The Home news. (McCrory, Ark.) 1915-1922, 1918-08-09
FOR AMENDMENT NO IL.
AGAINST AMENDMENT NO. Is.

BE 1T Resolved by the House of Rep
reaeptatives and the Senate OF the
state Of Arkansas, the Majority of
Both Houses Agreeing Thereto'
That the following is hereby pro-
posed as an amendment to the consul
tuition Of the State or arkansas anu
the same being submitted to the cleo
tors OF the State for approval or re-
lection at the next general election
Tor Senators and Representatives,, II
majority of the electors voting at such
election adopt such amendment, the
anne shall become a part of the Con-
.itution Of the State Of Arkansas, to-
tit:
Section L. Notwithstanding the linn
tai or contained in Section l or Art1-
lie s Of the Constitution, the creolt
IF the State may be loaned and in
debtedness incurred to an amount NOT
Exceeding two per cent OF the assess
ID valuation of all the property In the
state for the purpose Of providing
funds to be loaned upon the security
IF farm lands within the State, subject
20 the limiA atoms herein contained.
Sec e. The Governor, Secretary OF
State and State Land Commissioner
shall constitute the State Land Board.
which board is hereby authorized and
directed to issue and sell or pledge
bonds in the name of the State, to pc
known as arkansas Farm Credit
Bonds" in an amount not to exceed
two per cent of-the assessed valuation
Of all the property in the State, and
to place the proceeds in the State
7 rea surv in fund to be known as the
Arkansas Rural Credits Loan Fund"
Sec g. Sid bonds shall be issued
in denominations of $500. $4,000,
$4,000 and 100000, and shall be is
sued in series Of 100000 or multi
pies thereof, drawn to mature in not
more than thirty-six years; nor shall
said bonds be sold until applications
from bona fide purchasers of land ag
gregating 100000 have been filed
with and approved by the State Land
Board Said bonds shall bear interest
at the rate Of four per cent per an
mum, and shall be exempt from tax
alton by the State Of Arkansas, or any
of its subdivisions.
Sec f. Said State Land Board is au-
thorzed and directed to loan the mon
evs in said Arkansas Rural Credits
Loan Fund to bona f1de purchasers of
farm lands in Arkansas. upon notes Sc
cured by mortgages or deeds Of trust
constituting first liens on such farm
lands in amounts which shall not ex-
coed seVentV-fiVe per cent Of the ap-
praised value of such lands The cred
It of the State shall not be loaned to
any person to purchase more than 80
acres of land. nor land valued at more
IF less than 100000 nor more than So
Hon no be made to any purchaser of
land
Sec. g. Such loans shall not be made
except to owners who Operate" and
OCCUPY" lands mortgaaed and shall
be made for the following purposes:
(a) The payment for lands purch q SOD
fbl the purchase Of live stock and 9th
ar equipment, and the making OF i'm
>rover' onts which. in the Judgment Of
said board. will increase the nroduc-
.ivtty Of such lands or add TO thet-
yal'-0 as farm home IN degree to
Justify srch expenditure: and (c) for
the satisfaction Of encumbl Ances upon
such lands. which. in the judgment OF
said board. were incurred or assumed
by said applicant for the aforesaid
purposes.
+. Sec. 6. Every applicant for q farm
loan shall state clearly in his app lea
ton the purposes for which such loar
IS desired, and upon it's approval by
the board this statement shall be deen-
ed part of the note or contract under
which the loan is granted. But NJ
failure to apply such funds to the
purposes stated in such application or
enumerated herein shall invalidate 6
loan when once made, nor shall any
thing herein contained be deemed tc
prevent eny farm owner from selling
or leasing lands subject to such in
cumbrance; but IL he shall violate h
said contract by applying the moro
borrowed to purposes other an trio.
stated in his application or enumerate
herein, or II he shall lease such an'
or sell them to any person not fulfill
ing the conditions and purposes pre-
vided for herein said board is author
lied and directed to require the repnv
aneut If said loan uDen six rnonths' !.