Sharp County record., 1918-09-06

- satisfaction Of eneambrancos upo,
sueA lands. which, In the Judgment 0,
saS1 beard, were incurred or assumed
by sid applicant for the aforesaid
%. g. Every applicant for a farm
loaa shall state clearly In his applica-
tiea he purposes for which such loan
is desired, and upon Its approval py
the heard this statement shall be deem
90 Fart Of the note or contract unocI
vhIsh the loan 10 granted. But no
failure to apply such funds TO tns
purposes stated In such application OF
enumsrated herein shall invnlidate
loen when once made. nor shall any
thiag herein contained be deemed 10
prevent any farm owner from selling
or leasing lands subject to such m
cunbrance; but II he shall violate h,s
said contract by applying the money!
borrowed to purposes other than thoss
stated In his application or onumerateo
hsrstA or n he shall lease such lanus
or sell them to any person not fulhl,-
ing the conditions and purposes pro-
yidsd for herein, said board is author
lied and directed to require the repay
ment OF said loan upon six months no,
tico, and said note or contract sha''
contain q clause providing THEREFOR,
Sec. 7. Such loans shall be repaid
with interest accruing In annual IN
stallments on the amortization plan,
such installments being hxed AZ suen
sums A. will cover tho interest s ratS
md will liduidato the debt In q period
to be agreed on between said board
and the applicant, said period to De
not loss than Ave nor more than thirty
lix years; but any debtor may lidui'
date any part or all of his indebted
In amounts Of 5000 or multiples there.
u upon any amortization payment
Soc. 3. The rate Of interest on loans
shall bo Ave per cent per annum; pro.
yided. that no Farm Credit Bonds shall
be sold for less than par; and pro-
yided further that the board shn III re-,
quire each applicant TO nay an initial
charge OF ! per cent OF the loan grant
I'd. the minimum charge to be 5000
TO cover the cost OF appraisal and en-
animation OF title.
Sec. o. All surplus funds aoorulng
from tho operation OF the system OF
rural credits herein provided for after
paying interest aocrulng on the aforc-
said bonds, and all operating and other
expenses arising from the adminlstre'
tlon OF said system OF rural credits,
shall be placed In the State Treasury
ana become a part OF n fund TO Pc
known as the "Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
on farm lands In the manner herein
provided for tho Arkansas Rural
Credit Loan Fund, and the intereat ae-
cruing from loans made from said Ar.
kansas Rural Credits Reserve Fund
shall be added TO Il and beoome a part
or II, Tho sn d Arkansas Rural Credits
Reserve Fund shell be irreduoiblc, OK
lmburae the state for loas Incurred W
the naturalization Of said system OF
Sec, TO- The Legislative Assembly
shall provide In such detail az " shall
deem advisable for the carrying Oh!
and administering OF the provisions OF
this amendment, and ahall provide nd,
Nuoh loans as an aid 10 the purehaso
lng and holding OF lands for he pur'
poaes OF speculation, hueh safeguards
shall include clear definitions of the
terms Operate" and occupy used
herein, In the absence of such legis,
ston, and subject TO the same after
Its enactment, the state Land Board
tom OF rural credits under rules and
regulations provided by Itself, but sub.
ieet to the provialons herein contained
Sec II, The provisions OF the Cons
Atitutlon Of Arkansas In conflict with
this amendment are hereby repealed, IN
SO far only as they conniet herewith
The pfovlAlons Of this amendment
shall he aelf.eseeutlng,. and sh all take
effect and be In operation 40 days afs
ter their approval and adoption by the
people OF Arkansas,
Approved by the Governor, ana hled
IN the efflee OF the Secretary OF state
March ~ 1917,
zach eleotor may vote for or agaius,
the above amendment,
witness my official signature this
the atih day Of Aprll, 1919
, taeall TOM ], TnnfAL,
pseFstAfy Of ntAts