The Monticellonian., 1918-10-11

t,st,ction of encumbranc nces upon p,e b ionds which. in the Judsfaeht VT suSa gu sJ hanrd were incurred or assuhlGai s,. safd appltcant for the hLol S9s'i' ou5posCes. sI. Every applicant for a farm farm
 bati etafe clearly In his apPi&iea & ti.,n# fine purposes for which suSi si - is desired. and upon It's app t. deem. ll Q beard this statement Shall "t ,,nder
 fl P :,;rt Of the note or com -s' t,nt no ,ybirI, the loan is granted, |" inc
 ..i+ifsa t5 arpty such funds to tn ar ,.,,,r,s.,..s .tat.F7 in such apP!iNat t.,5-.f.s ratrd herein shall iaE, ,455dt 9 onv- ia-a s h once l2aaet nor 4,i'1i' 4,'aJ n f,,.avfr. spv farm owner rom ine nr I, f-t- lards subject lp s4eh iI. cf,,4it57..,,sss; but if he sl5H NI"l.l[" ,'rsya said contract by applying tus 4hose borrowed to purposes other 1,,,I.rated 1i,,'l 'S,5,I i.} =5lis aprlfca tion or enuneiatssa ss. t,,,.af,, Gr if he shall lease Such ldnu9 n3t m, sag them ta any person not NO in,-4 t1,, conditions and purposes
 ytdad for herein, said board Is nav ized ard directed to require lpt o- rlent n" said loan upon SIX l.loiist'H lt eban ticc and said no-e or con .,,,s,tofor s'Cs
 corf.i,, a clause providing therelol., l.,
 Sec Such loans shall be fep1Iu with interest aecruing In athua. I, etaIImeuts on the amoftizatIioa+ tizI ennb s,lcb fuetaf1meats being fixed at sutn sums 2s will cover the interest lat
 and v-ir i9auidate the deht in 2 perlod fo he ae,reed on between said board and tGa .ppltcant, said PeTloa sQ not less than five nor more ',o1.li ,,9dv iiaui date any part or all of his indeptedileSa in amounts of S5000 or multlpIes theIe of upon any amortization pa!' !'i'e''s date. ,oo,a shall bc five per cent per annum; pro, yided. that no Farm Credit Bonds shaii be sold for less than par; anu pIo
 vided further that the board shalI euire each applicant to pay ah ,.q lna charge of 1 per cent of the loan snoo ed. the minimum charge to De SIV.oV to cover the cost of appraisal ana e2 animation of title. -ou,,,,,,
 Sec Q All surplus funds aeeruiis from the operation Of the system or rural credits herein provided for. after pa ing interest accruinS on the alore- said bonds. and all operating and other expenses arising from the adInlhlss,,,a ,,. ton of eafd system of rural credits, shlli h. placed in the State treasury and become part Of fuhd Io t. known az the Arkansas Rural Creol, Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be ioahea on farm lands in the manner hefein provided for the Arkansas Rural Credit Loan Fund and the interest ac- cruing from loans made from sald AT kansas Rural Credits Reserve una shall bP added to IL ana become d Pa. of it. The said Arkansas Rural credits Reserve Fund shall be irreductbie. ex- cept that it may be drawn upon to re- fmburse the State for loss incurred in the administration of said system or rural credits.
 See. 10 The Legislative Assembly shall provide in such detail as 1t shall deem advisable for the carrying out and administering of the provisions or this amendment, and shall provide ad- equate safeguards against the use or 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 l terms "operate' and occupy used herein In the absence of such legts- ! Iation, and subject to the same after | it's enactment the State Land Board shall proceed 10 administer said sys- 1 tenn of rural credits under rules ana regulations provided by itself but sub- | iect to the provisions herein contained Sec. H. The provisions of the Con- stitution of Arkansas in conflict with l this amendment are hereby repealed, iE | so far only as they conflict herewith. l The provisions Of this amendment shall be self-eXecuting. and shall take l effect and be in operation 60 days af- | ter their approval and adoption by tho 1 people Of Arkansas.
 Approved by the Governor. and fileS
 in the office of the Secretary of State. March r. 1917.
 Each eIeetor may vote for or against 1 the above amendment.
 Witness my official signature this. l the 9#th day of April. 1918.
 ISeaIl TOM J. TERRAL. Secretary of State.