Sharp County record., 1918-10-11

- satisfaotion Of enoombrsnces upo,
sale board. were Incurred or assumed
by said applicant for the aforesaid
IA l. Every applicant for a farm
lcae shall state clearly In his appliea.
tsce Ne purposes for which such loan
Y 4eeired. and upon Its approval by
tAe hoard this statement shall be deem.
r4eh the loan 10 granted. But no
raiIsfe to apply such funds 70 ths
purposes stated in such application OF
seanerated herein shall invalidate
io4e when once made, nor shall any
tatA6 herein contained be deemed 70
prevent any farm owner from selling
.. leasing lands subject 70 syen IN, IN,
safe contract by applying the rnoneya
borrowed TO purposes other than thoee:
st,tea In his application or epunsrateo
hereiA Or II ha shall ieaas such lanes
or sell them 10 any person not fulnll-
M ths conditions and purposes pro-
y'dsd for herein, ssid board p author
ment OF said loan upon six months no.
tico, ana said nots or contract shall
contain a clause providing. therefor.
pc. 7. Such loans shall be repaid
with interest aocruing In annual In
stallments on the amortization plan,
such installments being nxed at such
saa sS' v .n. I sSy;i Il. ses sss 'ssFs n e.rs Trs
TO BE- agreed on between said board
ond the. applicant. said period 20 DO
not less than fvc nor more than thirty
sin years; but any debtor may liqui-
dats any part or all OF bis indebtodnehs
ln amounts Of $4,000 or nultiples there
q upon any amortization payment
Sec. 8. Tho rate OF interest on loans
shall be ave per cent per annum; pro.
yided, that no Farm Credit Bonds shall
bs sold for less than par; ana pro-
vidod further that tho board shall re.
qvire each applicant TO pay an initial
char1e OF ! per cent Of the loan grant:
10 cover the cost OF appraisal and OK.
Bee, g. All surplus funds aeeruing
from the operation OF the system az
rurel credits herein provided for, after
paying interest aocruing on the aforo-
said bonds. and all operating and Other
expenses s arising from the adminis,TS' s,.
nhali be placed In the state Treasury
and become a part Of fund 70 be
known as the "Arksnsas Rural credit
Reserve Fund" Said Arkantas Rufs!
Credits Reserve Fund shall be loaned
on farm lands In the manner herein
provided for the Arkansas rural
cruing from loans made from said Ar.
kansas Rural Credits Reserve FuHi
shall be added TO II ana become a past
o. H. The "a a Arkansas Rural Credits
Reretye Fund shall be irfedueible, eS-
eept that II may be drawn upon 10 re-
Tho edmlnlstration Of said system OF
rufnt efedlta
Gee, 10, The Legislative Assembly
shall provide In such detail a. II shall
deem hdyltable for the carrying out
ana Administering of the provisions ef
mis- amendment and shall provide al.
,1uate safeguards against the use ~
lng and holding ef lands for the puo'
ppses OF speculation Such sategparid
shall include clear definitions of thh
terms operate" and occupy used
herein, IN the absence OF such ltgib'
lstlon and subject g the. same after
shall proceed 70 Administer said sys,,
tenn of rural credits under rules az
regulations provided by itself, but sub.
Ieot 10 the provisions herein contained,
Sec, n, The provisions OF the Cen
stltuton OF Arkansas IN conflict with
lhis. amendment are hereby repealed IN
50 far only as they eenniet herewith
Tho provislens OF this amendment
shall be teif.eseoutins, and shall take
effect and be In operation 90 days AZ
ter their approval and adoption by tho
people or Arkansas,
Approved BY the Governor, and MED
IN the offiee OF the Secretary OF state,
March IL 1917,
mach eleetor may vote for or against
the above amendment,
witness my official signature thls
isssiI TOM !, TwRnAi.
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