The Home news., 1918-06-28
FOR AMENDMENT NO. IS. AGAINST AMENDMENT NO. 15.

A
 AGAINST AMENDMENT NO. 15.
 Be It Resolved by the House of Rep resentatiVes and the Senate of the State of Arkansas, t'.c Majority of Both Houses Agreeing Thereto:
 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, II a majority of the electors voting at such election adopt such amendment, the same shall become a part or the con s- s-itution of the State of Arkansas, to- wis:
 Section l. Notwithstanding the linn itation contained in Section l of Artf- sle Is of the Constitution, the credit of the State may be loaned and ln- debtcdness incurred to an amount not axcee ding 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 limi ations herein contained.
 Sec. 2 The Governor, Secretary Of S4ate and State Land Commissioner shall constitute the State Land Board, which board is hereby authorized and honds in the name of the State to De known as Arkansas Farm Credit Bonds" in an amount not to exceed two per cent of the assessed valuation Of a'' the property in the State, ard to r'ace the proceeds in the State Troasurv in a fund to be known as the Arkansas Rural Credits Loan Fund :"
 Sec. Said bonds shall be issued in d~nomirations of s25.00. $100.00, $500 0n and $1.000.00, and shall be is- sued in series of $10,OO0.00 or multi pes thereof, drawn to mature in not more than thirtysix years: nor shall said bonds be sold until applications from bona tide purchasers of land ag- qrogating $10.o00 co have been filed with and approved by the State Land Eoard. Said bonds shall bear interest at the rate of four per cent per an mum. and shall be exempt from tax of it's subdivisions.
 S"c. Said State Land Board is au- thorzed and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund to bona fide purchasers of form 'nr'@ in Arkansas, upon notes curcd bv nlortgages deeds of trust con~titutino first liens on such farm 1o nds in amounts which shall not eN- ccrd sevcrtv-five DOT cent of the ap- praised va'ne of such lands The cred ft of thn State sho'l not he ioa nod to any person to purchase more than 80 acres of land nor land valued at more oe Ices thar soo0O0 nor more than s. nnn no be made to any purchaser of land
 Sec 5. Such loans shall not be made excopt to owners who "operatA" and "occupv" lends mortgaged and shall be made for the following purposes: (al The pavment for lands purchas-1: : (b> the nurchase Of live stock and oth- -r equipment and the making Of i'm .~ovn~nerte which. in tho ird~rner+ Of sai6 board will irnrea so the produc- tivitv of such lands or add to thetr val as farro ho-ao in 9 degree to Justify such expenditure: and Gel for che satisfaction of encumba Ances upon such lands. which. in the Judgment of said board. were incurred or assumed 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 loar is desired, and upon it's approval by the board this sta atement shall be deem ed part of the note or contract under which the loan is granted But r( purposes stated in such application Ol enumerated herein shall invalidate loan when once made, nor shall any, thing herein contained be deemed tc prevent any farm owner from selling or leasing lands subject to such ir cumbrance; but if he shall violate fi said contract by applying the money borrowed to purposes other than thoe' stated in his application or enumerate[ herein. or if he shall lease such lands or sell them to any person not fulfill ing the conditions and purposes nro- vided for herein, said board Is author tzed and directed to require the repav- meut of Saic loan upon six months cc