of en cumberances upon such lands, whicl in the judgment of said board, wer, incurred or assumed by said applican for the aforesaid purposes.
 Sec. 6. Every applicant for a farm loan shall state clearly in his applica tion the purposes for which such loal is desired and upon it's approval b! the board this statement shall b, deemed part of the, note or contrac under which the loan is granted Bu no failure to apply such funds to tn, purposes stated in said application ol 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, cumbrance; but if he shall violat, his said contract by applying tho moneys borrowed to purposes other those stated in his application or emu, merated herein, or if he shall lease such lands or sell them to any per. son not fulfilling the conditions anc purposes provided herein, said board is authorized and directed to require