The Mena weekly star., 1918-05-09

place the proceeds in the State, Treas HsDaas Hsg nn Rnrn e rst ee kn9%a as ane
 Section 3. Said bonds skaii be Issued $500.00 and $1000.00 and shall be is- thereof. drawn to mature in not more than thirty-six years; nor shall said bonds be sold until applications from ing s10.000.00 have been filed with and approved by the State Land Poard. Said bonds shall bear interest at the rate of four per cent per annum, and shall be exempt from taxation by the State of Arkansas, or any of its sub divisions.
 Section l. Said State Land Board is moneys in said Arkansas Rural Credits Loan Fund to bona fide purchasers of cured by mortEages or deeds of trust constituting first liens on such farm lands in amounts which shall not ex- praised value of such lands. The cred it of the State shall not be loaned to any peFsGn eT to pprSnadse v than so of less than $200,0o nor more than $3.o00.00 be made to any purchaser oi
 Section 5. Such loans shall not be made except to owners who operate shall be made for the following pur- poses: (a) The payment for Hands pur- chasedi tb) the purchase of livestock improvements which. in the Judgment of said board, will increase the pro daeS5vity SaS of such bn Iands gr p ada to theo justify such expenditure; and Gel for the satisfaction of incumbrances upon said said board @ We're % incurred M rec rh or assumed s by said applicant for the aforesaid pur- poses.
 Section G. Every applicant for a farm loan shall state clearly in his applica- ton the purposes for which such loan Is desired, and upon it's approval by ed part of the note or contract un- der which the loan IS granted But no enumerated herein shall invalidate a loan when once made. nor shall any thing herein contained pc % deemeni sesi,ne ,o or leasing lands subject to such in- cumbrance but If he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein, or if he shall lease such lands ing the conditions and purposes pro- vided for herein, said board Is author ized and directed to require the. repay ment of said loan upon six months no- tice, and said note CT eantract shall contain a clause providing therefor.
 Section 2 Such loans shall be repaid with interest accrulng in annual in- stallments on the amortization plan such miscellaneous being fixed at such sums as will cover the interest rate and will liquidate the debt in a period to be agreed or between said board and the applicant. said period to be not years but any debtor may llduidate any part or all of his indebtedness In amounts of $5o.o0 or multiples there date. d 1po" any "V' '~
 Section 8. The rate of interest on loans shall be five per cent per annum; nrnufdad that Farm { rAntl lt4Ha@ shall be sold for less than par: and pro- yided further that the board snail re- S charge or of per percent cent of the loan s~ant- ed the minimum charge to be sl000 to cover the cost of appraisal and ex-
 section 9. Ali surplus funds accruing from the operation or the system oa rural credits herein provided Tor. after said bonds. and all operating and other expenses arising from the administra- sha sion pl Se san Dlscsd in the o stats sno Known pssU"i as the "Xrkahsas Rural Credit essdts esssEss kssssys funS sss sha Ss osnsa pr prosiaea ltsa ifoa' for the iRR 1rRsasas Rural cruing from loans made from said Ar. kan7as % %hYFa Credits h~eserve Reserve sunq sra ssaii bs ss sdssa ssid t9 nsa Rnra credits Reserve Fund shall be irreducib'e. ex- cept that 1t may be drawn upon to ro- imburse the State for loss incurred In the administration of said system 0f
 Section 10 The Legislative Assem- biy shall provide in such detail as tt shalt deem advisable for the carrying out and administering Of the Provisions of this amendment. and shall provide adequate safeguards against the use or such loans as an aid to the purchas- ing and holding of lands for the pur- shall include clear definitions of the terms "operate" ana occupy used herein. in the absence of such fegis- lation. and subject to the same after its enactment. the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and regulations provided hv itself. but sub feet to the provisions herein contained.
 Section H. The provisions of the Constitution of Arkansas in conflict with this amendment are hereby re pealed, In so far only as they conflict here V ftfi. The provisions of this amendment shall be self-executinF. ani shall take effect and be in operation 60 days after their approval aud adoption by the people of Arkensas.
 Approved by the Governor and filed in the office of the Secretary or State. March IL 1917
 Each elector may vote for or against the above amendment.
 Witness my official signature thu the 24th day of Aprii lslss
 (SeaD TOM T. TEkkAL4 Adv.--First Pub. May 2. 1918. T ntsk flaf