The Springdale news. [volume] (Springdale, Ark.) 1887-1990, 1918-10-11
GrafOnolas, Harmographs,
Pianos and Player Pianos,
Records and Needles. Come
in and hear them played.
G. W. KEENAN,. Agent
HEWITT BUILDING
Logan's Old Stand.


the satisfaction OF encumbranees upon
such lands, which, ia the judgment OF
said board. were incurred or assumed
b. said applicant for the aforesaid
purposes,
See. =. Every applicant for farm
loan shall state clearly in his appliea-
tIun the purposes for which such loan
Is desired, and upon its approval by
tire board this statement shall be Deem
ID part or the note or contract under
which the loan Is granted. But no
failure To apply such funds 10 tho
purposes stated in such Application or
enumerated herein shall invalidate q
lohn when once made. nor shaH any
thing herein contained be deemed 10
prevent any farm owner from selihs
OF leasing lands subject to such In
cumbranee; but If he shall violate MS
said contract by applying the moneys
borrowed to purposes other than moss
stated in his application or enumerated
herein. or If he shall lease sueh iahus
or sell them to any person not fuihll-
ing the conditions and purposes pro-
vited for herein, said board is authol-
led and directed to require the repay
ment OF said loan upon six months no,
ttee, and said note or contract snail
contain clause providing therefor
Sec I Such loans shall be repaid
with interest accruing In annual m
stallments on the amortization pan
such installments being fixed al sdch
sums as win cover the interest rats
and viii lquidate the debt In pefloai
10 be agreed on between said boafa
and the applicant said period TO es
ret less than five nor mere than thl1ly-
six years. but any debtor may nqui-
date any part or all of his Indebtedness
IN amounts Of $50 90 or multtpies thefe
# upon any amortization payment
date
See s. The rate or interest on loans
shall be five per cent per annumi pro,
vided, that no Farm Credit Bonds shah
BE- sold for less than par ana pro
ytded further that the board shall re-
quire each applicant to pay an initlai
charge Of l per cent OF the loan sIa aaa
ed the minimum charge to De 49,
TO cover the cost or appraisal and sas
animation OF title
Sec. 9. All surplus funds aecruing
from the operation of the system,
rural credits herein provided Tor, site'
paving interest accrutng on the az
zaid bonds and all operating ana e,nei
/ - peHses arising from the adihihtsss!sa
/ ton Of satd system Of rural Greats,
shah be placed in the Sthte Ittasuts
4 and become part OF fahd " ~,
known as the Arkansas Rufi tieu at
/ Reserve Fund" Said Arkansas huia,
1 Credits Reserve Fund shall be loahsu
on farm lands In the manner hereln,
/ provided for thu Arkansas huiai
i credit Loan Fund. and the interest," a.
4 eruing from loans made from sara ~
kansas Rural Credits Reserve ui.1
shall be added To 10 and become Pr, at
+ Of IT. The said Arkansas Rufa - 80
I Reserve Fund shall be irreduclple.
+ eept that IL may be drawn upon TO
imhurse the State for loss incurred II.
the administration 81 said system -
rural credits
Sec. 10 The Legislative AssemDliy,
shall provide In such detail as II shsi I'M.
deem advisable for the eaftglns -
and administering ot the prov
this amendment and shall piotlue. ~ -
/ eQuato safeguards against the u9.
such loans as an aid 20 the purenas
ing and holding " lands TOT she pr "a
poses Of speculation Such sateg ua!1 s
shall Include clear definitions % -
terms operate" ard occupy, IT..
herein In the absence OF saeh r.
iation. and subject 10 the sai,e 80
its enactment. ths state Lahu sys
1 shall proceed 10 administer sala "a
TEN Of rural credits under ruies AZ
/ regulations provided by itseif, pat fasd
jeet to the provisions herein coh'a -.
See II. The provisions OF ing ,'Jth
stitution Of Arkansas In contllet - IN
this amendment are herehN pra,stth.
so far only as they eontilet h.,s,nent
/ The provisions Of TINS ahaii take
| shall be self-executing and shail - a.
effect and be In operation 81 das tha
ter their approval and adoption "
people OF Arkansas. "a aled
Approved by the Governor M stata
In the office or the Secretary o.
March Il 1917, ogainst
Each eleetor may vote TOT V
the above amendment a.,trs this.
witness my official ST fiat0
the cath day of April lsls, .,,p,I.
ISeaI1 TOM j. IERfaa.
Secretary Of ststs