The Mena weekly star., 1918-05-30

moneys in said Arkansas Rural Credits Loan Fund to bona rine purchasers of farm lands in Arkansas, upon notes se- cured by mortgages or deeds of trust lands in amounts which shall not ex- ceed seventy-ffve per cent of the ap- It Of the State shall not De loaned 10 any person to purchase more than 80 acres Of land, nor land valued at more Of less than m sso6'oo oa nor snnsr more tRaa lRan land
 Section 5 Such loans shall not be made except. to owners who "operate' ana occupy lands mortgaged. and poses: Ca The payment for lands pur- chased, tb) the purchase of livestock ana other equipment, and the making improvements, which, in the Judgment of said board, will increase the pros ductivity of such lands or add to their value as farm home in a degree to justify such expenditure: and tc) for the satisfaction of incumbrances upon such lands. which, in the Judgment o'f by said applicant for the aforesaid pur- poses.
 Section 6. Every applicant for a farm loan shall state clearly in his app1ica- tion the purposes for which such loan is desired. and upon it's approval by the board this statement shall be deem dder, which the, loan is granted But no pose, poses stated in such duplication or loan when once made, nor shall any thing herein contained be deemed so or easns any yanda laf sossst from sSrg eumbrarice; but if he shall violate hts said contract by applying the moneys stated in his application or enumerated herein, or If he shall lease such lands 1r ing sell them at,y t9 any a person not fuitilI- vided for herein. said board Is author tfce and said note or cantract shaiI
 Section :, such loans shaiii be repafd staIimenths on the ansortizafion ana ahapa plan. an such installments being fixed at such sums as win cover the interest rate to be agreed on bstween bet sgi m aaid psp,qd boapd and the applicant, said period to. be not less than five nor more than thiri y--six any part or all of his Indebtedness in. amounts of s50.00 or multipies there-- of upon any amortization payment Section 8. The rate of interest on loans shall be five per cent per annums provided. that no Farm Credit Bonds snall be sold for less than par; and pro- vided further that the board snail re- qulre each applicant to pay an Initial ed. the minimum charge to be 5000 to cover the cost of appraisal an1 ex- animation of title
 Section 9. All surplus funds accruing from the operation or the system of rural credits herein pr 3vided for after paying interest accruing on the afOre- expenses arising from the administra- shall be placed In the state Treasury known al the "Arsansas ..urai ..ii cpedif Reserve Fund" Said Arkansas Rafal Credits Reserve fund shall be loaned n he t4.. '. provided % For the '"g ArIHaalaa hIlsaIlissr 1sneia Credit Loan Fund and the interest ac- kansas Rural Credits Reserve Fiind shall be added te it and become a part of it. The said Arkansas Rural Credits cept that 1t may be drawn eupe upon to m Te- lmpurse the state tor. loss incurred in the administration of said system os
 Section 10. The Legislative Assam- bly shall provide Tn such detail as If snail si,a deem advisable for vhe carving oI this amendment. and. shall provide adequate safeguards against the use Of such loans as an aid to the purchase ing and holding or lands for the pnr- poses of speculation. Such Safeguards shall Include. clear definitions of the herein. in the absence ff's of such lenisa ussa iiauon. and and subject to the same after tenn of rural credits under rulss and regulations provided hv itself, but sub
 section. II. The provisions of the S92nstitltion or Arkansas in conflict witn this amendment are hereby re- herewith. The provisions Of 4hIs amendment shall be stlf-executlng. arI snail take effect and he in operation 60 uuss after tfrrtr HpprovaI aud ngopff0n by the people of. ArkaDsas
 Approved by the GouernaY and .slad March IT, 1s1T e' Each eleetor u.ay Vote for or against the above amendment
 Witness my official signature thlx the z4th day of April 1918.
 tseai1 TOM ]. TERHAl-
 Secretarv 1T Adv.--First Pub. Ma3 2. 1918.
 Last Pub Oct. sl. te1e