The Nevada County picayune., 1918-07-18

| the satisfaction of encumbrances upon such lands, which, in the Judgment or | said board. were incurred or assumed by said applicant for the aforesaid | purposes.
 Sec c. Every applicant for farm 1 loan shall state clearly in his applIca- ton the purposes for which such loan is desired and upon it's approval ny the board this statement shall be deem cd part of the note Or. contract under which the loan IS granted. But no failure to apply such funds to the purposes stated in such application or enumerated herein shall tuva!taate loan when once made, nor shall any 'htuE herein contained be deemed to prevent any farm oWner from se'iihs '~ leasing lands subject to such tn- .--- fru-,- 1.-=tr #.H .t violate his ..t .....--t -..-1'. tho moneys o, a.-tvs' .a paanr+e7 oth.t than those .'at. | n h's application ar enumerated herein, or if he shall lease such lands 1r sell them to any person not fulfill n. tho canaiIttpnS-a puH9p 'A~ pro- vlled for hrrei1 @4tl bp rd ta tuthor- i' and dt ectct to r"a I1rc the t"pay- 'nent Of said loan upon aiX months no- tiCe. and said note or contract shall contain q clause providing therefor.
 Sec. '. Such loans shall be repaid with interest accruing in annual in- stallments on the amortization plan. such inStallments being fixed at such sums will cover the interest rate and will ljquidatc the drbt in period to be agreed on between said board md the applicant said period to be not iess than five nor more than thirty tiN years. but any debtor may liqui- late any part or all of his indebtedness n amounts of 5000 or multiples there ai upon any amortization payment 11te
 See. & The rate of interest on loans -haIi be-Avo per cent pr annum5 pro si-ted. tlzat no Farm Credit Bonds shall ?" sold for less than par, and pro-
 ..A .i f4#4f h. .tfF
 fife each applicant to pay an initial lusEr of per cen. of the loan grant aI tue minimum caarge to be $l090 #a cover the cost nt appraisal and eX-
 S4#. AT zaaa,s eeras aceruiag rom tha apHr9f#a. of tHn system of EsLaf a1 llts H.sz4v provided foE after 'tHr HateHe4t -5ug pn the aforH- ri h9geis, and all aaeiaflnE and other fsa of sai sEstea of rural efe65t#l a1Hl be placed in tbe State FreasuEs -tHeat",e. T par of 2 fsnd - he : serve Fund Said Arkansas Rural Fei5t+ Reserve Fund shall be loaned aa farm lands in thn manner herein a-oVIded for the Arkansas Rural ,"dtt Loan Fund. and the interest ac sfGns from loans made from said Ar tt2nsas Rural Credits Res rye Fund Sh1II be added to tt and become part 2f IL The said Afkaasas Rural Credits
 
 opt that if may be drawn upon to re mburse ;he State for loss incurred in the administration of said system of rural credits.
 Sec. 10. The Legislative Assembly shall provide in such detail as 1t shall lecm advisable for the carrying out and administering of the provisions of ths amendment. and shall provide ad s4uate safeguards against the use of such loans as an aid to the purchas ing 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 fation, and subject te the same after it's enactment. the State Land Board shall proceed to administer said sys tenn of rural credits under rules and reeuia tions provided by itself. but sub iect 10 the provisions herein contained.
 See IL The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed. in so far only as they conflict herewith. The provisions of this amendment shall be self-executing. and shall take effect and be in operation 60 days af ter their approval and adoption by the people of Arkansas
 Approved by the Governor. and filed in the office of the Secretary of State. March II tat7
 Each e1ector may vote for or against the above amendment
 Witness my official signature this, the 24th day of April, 1918
 [SeaIl TOM I. TERRAI.
 Secretary of State